SEC Approves Spot Bitcoin ETFs
This week, the SEC gave its approval for spot Bitcoin ETFs, which has generated significant optimism in the cryptocurrency trading world. This move has resulted in the emergence of 11 exchange-traded products in the market, capturing the attention of crypto traders and investors.
Fake SEC Post Causes Market Stir
At the beginning of the week, there were speculations regarding the SEC’s stance on Bitcoin ETF approval. A fake post from the SEC’s handle added to the excitement. However, after clarifications were made, the approval for Bitcoin ETFs was promptly granted, and trading in public markets began the following day.
Ark 21, VanEck & BlackRock Slash ETF Fees
Ark 21 and BlackRock have intensified their competition in the Bitcoin ETF race by reducing their ETF fees. Both companies made these adjustments before the approval, increasing the level of competition. Additionally, VanEck and WisdomTree entered the race by listing on DTCC just in time for the approval.
VanEck invested $72.5 million in its ETF, while BlackRock made an initial investment of $10 million. Bitwise also participated with a $500,000 investment in its ETF.
Grayscale Leads with Approval
Grayscale’s GBTC received approval this week, followed by 10 other products:
- Bitwise Bitcoin ETF (NYSEMKT: BITB)
- ARK 21Shares Bitcoin ETF (NYSEMKT: ARKB)
- Fidelity Wise Origin Bitcoin Fund (NYSEMKT: FBTC)
- Valkyrie Bitcoin Fund (NASDAQ: BRRR)
- iShares Bitcoin Trust (NASDAQ: IBIT)
- VanEck Bitcoin Trust (NYSEMKT: HODL)
- Franklin Bitcoin ETF (NYSEMKT: EZBC)
- Wisdomtree Bitcoin Trust (NYSEMKT: BTCW)
- Invesco Galaxy Bitcoin ETF (BATS-CHIXE: BTCO)
- Hashdex Bitcoin ETF (NYSEMKT: DEFI)
Hot Take: Positive Outlook for Crypto Market
The approval of spot Bitcoin ETFs by the SEC has created a positive outlook for the crypto market. With major players like Grayscale, Ark 21, VanEck, and BlackRock entering the fray, there is growing interest and investment in cryptocurrency. This development paves the way for increased adoption and mainstream acceptance of cryptocurrencies, further fueling market growth.
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