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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
💰 BitGo CEO expects further complications before a Bitcoin ETF can hit market
In a recent interview with Bloomberg TV, BitGo CEO Mike Belshe expressed a cautious outlook on the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. SEC. Belshe’s optimism regarding the potential approval of a spot Bitcoin ETF was accompanied by a dose of realism, indicating that the path to approval might encounter additional hurdles.
The key concern highlighted by Belshe revolves around market structure issues, specifically the SEC’s insistence on the separation of exchange and custody roles. This issue has been contentious in various applications, particularly those involving Coinbase custody. Belshe noted that the SEC’s emphasis on market structure is not unprecedented, citing the existing separation of exchanges from custody in other markets like the CFTC market structure and equities markets. He also suggested aligning with this separation model would benefit the crypto market. SEC will demand a complete separation of these functions before approving the applications.
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🇺🇸 US Options Exchange Cboe To Promote Margined Bitcoin And Ethereum Futures
Cboe Digital, a leading cryptocurrency platform, has revealed its groundbreaking plan to initiate trading and clearing in margin futures on Bitcoin and Ether, commencing January 11, 2024. Dedicated to instilling trust, transparency, and responsible innovation in crypto markets, US options exchange Cboe adopts an intermediary-inclusive model, ensuring the separation of duties to prevent conflicts of interest. The integrated exchange-clearinghouse model is poised to introduce unique offerings in 2024.
Initially, US options exchange Cboe will provide financially settled margined contracts on Bitcoin and Ethereum, with plans to expand into physically delivered products contingent upon regulatory approvals. The margin model offers a capital-efficient approach, enabling customers to trade futures without the need for full collateral upfront. John Palmer, President of US options exchange Cboe, expressed gratitude for the support from industry partners, emphasizing the significance of margin futures in expanding access and offering hedging opportunities in the evolving digital asset market. The integration of derivatives is viewed as a crucial step in advancing the market’s liquidity and growth. Cboe Digital’s unified spot and derivatives trading platform will simplify customer access to both markets.
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💰 Bitcoin Fund Holdings Hit All-Time High as Spot ETF Excitement Entices Crypto Investors
Bitcoin (BTC) investment fund BTC holdings have risen to the highest ever alongside the token's continuing rally thanks in part to optimism about coming approval for a spot exchange-traded fund (ETF). According to investment advisory firm ByteTree, token holdings this week rose to 863,434, taking out the previous record high touched in April 2022. Over the past month, funds have added about 22,100 bitcoins. "Little wonder the price has been so strong of late," ByteTree founder Charlie Morris said.
Broader crypto funds enjoyed an uptick in fresh cash over the past weeks as well, with digital asset management firm CoinShares reporting $767 million in net inflows over the past six weeks, the most over such a time frame since the 2021 bull market. Further, James Butterfill, head of research at CoinShares, earlier Friday noted inflows into digital asset funds so far this year have now topped $1 billion. Speaking to CoinDesk earlier this week, Matt Hougan, Bitwise Asset Management’s Chief Investment Officer, suggested things have a long way to go before the spot ETF approval is priced in. Even with all the news hitting of late, it's Hougan's contention that the majority of financial advisors continue to believe a spot ETF isn't coming until 2025 or later.
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🥇 Marathon Digital's Q3 revenues rise as Bitcoin mining production expands
Marathon Digital Holdings, Inc. reported a net income of $64.1 million in its Q3 financial results — a significant turnaround from the $72.5 million net loss the bitcoin mining company witnessed in the same period last year. Marathon’s revenues were also up significantly year-over-year, posting $97.8 million during Q3 this year compared to $12.7 million in Q3 2022. The company attributed this recovery to a 467% surge in bitcoin production coupled with a 32% increase in average bitcoin prices during the period.
Marathon sold 66% of the bitcoin it produced in Q3 to cover operational costs, realizing gains of $31.7 million, partially offset by impairment costs of $11.9 million. “This quarter also uniquely benefited from a $82.6 million gain from the extinguishment of debt while the year-ago period included a $29.8 million gain on sale of equipment, a $25 million legal reserve and a $39 million impairment due to vendor bankruptcy, all of which did not reoccur in 2023, “ the company noted. Thiel said Marathon took proactive measures to strengthen its financial position during the quarter, achieving a significant debt reduction and cash savings for shareholders in preparation for next year's bitcoin halving event — expected in April.
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💰 Bitcoin open interest passes $15B as analyst warns of 20% BTC price dip
The highest Bitcoin open interest levels in over six months come as analysis predicts that BTC price action will fail to flip $36,000 this week. Bitcoin fell toward $34,500 on Nov. 7 as analysts’ attention turned to mushrooming open interest. The largest cryptocurrency lacked clear direction into the Wall Street open, but market participants predicted that volatility would soon return. Data from Cointelegraph Markets Pro and TradingView showed BTC price struggling to reclaim $35,000 as support.
“Almost 10k BTC (~$350MM USD) in open interest added today. Fireworks soon,” financial commentator Tedtalksmacro predicted on Nov. 7. As Cointelegraph reported, open interest reaching elevated levels has coincided with bouts of volatility in recent months. Current levels totaled nearly $15.5 billion at the time of writing, per data from CoinGlass. James Van Straten, research and data analyst at crypto insights firm CryptoSlate, described the fluctuations as “noticeable.”. “The CME exchange, preferred by institutional investors, has achieved a new record in open interest, with 105,380 BTC contracts open, valued at $3.68 billion. Binance has edged past this figure with open interest of approximately 113,500 BTC,” he noted.
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💰 Prescient Bitcoin Whale Moves $244M in BTC to Crypto Exchange
A large bitcoin (BTC) investor sent 7,000 bitcoin – worth roughly $244 million – to crypto exchange Bitfinex late Thursday, potentially to realize profits from earlier purchases. Whales are crypto investors who control large amounts of digital assets. Their crypto purchases and sales may have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.
The moves of this whale are of particular note as whoever controls the wallet appears to have a good sense of timing. BitInfoCharts data shows the holder accumulated 46,500 bitcoin between November 2022 and January 2023 at prices under $20,000 per token versus the current price just under $35,000. The owner then moved to offload a total of 36,500 tokens onto Bitfinex in late March and early April at what was then roughly around the high for the year near $30,000. The holder then took advantage of bitcoin's decline to $26,000 in May to accumulate another 2,000 bitcoin. Blockchain data shows that those 46,500 bitcoins in March made the wallet the 14th-largest BTC owner globally.
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💰 BlackRock Bitcoin ETF Liquidity Will Be Backed By Industry Giants
Several prominent market-making firms are gearing up to provide liquidity for BlackRock’s highly-anticipated Bitcoin ETF, pending regulatory approval. Market-making plays a pivotal role in the ETF ecosystem by creating and redeeming shares, ensuring the ETF’s price aligns with the value of its underlying holdings. BlackRock Bitcoin ETF is anticipated to introduce substantial new sources of demand for the cryptocurrency, prompting speculation within the crypto investment sphere and among market analysts about its potential price impact.
According to CoinDesk, market giants such as Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading have engaged in discussions with BlackRock regarding their potential role as market makers, as revealed in a BlackRock presentation reviewed by a well-informed source. Estimates of ETF demand vary significantly, with factors like the size of the gold ETF market and existing product demand influencing the projections. Bitcoin’s market dynamics, characterized by opacity and price movements primarily driven by investor sentiment, add further complexity to the assessment. As anticipation builds around BlackRock Bitcoin ETF and its potential market-making partners, the crypto investment community remains watchful.
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💰 Bitcoin (BTC) Price Rally to End With a Spot Bitcoin ETF Approval: Peter Schiff
Gold and foreign equities investor Peter Schiff is bearish all things crypto. Bitcoin’s rise on spot Bitcoin ETF expectations hasn’t changed his tune. This month saw the ever-widening buzz surrounding a hotly anticipated approval by the SEC of a spot Bitcoin ETF. The excitement has pushed blowout Bitcoin sales on crypto exchanges. But leave it to “Dr. Doom” (as Peter Schiff was nicknamed by the CNBC crowd during the housing bubble) to balk at Bitcoin’s sudden change of fortunes.
Schiff recently remarked that a final SEC approval will end Bitcoin’s spot ETF rally. The EuroPac chief says once BTC is actually approved for a spot ETF product, the rally will lose steam. Time will tell if he’s right. Bitcoin price went parabolic in the 48 hours after Schiff tweeted this. Interestingly, Schiff reasons that another rejection by the Securities and Exchange Commission would offer some support for the Bitcoin price in the short term. It sounds like he’s conjecturing some Bitcoin bulls will hold their bags despite bad news of a rejection. They would be holding out on expectations of another rally preceding or following an SEC approval. In response to a question on the ensuing X thread: “How much Bitcoin do you own,” Peter Schiff answered, “None.”
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🥇 Bitcoin Primed for 'Supply Shock' as Exchange Balance Drops to 5-Year Low, Analyst Says
Bitcoin's (BTC) supply has become increasingly constrained with exchange balances dropping to a five-year low and making the asset primed for a potential "supply shock," Matt Weller, global head of research at Forex.com, said in an interview with CoinDesk TV Thursday. The level of available bitcoin on crypto exchanges – liquid tokens investors can easily buy and sell – has dropped 2.3 million, its lowest reading since April 2018, Glassnode data shows. That's down from 2.6 million a year ago and 3.2 million at its peak in May 2020.
Meanwhile, there's roughly 3 million tokens that haven't been moved in ten years, said Weller. That compares to the current overall supply of 19.5 million and bitcoin's maximum-ever supply of 21 million. "That's suggestive of a potential supply shock," Weller said. "With lower supply on the market, it only takes a small bump in demand to really drive prices higher at a rapid rate." Weller said that spot ETFs, unlike futures-based products, could "fundamentally alter the supply and demand picture" for bitcoin, making it available for a new set of investors. That's especially so now that bitcoin has regained its "uncorrelated asset" lure by decoupling from equities and rallying as U.S. stocks have entered correction territory, he added.
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💰 Coinbase's Grewal Is 'Quite Hopeful' That Bitcoin Spot ETFs Will be Approved
Crypto exchange Coinbase's (COIN) chief legal officer Paul Grewal is "quite hopeful" that bitcoin spot exchange-traded fund (ETF) applications will be approved by the U.S. Securities and Exchange Commission (SEC). A spot bitcoin ETF will follow the price of bitcoin rather than the prices of bitcoin futures, giving investors direct exposure to the largest digital cryptocurrency without owning it themselves. The optimism surrounding a potential spot bitcoin ETF was started earlier this year when TradFi giants like BlackRock filed for spot ETF with the SEC.
The bitcoin price could rise to between $42,000 and $56,000 if the BlackRock ETF is approved, according to crypto services provider Matrixport. Such bullish price action would also help crypto-linked stocks such as Coinbase, MicroStrategy (MSTR) and miners including Marathon (MARA), Riot Platforms (RIOT). Grewal didn't speculate when the approvals will come but said that given some of the key TradFi firms have applied for spot bitcoin ETFs, it is only a matter of time. "I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services,” Grewal told CNBC. “So that, I think, suggests that we will see progress there in short order,” he added.
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💰 Grayscale chief legal officer says spot bitcoin ETF is a matter of when, not if
Grayscale Chief Legal Officer Craig Salm also said Grayscale has been spending a lot of time in Washington as lawmakers consider two bills to regulate crypto. Salm voiced his optimism for such a product on SiriusXM radio on Wednesday, days after the Securities and Exchange Commission said it did not plan to appeal an August court ruling that ordered it to reconsider a bid from Grayscale to convert its flagship GBTC fund into a spot bitcoin ETF.
Salm also said Grayscale has been spending a lot of time in Washington as lawmakers consider two bills to regulate crypto. One bill is focused on writing rules for stablecoins, while the other takes a comprehensive approach to regulating crypto. Both were advanced out of the House Financial Services Committee during the summer and are awaiting a full House vote. Prospects in the Senate though are less certain. Despite industry optimism that a spot bitcoin ETF is now steps closer, a number of things still need to happen before one hits the market, and a decision to not appeal does not necessarily mean the regulator plans to approve one. Bitcoin surged toward $30,000 on the news, but lingered closer to $28,000 as of Wednesday morning.
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💰 BlackRock says application for spot bitcoin ETF is still under review by SEC despite rumors on social media
BlackRock said Monday that its application for a spot bitcoin ETF was still under review by the Securities and Exchange Commission as the price of the world's largest crypto currency surged after rumors on social media that the fund had been approved. A BlackRock spokesperson confirmed with The Block that the iShares Bitcoin application is still under review by the regulator. The SEC has not yet approved of a spot bitcoin ETF in the U.S.
The SEC did not immediately respond to a request for comment from The Block. The regulator last month said it was instituting additional proceedings to determine whether proposed spot bitcoin ETFs from big names including BlackRock, Invesco, Valkyrie and Fidelity should be approved or disapproved, in an apparent additional delay to the ongoing review processes that could last at least another month. Bitcoin surged toward $30,000 immediately after posts on X suggested the fund had been approved early Monday morning in the U.S. It's since declined from that peak and is currently trading at $28,003, according to CoinGecko. Though the industry is waiting on pins and needles for approval of the first spot bitcoin ETF.
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🇺🇸 SEC Deadline on Grayscale's Bitcoin ETF Dispute Approaching at Midnight
The final hours are ticking down for an appeal from the U.S. Securities and Exchange Commission (SEC) in its dispute with Grayscale Investments over establishing a spot bitcoin (BTC) exchange-traded fund (ETF). If the agency does nothing further by midnight Eastern, Grayscale's application to convert its Bitcoin Trust (GBTC) to an ETF formally returns to life. Industry observers are widely expecting the SEC to let the deadline run out because the D.C. Circuit Court of Appeals decision 45 days ago was clear and even harsh in its assessment of how the agency declined the application.
Grayscale first applied for its GBTC closed-end fund (currently with roughly $17 billion in assets under management) to be converted into a spot bitcoin ETF in October 2021. Grayscale – a unit of Digital Currency Group, which is also the parent of CoinDesk – isn't alone in its pursuit of this approval. High profile financial firms including BlackRock and Fidelity are also awaiting SEC word on their applications for spot bitcoin ETFs. ETF applicants, plenty of questions remain as to when the first product would go online, and whose it would be. The approvals required from the SEC are wide-ranging and involve multiple divisions at the agency, and it's unclear whether the agency would approve several applicants at once or proceed on a timeline based on when applications came in.
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💰 More Bitcoin ETF Rejections 'Quite Likely,' BitGo's Belshe Says
BitGo CEO Mike Belshe said it's "quite likely" the U.S. Securities and Exchange Commission (SEC) will reject a series of spot bitcoin (BTC) exchange-traded fund (ETF) applications despite industry-wide optimism. Speaking in a Bloomberg interview, Belshe said the SEC might reject current applications on the basis that exchanges and custody are not separated. Coinbase (COIN) has been selected by several applicants as a custody partner for a potential ETF.
Belshe says the SEC could reject ETF applications until exchanges and custody separate out. "There are a lot of risks in that entity Coinbase that are not understood," Belshe said. "I think that the SEC could quite likely come back and say: 'Nope, you've got to separate out those things fully before we move forward.'" Several ETF analysts have said that the chances of an ETF being approved in January are around 90%. The SEC has rejected numerous applications over the years, citing concerns over potential market manipulation and a lack of customer protection. Fund manager BlackRock filed an application for a spot bitcoin ETF in June. Since then, the price of BTC has rallied by 45% to $36,200, according to TradingView data.
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🪙 Bitcoin Ordinals Token Ecosystem Emerges as Latest Crypto Play, Led by ORDI Hype
Tokens based on the Bitcoin blockchain are emerging as the newest play among market participants after weeks of a bitcoin (BTC) price frenzy driven by expectations of an exchange-traded fund approval. The BRC-20 standard (BRC stands for Bitcoin Request for Comment) was introduced in April to allow users to issue transferable tokens directly through the network for the first time. The tokens, called inscriptions, function on the Ordinals Protocol.
The BRC-20 category of tokens has added some 21% as a sector in the past 24 hours. Infrastructure token trac (TRAC) rose 93% to lead the gains, followed by meme (MEME) at 69% and nals (NALS) at 36%. That protocol allows users to embed data into the Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions. Earlier this month, ordi (ORDI), a token tied to the Ordinals Protocol, was listed on influential exchange Binance, fueling a 50% price jump within hours. That helped spur bullish sentiment for BRC-20 tokens among traders, who hypothesized the Bitcoin token ecosystem could be a new avenue to search for profits.
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💰 Bitcoin Spot ETFs Will Introduce Crypto to Broader Investor Base: Coinbase
Spot bitcoin (BTC) exchange-traded-funds (ETFs), if approved in the U.S., will open cryptocurrency markets to new classes of investors, Coinbase (COIN) said in a report on Monday. "The opportunity is potentially much greater than just enabling new capital to access the crypto market," as ETFs "will ease the restrictions for large money managers and institutions to buy and hold bitcoin, which will improve liquidity and price discovery for all market participants," wrote David Duong, head of institutional research at Coinbase.
Additionally, having an investment vehicle that meets "key regulatory and compliance requirements may also open the door to new products," which could multiply the existing crypto offerings for accredited investors and expand adoption, the note said. Over the longer term this could add billions to the total crypto market cap, the report said, adding that ETFs are expected to lay the foundation for a "more regulated environment, greater inclusion and a material growth in demand.". Coinbase says the ETF story is bringing more focus to bitcoin at an opportune time, "as the world has fewer safe haven alternatives amid a backdrop of rising geopolitical tensions and increasing economic dysfunction."
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💰 Bitstream White Paper Proposes Bitcoin Payments to Disrupt File Storage Economy
The Bitstream white paper, authored by blockchain programmer Robin Linus, unveils a method where servers receive direct payments in bitcoin (BTC) for each file download they facilitate. Addressing the imbalance in current hosting economics, Linus’ system aligns server profit with content demand. Servers are compensated for providing a service to the network, namely the distribution of files, the white paper explains. The system “creates a directory of accountable servers from which clients can choose,” Linus’ paper details.
The Bitstream system capitalizes on Bitcoin’s payment channels, including technologies like the Lightning Network, Liquid, Chaumian ecash, Fedimint, or Cashu to afford swift microtransactions for file access. “The server encrypts the file such that if there’s any mismatch during decryption the client can derive a compact fraud proof,” the paper notes. “A bond contract guarantees the client receives the exact file or they can punish the server.” In Bitstream’s design, the use of a Merkle tree for file verification promotes both the uniqueness and security of hosted data. By breaking down files into hashed components, the system can quickly confirm the accuracy of the content being transferred.
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💰 CME Topples Binance as Top Bitcoin Futures Exchange as Crypto ETF Excitement Soars
On Thursday, the regulated Chicago Mercantile Exchange (CME) took the top spot on the list of biggest bitcoin (BTC) futures exchanges, replacing Binance for the first time in two years. CME ranked first among futures and perpetual futures exchanges with an open interest (OI) of roughly $4.07 billion, up some 4% in the past 24 hours and representing a 24.7% market share, CoinGlass data shows. Meanwhile, OI on Binance stood at $3.8 billion, down 7.8% during the same period.
CME offers trading in traditional futures contracts with pre-determined expiry. Binance and other exchanges offer conventional futures and perpetual contracts or futures with no expiry. The change in rankings occurred as the crypto market endured a major leverage flush out amid wild price swings, which saw the aggregate bitcoin open interest drop $2 billion from $12 billion. The decline impacted Binance traders disproportionately more than CME market participants. Bitcoin first surged to an 18-month high of almost $38,000, then sharply retraced toward $36,000 after a filing showed a corporate entity named "iShares Ethereum Trust" had been registered in the state of Delaware. A similar move happened before BlackRock – the owner of iShares – filed for a spot BTC exchange traded fund (ETF) in June.
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💰 Vanguard Group Bitcoin ETF Will Not Be Launched Because Of Intrinsic Value
Vanguard Group’s CEO, Tim Buckley, has confirmed that the asset management giant will not pursue Bitcoin Exchange-Traded Funds (ETFs), distinguishing itself from competitors like BlackRock and Fidelity. A Vanguard spokesperson cited similar reasons for not launching a Vanguard Group Bitcoin ETF as the company had for never creating a gold ETF, emphasizing Bitcoin’s perceived lack of “intrinsic value,” absence of cash flow, and extreme volatility. Market indicators also signal increasing readiness for cryptocurrency products, with inflows into digital asset funds reaching their highest weekly level since July 2022.
In contrast to BlackRock and Fidelity, which recently announced proposals for Bitcoin spot ETFs, Vanguard remains steadfast in its decision. When asked about the possibility of a Vanguard Group Bitcoin ETF or cryptocurrency ETF, Buckley clarified that Vanguard’s focus lies with asset classes suited for long-term portfolios, and they do not view Bitcoin as fitting within that framework. Currently, BlackRock’s application for a spot Bitcoin ETF is awaiting review by the Securities and Exchange Commission (SEC). The regulatory body has expressed skepticism toward the cryptocurrency sector in the past, denying similar applications while permitting Bitcoin futures ETFs. However, hopes for regulatory approval have been bolstered by Grayscale Investments’ recent legal victory against the SEC. The court ruling suggests that the path to a spot Bitcoin ETF may be clearer.
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💰 Barefoot Mining CEO Projects a 52.5% Cut in Bitcoin Rewards Post-Halving
Presently, the blockchain stands at block height 815,315, with roughly 24,685 blocks to go until the fourth subsidy epoch or reward halving. Projections vary on when exactly the halving will happen, with some pointing to April 20, 2024, and others to a slightly later date of April 24, 2024. Still, there are predictions setting the event even earlier, on March 23, 2024, as block intervals have been a great deal faster in recent times. For instance, current data shows the latest block interval was eight minutes and 8.4 seconds.
On November 3, Bob Burnett, the chairman and CEO of Barefoot Mining, clarified a common misconception about Bitcoin’s production rates. In a post on the social media platform X, Burnett wrote that the actual mean block time is shorter than the widely assumed ten minutes, resulting in more blocks per day than expected (146.7 instead of 144). Consequently, daily Bitcoin production is currently higher than the anticipated 900, sitting at 966 due to both block rewards and transaction fees. Burnett states that with the upcoming halving event, while the block reward will be cut in half, the addition of fees means that the new daily production will decrease to only 507.6 Bitcoin, not the expected 450. This represents a reduction to 52.5% of the current output.
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💰 MicroStrategy bought more bitcoin in October as asset gained value
MicroStrategy Chairman and founder Michael Saylor said the company nabbed another 155 bitcoin for $5.3 million in October, a month marked by a surge in price for the most popular of cryptocurrencies. Saylor also said in a post to X, where he also teased the company's release of its third-quarter earnings, that MicroStrategy now holds 158,400 bitcoin. A little more than a month ago, the company stated in a filing it had purchased 5,445 bitcoins for $147.3 million — at an average price of $27,053 per bitcoin.
MicroStrategy up for some quick gains on its recently purchased bitcoin as the price for the digital asset soared in October, nearly hitting $35,000 at one point. Bitcoin is currently hovering just below that mark amid excitement that spot bitcoin ETFs might soon gain the necessary approval required before investors can pour money into the new financial instrument. In the company's earnings report it said, since the end of the second quarter, it had added 6,067 bitcoins for $167 million at $27,531 per bitcoin. But while third-quarter revenues increased 3.3% to $130 million, MicroStrategy posted a net loss of $143.4 million during the period. That tally was significantly worse than last year's results when the company said it had a net loss of $27 million in the third quarter.
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💰 Bitcoin Whales Take Charge as Number of $100K Transactions Surge
Bitcoin's (BTC) onchain activity suggests whales, or investors with ample capital supply and the ability to influence market trends, have been active during the cryptocurrency’s recent move above $35,000. The number of transactions processed on the Bitcoin blockchain involving a movement of at least $100,000 worth of BTC rose to a year-to-date high of 23,400 last week, according to data tracked by blockchain analytics firm IntoTheBlock.
The cryptocurrency's price topped the $35,000 mark last week, reaching the highest since early May 2022, according to CoinDesk data. The cryptocurrency has since traded sideways, around $34,000, boasting a 107% year-to-date gain. Prices have surged 27% this month, supposedly on the back of spot ETF optimism and increased haven demand. "The bitcoin spot ETF applications appear to have increased whales' and institutions' appetite for bitcoin," IntoTheBlock said in a newsletter on Friday. "Transactions of over $100k had previously spiked in late June after Blackrock's ETF filing and have now surpassed that level as Bitcoin sets new yearly highs."
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💰 Bitcoin Miners Brace for 4th Consecutive Difficulty Rise Amidst Hashrate Surge
The surge in bitcoin’s (BTC) value has translated into burgeoning profits for miners, with the world’s largest mining pools continuing to commit substantial hashpower to the network. On October 12, based on a simple moving seven-day average, Bitcoin’s hashrate reached an unprecedented 456 exahash per second (EH/s), marking an epoch-making milestone. As of now, the hashrate has stabilized around 443 EH/s, according to the seven-day average. Forecasts currently indicate an anticipated increase in difficulty of 2.21% to 2.5% by October 30.
Notably, the current block intervals are consistently shorter than the typical ten-minute average, clocking in between eight minutes and 30 seconds and nine minutes and 48 seconds, indicating that 2,016 blocks will likely be mined faster than the two-week average. Approximately 42 mining pools are channeling their SHA256 hashrate towards the Bitcoin blockchain, propelling Namecoin’s hashrate beyond the 300 EH/s threshold. Namecoin, which shares its mining infrastructure with BTC via merge-mining, reached a record-breaking 396 EH/s at block height 687,123. Following closely behind, Foundry USA commands a substantial 27.56% share, amounting to 123 EH/s, while Viabtc holds a respectable 11.56% of the hashrate, tallying up to 51.86 EH/s.
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💰 BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets
The price of bitcoin surged on Monday after BlackRock’s proposed ETF showed up on the DTCC’s website and dropped when it vanished Tuesday. Impulsive trading in crypto markets is nothing new and the movement in the price of bitcoin (BTC) over the past two days over the addition – and then removal – of BlackRock’s proposed ticker for its spot bitcoin ETF on the Depository Trust & Clearing Corp.’s website is just another example. As it turns out, the ETF has been on the website since August, a spokesperson for DTCC confirmed in an email to CoinDesk.
Crypto traders this week interpreted the inclusion on the page as a sign BlackRock’s product might get approved soon. But an ETF appearing there does not indicate anything about its regulatory approval, DTCC said. Being there is just part of the prep work – getting a ticker symbol and unique ID code known as a CUSIP – any ETF would undertake pending U.S. Securities and Exchange Commission approval. “It is standard practice for DTCC to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market,” according to the spokesperson. Bitcoin on Monday shot above the $35,000 mark after crypto traders noticed BlackRock’s ETF on the page. But bitcoin slumped Tuesday after it disappeared.
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💰 JPMorgan expects spot bitcoin ETF approvals to come 'within months'
The Securities and Exchange Commission will likely approve multiple spot bitcoin exchange-traded fund applications soon, given it did not appeal a recent ruling in the case brought against it by Grayscale Investments, according to JPMorgan. "The timing of spot bitcoin ETF approvals remains unclear but should happen within months and most likely before Jan. 10, 2024, the final deadline of Ark Invest and 21Shares applications," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday.
Given that spot bitcoin ETF approval for GBTC now appears more likely, Grayscale will likely face pressure to lower the product's fees, according to the JPMorgan analysts. GBTC's discount to net asset value will also likely disappear due to the share redemption/creation arbitrage mechanism in an ETF structure, they added. "The Grayscale Bitcoin Trust is the largest bitcoin fund in the world with $17.7 billion of AUM [assets under management], and upon conversion to ETF, the discount would likely disappear, implying a $2 billion benefit to investors," they noted. The GBTC discount has been narrowing since Grayscale's court victory last month. It currently stands at around -13%, well improved from the extreme discount of close to -50% .
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💰 Bitcoin holds onto momentum after 'dress rehearsal' for possible spot ETF approval
Bitcoin's price held onto momentum first seen yesterday after a false report about the supposed approval of a spot ETF had crypto markets buzzing. The world's largest digital asset by market capitalization climbed 1.5% over the past 24 hours to $28,520 at 12:30 p.m. ET. Conversely, ether has slumped, down around 1% over the same period to $1,578, according to Coingecko. While bitcoin pared gains after the report was debunked, it still ended the day higher than where it had started.
Analysts mostly saw the market activity ignited by the false report as a dress rehearsal for what would happen if a spot bitcoin ETF was actually approved. "Yesterday's case showed us that the market is waiting for good news and ready for growth," YouHodler Chief of Markets Ruslan Lienkha told The Block. "Spot bitcoin ETFs will be approved sooner or later, and market participants understand that." This perspective was echoed by BlackRock CEO Larry Fink in an interview with Fox Business on Monday. He suggested the market reaction to the false report revealed "the pent-up interest in crypto." According to Fink, there was more to Monday's rally than the ETF rumor. He said it suggested a flight to quality spurred by fears of further global unrest.
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💰 Invesco Galaxy Bitcoin ETF Now Updated To Form S-1 To Respond To The SEC
Invesco Galaxy has joined the ranks of firms updating the Invesco Galaxy Bitcoin ETF prospectus in response to recent inquiries from the US Securities and Exchange Commission (SEC). This development comes shortly after Cathie Wood’s Ark Invest also made revisions to its ETF documents. The SEC recently reached out to potential issuers with questions regarding their S-1 forms, sparking a wave of updates in the ETF landscape. Invesco Galaxy has taken the initiative to address the SEC’s concerns with comprehensive adjustments to the Invesco Galaxy Bitcoin ETF S-1.
SEC’s final verdict on these filings remains pending. Nevertheless, this interaction between regulatory authorities and issuers is an encouraging sign of progress. Notably, Ark Invest’s adjustments to the Spot BTC ETF S-1 were characterized as broad rather than substantial, encompassing language refinements, additional context, and enhanced risk disclosures. In June, Invesco, boasting $1.4 trillion in assets under management, re-submitted its application for a spot Bitcoin ETF in collaboration with Galaxy Digital. The company initially filed for the Invesco Galaxy Bitcoin ETF in 2021, concurrently with Galaxy, and also pursued a Bitcoin futures ETF. However, the latter effort was abandoned in October 2021 after ProShares received approval and began trading.
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💰 ‘Mr. Bitcoin Is About to Go Down Big’: Jim Cramer Expects Lower Prices
Former hedge fund manager and host of CNBC’s Mad Money, Jim Cramer Tuesday evening continued with his recent bearish stance on crypto, a stark contrast to what another hedge funder said earlier that day on CNBC. “I can’t go out with gold because gold is not good; I can’t go out with bitcoin (BTC) because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer. It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident.
Although bitcoin is far off its all-time high of $68,000 reached in 2021’s bull market, the cryptocurrency is still trading up 68% since the start of the year. Cramer had previously stated in June 2021 that he had sold most of his bitcoin holdings following China’s crackdown on crypto miners. He also said during the same time period that bitcoin had structural issues and its price would likely fall further. Appearing on CNBC earlier on Tuesday, billionaire hedge fund giant Paul Tudor Jones said he’s a fan of both bitcoin and gold due to the combination of extensive geopolitical risk and rising U.S. government debt levels. It’s unclear if “Mr. Bitcoin” was in reference to the ongoing trial of Sam Bankman-Fried, or to bitcoin in general, but Cramer’s bearishness was evident. “I can’t go out with gold because gold is not good; I can’t go out with bitcoin (BTC) because I can’t be in something where Mr. Bitcoin is about to go down big,” said Cramer.
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