**The U.S. Securities and Exchange Commission (SEC) has reportedly approved the iShares spot Bitcoin ETF, giving a boost to Bitcoin (BTC). However, there is some uncertainty surrounding the actual approval of the ETF. The BTC price has surged past $29,400 and is aiming for $30,000. Bloomberg’s senior ETF strategists, Eric Balchunas and James Seyffart, have commented on the situation, stating that there is no confirmation yet. They believe it could be “fake news.” Despite this, recent positive developments suggest that a spot Bitcoin ETF may be nearing approval. The discount of the Grayscale Bitcoin Trust (GBTC) in relation to the spot Bitcoin price has decreased to 15.87%. This decline in discount began when BlackRock and other financial institutions applied for spot Bitcoin ETFs in mid-June. The odds of a spot Bitcoin ETF approval by January 2024 have increased to 90%.**
**Spot Bitcoin ETF: Real or Fake News?**
The U.S. Securities and Exchange Commission’s reported approval of the iShares spot Bitcoin ETF has given a boost to Bitcoin (BTC). However, there is some uncertainty surrounding the actual approval of the ETF. At press time, the BTC price has surged past $29,400 levels and is eyeing a move above $30,000.
Bloomberg’s senior ETF strategists, Eric Balchunas and James Seyffart, have weighed in on the developments and stated that there is no confirmation for the same. They believe it could be “fake news” for now.
**Is Spot Bitcoin ETF Nearing?**
Recent positive developments suggest that a spot Bitcoin ETF may be nearing approval. Last week, the US SEC decided not to challenge the court ruling that would allow converting the GBTC product to a spot Bitcoin ETF.
Bloomberg analysts Eric Balchunas and James Seyffart had previously stated that there is a 90% chance of a spot Bitcoin ETF approval by January 2024 in the US. The odds have improved since the developments in the Grayscale vs. the SEC battle.
**GBTC Discount Narrows**
The discount of the Grayscale Bitcoin Trust (GBTC) in relation to the spot Bitcoin price has decreased to 15.87% as of October 13. This decline in discount began when BlackRock and several other financial institutions submitted applications for spot Bitcoin ETFs in mid-June.
Starting at 44% on June 15, the discount has steadily reduced to 26.7% by July 5 and has continued to narrow since then.
**Hot Take: Potential Approval Boosts Bitcoin**
While there is still uncertainty surrounding the approval of the iShares spot Bitcoin ETF, recent positive developments suggest that a spot Bitcoin ETF may be nearing approval. The surge in BTC price and the narrowing discount of GBTC indicate growing optimism in the market.
If approved, a spot Bitcoin ETF could provide more accessibility and legitimacy to Bitcoin investments, potentially attracting more institutional investors. This could lead to increased demand and further price appreciation for Bitcoin.
However, it is important to conduct thorough market research before investing in cryptocurrencies, as market conditions can be volatile. Stay informed and make educated investment decisions based on your own risk tolerance and financial goals.
By
By
By
By