SEC Delays Decision on Grayscale's ETH ETF; Bitwise Receives BTC Donations; GBTC Observes Reduced Outflows
Summary:
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on approving Grayscale's Ether (ETH) spot exchange-traded fund (ETF). Meanwhile, asset manager Bitwise received numerous Bitcoin (BTC) donations after publicly revealing its wallet address. Grayscale Bitcoin Trust reported a decrease in outflows to $429 million on January 24, the lowest amount since its launch on January 11. Opinions have been invited by the SEC on the rule change necessary to list the spot Ethereum product. Furthermore, ongoing outflows from Grayscale’s Bitcoin Trust (GBTC) have shown signs of slowing down for two days consecutively.
The U.S. Financial Regulatory Authority, the Securities and Exchange Commission (SEC), has postponed its verdict on the authorization of Grayscale's Ether (ETH) spot exchange-traded fund (ETF). In another development, Bitwise, a major asset management firm, accumulated Bitcoin (BTC) contributions in abundance shortly after publicly disclosing its wallet address. Additionally, Grayscale Bitcoin Trust reported a decrease in outflows, amounting to $429 million, on January 24, its smallest since its inception on January 11. The SEC's move to delay decision-making for Grayscale Investments' spot Ether ETF has led to soliciting public opinions. In a January 25 announcement, the regulator mentioned it would proceed to evaluate the feasibility of allowing a rule modification essential for listing the spot ETH product.“We welcome submissions from interested individuals concerning data, viewpoints, and arguments pertinent to the proposed rule change approval or rejection,” the SEC declared.The SEC remains undecided about the prospect of sanctioning a spot Ether ETF, with JPMorgan projecting a 50% chance of approval by May. This suggests the regulator's cautious stance towards the evolving cryptocurrency market. The SEC's approval marked a significant...
Fifteen days since the approval for nine Bitcoin ETFs saw the light of day for the very first time, paving the way for Grayscale to transition its Grayscale Bitcoin Trust (GBTC) into an ETF. Nonetheless, the newly formed GBTC ETF has experienced substantial outflows over the span of nine trading days.Upon Bitwise publicizing the Bitcoin address for its spot BTC exchange-traded fund (ETF) on January 24, a stream of investors and supporters began sending in their contributions. The wallet now contains donations in the form of inscriptions, adding up to $6,083, and overall over 16,000 inscriptions, including two RSIC airdrops, one Bitcoin Punk, one Bitcoin Burials, one Quadkey, and more. The account also houses numerous BRC-20 inscriptions; however, active/valid BRC-20 balances are non-existent.Reducing outflows from Grayscale’s Bitcoin Trust (GBTC) have been observed for two consecutive days. This has sparked hope that the massive Bitcoin (BTC) sell-off, worth several billion dollars, might be nearing its end. On January 24, GBTC witnessed outflows worth $429 million – the least daily outflow since the roll-out of Grayscale’s spot Bitcoin ETF on January 11, and a 33% decline over January 22.
Bloomberg's prominent ETF analyst Eric Balchunas, on his post on January 25, pointed out that GBTC outflows are evidently on the decline, but he also noted a substantial figure. In earlier posts, Balchunas implied the indefinite nature of GBTC's outflow. Despite experiencing outflows of 106,092 BTC (nearly $4.4 billion) over nine trading days, GBTC maintains its position. This information does not contain any investment advice or suggestions. Investments and trading carry risks, and it's recommended readers conduct their own research to make informed decisions.
Published At
1/25/2024 11:13:09 PM
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