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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
⚫️ Paxos Sets Sail: USDP Stablecoin Expands to Solana, Unveils Public Debut Date! 🚀💎
Paxos, the trailblazing New York-based stablecoin issuer, makes waves in the crypto seas with the expansion of its flagship stablecoin, USDP, to the Solana blockchain platform! 🌟🌊 After exclusively residing on Ethereum, USDP is ready to make its mark on Solana, with the much-anticipated public launch scheduled for January 17, 2024. 🗓️
🌍 Strategic Navigation: This expansion signifies a strategic move for Paxos in the dynamic stablecoin realm, setting the stage for increased accessibility and impact. In a landscape where competitors like Circle and Tether are vying for dominance, Paxos takes a pioneering leap forward. 💪💰
🔍 Regulatory Triumph: Paxos earns the nod of approval from the New York Department of Financial Services (DFS) to extend USDP from Ethereum to Solana. While the regulatory journey was thorough, the exact duration of the review process remains undisclosed. 🏦✅
🌐 Blockchain Frontier: Paxos's shift to Solana reflects its commitment to exploring innovative blockchain solutions beyond the Ethereum ecosystem. Positioned at the forefront of technological evolution, Paxos embraces the changing tides of the crypto landscape. 🌐🔗
💎 Competing with Finesse: Amidst the competition with heavyweights like Circle and Tether, Paxos's strategic move not only marks participation but showcases its determination to thrive in the competitive stablecoin arena. The race for market dominance just got more thrilling! 🚀🏆
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🇦🇷 Argentina's new government gives early nod to bitcoin, says crypto can be used in contracts
Following the election of crypto-friendly President Javier Milei, Argentina has "ratified" and "confirmed" that bitcoin can be used as currency in official contracts. "We ratify and confirm that in Argentina you can agree on contracts in bitcoin," Argentina's minister of foreign relations and international commerce, Diana Modino, posted to X where she has a robust following of 360,000 followers.
Modino fell short of providing details about any new measures the government might be planning related to crypto, but the early nod to the world's largest cryptocurrency is in line with recently-elected President Milei's views on monetary policy amid the local currency's severe issues with hyperinflation and devaluation. "Milei sees Bitcoin as a crucial tool in countering the inefficiencies and corruptions of centralized financial systems," Grayscale Investments said in a report last month. If South America's second-largest economy begins using bitcoin with greater frequency, it could catalyze the use of crypto around the globe, some believe.
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💰 BlackRock's proposed spot bitcoin ETF gets a ticker in latest filing with SEC
BlackRock's proposed spot bitcoin ETF was christened with the ticker IBIT, according to an amended S-1 filing on Monday with the Securities and Exchange Commission. The updated filing also included new language about the creation and redemption mechanism to be employed by the fund, a topic of recent meetings between BlackRock and SEC officials. The latest update appeared to nod toward a so-called cash redemption model that analysts have said the SEC seems to be favoring.
"The Trust issues and redeems Baskets on a continuous basis," according to the filing. "These transactions will take place in exchange for cash. Subject to the In-Kind Regulatory Approval, these transactions may also take place in exchange for bitcoin. BlackRock likely wants to have an "in-kind" redemption model that would give the asset manager greater flexibility in managing the portfolio. But the SEC likely favors what is called a cash model that would require BlackRock to move the bitcoin out of storage, sell it right away and then give the cash back to the investor in the event they want to redeem shares. In-kind will have to wait. It’s all about getting ducks in row bf holidays. Good sign.
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💰 January spot bitcoin ETF approvals likely but ether is a 'completely different animal': Bloomberg ETF analyst
Bloomberg Intelligence ETF research analyst James Seyffart and his colleague Eric Balchunas have become famous on Crypto Twitter this year for their spot bitcoin ETF analysis and predictions, earlier to the call than most that approvals were likely around the corner. Seyffart reiterated that the window for a potential spot bitcoin ( BTC -2.45%) ETF approval was looking like it would fall between Jan. 8 and Jan. 10.
So far, the Securities and Exchange Commission has delayed making a decision, but with regard to the Ark and 21Shares ETF, it must approve or deny one by this deadline on Jan. 10. Seyffart argues the SEC has been strategically delaying, lining up the various applications, or most at least, to be approved at the same time, so as not to give one firm an advantage — and that’s why Seyffart thinks en masse approval will happen in January. The SEC “doesn't want to be picking favorites here to win these races, whether it's getting the most assets or acquiring the most liquidity,” Seyffart said. “So if the SEC is going to approve all these things, it’s likely going to approve them all at once, because, again, it doesn’t want to play kingmaker in this case.”
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💰 Bitwise Predicts Bitcoin ETF Approval Propels Surge to $80,000 Milestone in 2024!
Bitwise Invest’s research analyst, Ryan Rasmussen, has made a bold prediction that Bitcoin ETF approval will surge to an all-time high of $80,000 in 2024. While Rasmussen didn’t pinpoint a specific month or quarter, he outlined two pivotal catalysts driving this forecast. First, the eagerly awaited launch of a spot Bitcoin ETF in early 2024, and second, the scheduled halving of new BTC supply expected around the end of April or early May.
Given Bitcoin’s current trading price of approximately $42,700, Rasmussen’s projection implies an 87% climb to achieve the envisioned peak. In addition to the Bitcoin price prediction, Rasmussen shared Bitwise‘s broader outlook for 2024, including projections that the spot Bitcoin ETF will mark the most successful ETF launch in history, Coinbase’s revenue will double, and more. Notably, Rasmussen offered an ambitious estimate for the spot Bitcoin ETF market’s growth over the next five years. He anticipates that within this period, spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, translating to $72 billion in assets under management (AUM). This forecast has sparked discussions about the potential influx of $100 billion into BTC markets following regulatory approvals.
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💰 Franklin Templeton Spot Bitcoin ETF Shows Promise In New Discussions With The SEC
According to reports, the U.S. Securities and Exchange Commission (SEC) engaged in discussions with Franklin Templeton on December 8 regarding its proposed Bitcoin spot ETF. This follows the SEC’s public consultation on the Franklin Templeton spot Bitcoin ETF and Hashdex spot Bitcoin ETF proposals, signaling a potential resolution in January. Recent SEC filings suggest a move to conclude the comment period on these funds, indicating progress toward a decision.
Franklin Templeton, managing $1.33 trillion in assets, acknowledged the significant demand for Bitcoin. CEO Jenny Johnson emphasized that clients are keenly monitoring Bitcoin for investment opportunities, noting the distinction between Bitcoin and blockchain technology. The SEC’s consideration of the Franklin Templeton spot Bitcoin ETF is indicated by a disclosure revealing the initiation of proceedings to approve or deny the proposal. In September, the company submitted its Franklin Templeton spot Bitcoin ETF application to the SEC. If approved, the fund will be listed on the Cboe BZX exchange and entrusted to Coinbase Custody.
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💰 Hashdex Forecasts US Access to Spot Bitcoin ETF by Q2 2024
The crypto industry is at an unprecedented inflection point, which could serve as a “generational investment opportunity” that will be fleeting as more institutions enter the space and network effects lead to exponential growth, according to new research. Digital asset manager Hashdex, which is currently eyeing a spot Bitcoin ETF approval, believes prospects for such funds in the US are as high as ever, and as regulated investment vehicles become more common, the role of crypto in portfolios will continue to expand.
Hashdex said the exact timing of a spot bitcoin ETF in the US remains unclear, but in 2023, the narrative around this product switched from a question of “if” to a matter of “when.” The asset manager predicted that US investors will have access to a spot bitcoin ETF by the second quarter of the new year, and a spot ether ETF is likely to follow. Hashdex said the crypto ETFs in the US will be a story of scaled distribution, with spot ETFs expected to unlock the retail and wealth opportunity in the country – across financial advisors, direct retail, and private banks. This alone is estimated to be a $50 trillion AUM market, which is significantly larger than Europe, Canada, and Brazil combined. Notably, these three markets already have crypto ETPs.
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💰 Spot Bitcoin ETF Issuers Are Now In Dialogue With SEC With Positive Potential
U.S. Securities and Exchange Commission (SEC) and spot Bitcoin ETF issuers have progressed to key technical details, suggesting potential approval in the near future, according to Reuters. Thirteen firms, including major players such as BlackRock, Fidelity, Grayscale Investments, and ARK Investments, currently have pending Bitcoin ETF applications with the SEC. Earlier this week, several of these firms, including BlackRock, made important amendments to their applications.
The SEC, historically cautious due to concerns about manipulation, has long rejected Bitcoin ETFs, citing a lack of investor protections. However, after a court ruled in August that the SEC was wrong to reject Grayscale’s ETF conversion application, substantive discussions on technical details commenced. The SEC has until January 10 to make a final decision on ARK’s filing, which appears to be first in line for approval. The advanced nature of the discussions signals a potential approval not only for ARK but also for some of the other 12 applications in the New Year, contributing to the recent surge in Bitcoin prices, which reached a 20-month high this month.
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💰 Pando Spot Bitcoin ETF Has Now Filed Form 19b-4
Swiss asset manager Pando Asset has joined the race to launch the Pando spot Bitcoin ETF by filing a 19b-4 submission with the Securities and Exchange Commission (SEC). The Pando Asset Spot Bitcoin Trust, pending regulatory approval, is poised to trade on the Cboe BZX Exchange with Coinbase acting as its custodian. The filing outlines the use of the CF Bitcoin Reference Rate by CME to determine the ETF’s bitcoin price.
Pando Asset, already offering exchange-traded products on the SIX Swiss Exchange for European traders, is a newcomer to the U.S. spot Bitcoin race, competing with established names like BlackRock and Fidelity. The company aims to introduce an ETF tied to spot Bitcoin prices, becoming the 13th contender for a share in what could be a multi-billion dollar product. Bank of New York Mellon is proposed as the administrator for the Pando spot Bitcoin ETF. The move comes amid positive market sentiment, driven by SEC officials’ meetings with industry leaders like Grayscale, BlackRock, and Nasdaq.
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💰 Grayscale Setting Up for Bitcoin ETF Race by Hiring Industry Veteran from Invesco
Crypto asset manager Grayscale has hired former Invesco Head of Americas John Hoffman to lead its distribution and partnerships team, six weeks before a decision is set to come out on whether the company will be allowed to launch a spot bitcoin (BTC) exchange-traded-fund (ETF). “The Grayscale team is thrilled to have John Hoffman join us as Managing Director and Head of Distribution and Strategic Partnerships.
Invesco is one of the biggest issuers of ETFs in the U.S. with currently over 200 ETFs traded on U.S. markets and roughly $425 billion in assets under management (AUM). The company recently suffered another big departure. Anna Paglia, who served as global head of ETFs, indexed strategies, SMAs and models at Invesco for the past seven years, left to join State Street Global Advisors - the investment management division of State Street - as executive vice president and chief business officer. Grayscale is hoping to convert its GBTC bitcoin trust into an ETF in January, when the Securities and Exchange Commission (SEC) decides whether to approve the launch of 13 potential spot bitcoin ETFs, including that of BlackRock, Invesco, and Franklin, among others.
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💰 MicroStrategy buys $593.3 million in bitcoin, may raise up to $750 million in new stock sale
MicroStrategy, a software firm best known for its bitcoin holdings, has purchased more of the digital asset and may raise additional funds through the sale of new shares. Between Nov. 1 and Nov. 29, it purchased an additional 16,130 bitcoin for $593.3 million, with an average price of $36,785 per token, the company said in a filing. Founder and Chairman Michael Saylor said in a post on X that the company now "hodls" 174,540 bitcoin that was acquired at an average price of $30,252 each.
The company said it may raise up to $750 million through the sale of new Class A common stock shares. Between Nov. 1 and Nov. 29, it purchased an additional 16,130 bitcoin for $593.3 million, with an average price of $36,785 per token, the company said in a filing. Founder and Chairman Michael Saylor said in a post on X that the company now "hodls" 174,540 bitcoin that was acquired at an average price of $30,252 each. Bitcoin was mostly flat on Thursday, trading at $37,652 at 11:35 a.m. ET, according to The Block data. The world's largest digital asset by market capitalization is up 10% over the past month and 122.8% over the past year. The company said it may raise up to $750 million through the sale of new Class A common stock shares.
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💰 Spot Bitcoin ETFs Have Almost $100M in AUM in Brazil, Led by Hashdex Offering
As investors continue to await approval of a spot bitcoin exchange-traded fund (ETF) in the U.S., a check of Brazil finds hefty demand for such vehicles which have been trading in that country for more than two years. Together, those ETFs have $96.8 million of assets under management (AUM) as of November 21, led by Hashdex's Nasdaq Bitcoin Reference Price FDI (BITH11) with $57.8 million in AUM as of November 21, or a market share of about 60%.
As comparison, the largest ETF in the nation, iShares Ibovespa Index (BOVA11), has $2.41 billion in AUM and the second largest, the iShares BM&FBOVESPA Small Cap (SMAL11), has $1.19 billion in AUM. For reference, the largest U.S. ETF, the SPDR S&P 500, has roughly $430 billion in AUM. According to Marcelo Sampaio, CEO and founder of Hashdex, the success of bitcoin ETFs in Brazil. “There is a growing positive sentiment across the most sophisticated investors and we’ve been seeing increasing interest from some of the largest institutions whether that be either allocating or considering adding crypto soon to their portfolios,” said Sampaio in an interview with CoinDesk. Hashdex’s spot bitcoin ETF started trading on August 1, 2021.
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💰 Bitcoin IRA Savers Have New IRS Contribution Limits in 2024
The IRS raised the contribution limit for individual retirement accounts for 2024. Cryptocurrency investors can now save $500 more in a self-directed Bitcoin IRA. On Nov 1, the IRS announced, “The limit on annual contributions to an IRA increased to $7,000, up from $6,500,” for the 2024 tax year. The 401(k) limit also went up by $500 to $23,000. That means Bitcoin investors who are saving for retirement with a self-directed Bitcoin IRA can now contribute $500 more next year.
Saver investors looking to hedge inflation, diversify their portfolio, or add a risk-reward, high-growth tech play to their strategy also get a tax benefit with a Bitcoin IRA or 401(k) account. The main advantage of an IRA is taxpayers can deduct their contribution from the amount of their taxable income. Some 401(k) savers may also have the option to contribute Bitcoin to their 401(k) and get a tax benefit. That is if their employer allows it and works with a pension fund that provides digital asset services. Otherwise, they have to use a self-directed Bitcoin IRA to get a tax deduction. Fidelity Investments, for example, works with 23,000 employers to maintain Bitcoin 401(k) retirement accounts. Its Digital Assets arm provides digital custody services, allowing 401(k) contributors to save for retirement using Bitcoin.
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💰 Bitcoin's Anti-Censorship Ethos Surfaces After Mining Pool F2Pool Acknowledges 'Filter'
F2Pool, the third-biggest Bitcoin mining pool, drew ire on social media after a report that it might be censoring transactions from an address subject to U.S. government sanctions. F2Pool project's leaders subsequently appeared to confirm the report, stirring up controversy since "censorship resistance" is considered by many Bitcoiners to be a cardinal principle of the largest and original blockchain. At the same time, many government officials around the world have expressed concern that blockchain networks.
The Bitcoin development-focused blogger 0xB10C wrote Nov. 20 that his "miningpool-observer" project "detected six missing transactions spending from OFAC-sanctioned addresses." OFAC stands for the Office of Foreign Assets Control, a lead agency in U.S. government efforts to enforce economic sanctions. A few of the instances "are likely false-positives and not the result of filtering," the blogger wrote. A Bitcoin mining pool is where operators working to confirm transactions on the network join together to coordinate their efforts and then share any resulting rewards – typically with the goal of providing a steadier income stream.
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💰 Fed Minutes Release May Be a Non-Event for Bitcoin
The minutes of the Federal Reserve's November meeting, a closely watched record offering clues about the direction of monetary policy and its potential impact on the economy and markets, will be made public at 19:00 UTC (14:00 ET). At the Nov. 1 meeting, the Fed kept the benchmark interest rate steady in the range of 5.25% to 5.5%, having last lifted it in July. During the post-meeting press conference, Chairman Jerome Powell said.
While the minutes due later today are likely to take a similar line, they may not elicit a reaction from financial markets. That's because weak U.S. economic data released since the meeting have bolstered expectations the central bank is done raising rates. In other words, the November meeting minutes may simply be outdated. Release of the minutes "is likely to be less market-moving than usual, given the post-meeting softness in data," analysts at ING said in a Nov. 17 note to clients. "We have already heard from several Fed officials who have welcomed the direction of the numbers but commented that they want to see more of the same to be sure that inflation is on the path to 2%."
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🥇 FOX Anchor Charles Payne Drops Bombshell: Bitcoin's Path to $1 Million Unveiled! 🌐📈
Get ready for a financial revelation as Fox Business anchor Charles Payne, a seasoned Bitcoin investor, shares a bold prediction - the potential for Bitcoin to hit an astounding $1 million! 💰🌟
🔄💼 Navigating Investment Realms: In a recently published interview, Payne dissects the complexities of investment, comparing the strengths and weaknesses of traditional stocks to the allure of Bitcoin. 💡📊 He emphasizes the unique advantages stocks offer, providing shareholders exposure to what he dubs a "great business" and the chance to contribute to the capitalist system supporting the United States.
📣 Bitcoin's Sky-High Potential: Despite acknowledging the merits of stocks, Payne makes an audacious statement about Bitcoin's untapped potential. "It can potentially go to a million," he boldly claims during a Thursday episode of the Coin Stories podcast. 🎙️🚀
🌐🔍 Charting New Territories: Payne's insights illuminate the ever-evolving financial landscape, where traditional and digital assets coalesce, offering investors diverse opportunities for financial growth.
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💰 Bitcoin Blockchain Surpasses Half-Terabyte Amid Soaring Transactions and Increased Block Capacity
To maintain an unpruned Bitcoin blockchain, node operators now need in excess of 500 gigabytes (GB) of available storage. Downloading the full blockchain would take about 47 hours and 44 minutes using a standard 24 Mbps ADSL connection. Conversely, with a 100 Mbps fiber optic connection, the process shortens to roughly 11 hours and 22 minutes, assuming there’s no network congestion or server restrictions. Current data reveals that the Bitcoin blockchain’s size has reached 534.49 GB.
Around 431 days ago, or one year and two months back on Oct. 15, 2022, the blockchain was approximately 432 GB. This indicates a growth of just over 100 GB in the past year, a rate faster than usual. This acceleration is primarily due to the average Bitcoin block size increasing significantly in 2023, with this trend notably beginning on January 2, 2023. The rise of Bitcoin block sizes stems from the Ordinals inscription trend that started in December 2022. By the first week of January, the average block size increased and by Feb. 12, 2023, it ramped up to 2.517 megabytes (MB). A great example is the mean average block size for Bitcoin between Jan. 1, 2020, and Nov. 30, 2022, (1,064 days) was approximately 1.2 MB.
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💰 VanEck CEO Expects Bitcoin Soaring to New Heights Soon!
VanEck CEO has forecasted that Bitcoin is poised to reach new all-time highs within the next 12 months. The VanEck CEO’s optimistic outlook on Bitcoin’s future performance reflects a confidence in the resilience and potential of the leading cryptocurrency. As Bitcoin continues to assert its position as a store of value and gain wider acceptance, investors and enthusiasts eagerly await the unfolding of this anticipated bull run.
The expectation of new all-time highs aligns with Bitcoin’s historical pattern of experiencing periods of significant price surges, often followed by periods of consolidation and subsequent resurgence. The CEO’s prediction adds fuel to the ongoing discourse surrounding the long-term viability and growth potential of digital assets, particularly in the context of a rapidly evolving global financial landscape.While the CEO’s statement provides a positive outlook, it is essential to approach such predictions with a measured perspective, considering the inherent volatility of the cryptocurrency market. External factors, including regulatory developments, macroeconomic trends, and technological advancements, can influence the trajectory of Bitcoin’s price.
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💰 Spot Bitcoin ETF listing might witness a gap after approval, says Bloomberg ETF analyst
The upcoming spot Bitcoin Exchange Traded Funds' (ETF) approval is set to be the second biggest event in 2024 after BTC halving. But while January 10 is going to be an important day, it will not see the launch of any of the ETFs that the Securities and Exchange Commission would approve. That might take some time. According to Bloomberg ETF analyst James Seyffart, even if the SEC is to give the green light to spot Bitcoin ETF applications.
According to Bloomberg ETF analyst James Seyffart, even if the SEC is to give the green light to spot Bitcoin ETF applications, the actual listing of the investment products might take some time. Seyffart stated, This makes sense for the market as there could be some kinks that would need to be ironed out before the applicants provide their customers with the products. This could very well be either before the end of January 2024 or by early February. The regulatory body has met with four of the issuers in regard to their Bitcoin ETF filings. This includes the likes of Grayscale, Franklin Templeton, Fidelity, and BlackRock, which made the list yesterday.
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💰 Financial Giant Fidelity Discusses Spot Bitcoin ETF Application With SEC
Officers from financial services giant Fidelity met with staff from the U.S. Securities and Exchange Commission’s Division of Trading and Markets and the Division of Corporation Finance on Thursday to discuss the firm’s application for Wise Origin Bitcoin Trust, a spot bitcoin ETF, according to a memorandum posted on the SEC website. The presentation shows the process for the “in-kind crate” flow as well as the “in-kind redeem” flow.
The SEC also recently met with several exchanges and other spot bitcoin ETF applicants regarding their applications. Following these discussions, several applicants, including Blackrock, revised their filings. Notably, Blackrock advocates for the “in-kind create model” and even proposed a modified version to address potential SEC concerns. Investors are eagerly awaiting the SEC’s decision on spot bitcoin ETFs, with Vaneck predicting initial approvals as early as the first quarter of next year. This could trigger a significant inflow of over $2.4 billion into these investment products within the same timeframe, the asset manager stated.
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💰 VanEck's proposed spot bitcoin ETF gets 'HODL' ticker in new filing with SEC
Investment manager VanEck tipped its hat toward retail investors on Friday in a new filing with the Securities and Exchange Commission in which it said its proposed spot bitcoin ETF would use the ticker "HODL," a common abbreviation in crypto circles for "hold on for dear life." This isn't the first time a firm has tried a play on words with crypto ETF tickers. Valkyrie has an application for a bitcoin futures ETF with the ticker symbol "BTFD," which stands for "buy the f****** dip."
VanEck's ticker symbol for the spot bitcoin ETF got the attention of analysts on X. "I like this play…retail who knows crypto space will love the ticker," said Nate Geraci, president of The ETF Store, an advisory firm. "Boomers will have no idea what it means, so won't attract negative attention on advisor statements (plus a lot of advisors preach 'HODL' in other asset classes anyways)." The ticker symbol was a "departure from the more boring Boomer-y choices from BlackRock, Invesco and Fidelity," said Eric Balchunas, Bloomberg Intelligence senior ETF analyst. "Who knows tho, maybe smart to differentiate here. Plus, VanEck specializes in niche and has [a] solid retail base."
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💰 Bitcoin Ordinals token ORDI jumps 35% over past 24 hours
Bitcoin-based BRC-20 token, shot up by 35% on Tuesday amid a broader crypto rally and recent resurgence of activity related to the Ordinals protocol. The token is up by more than 700% over the last month. It was trading for $63.82 at 3:04 p.m. ET, according to The Block data. At one point on Tuesday, ORDI hit an all-time high of about $65. It's market cap currently stands at $1.3 billion. The Ordinals mechanism set the stage for the development of both fungible tokens.
Bitcoin-based tokens are still largely novel. The Ordinals mechanism set the stage for the development of both fungible tokens, like BRC-20 tokens, and non-fungible tokens that frequently showcase digital art. While Ordinals trading fell substantially in October after activity peaked during the previous month, activity rebounded following Binance's announcement it would list ORDI. In August, Binance Pool launched its Ordinals Inscription Service, which makes it easier for users to inscribe additional data onto the Bitcoin blockchain. Bitcoin has been gaining steam all year, including a range of projects like the Bitcoin-focused Ordinals project Taproot Wizards and Outlier Ventures accelerator program starting in early 2024.
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💰 Bitcoin On Track To Hit $100K In 2024: Report
Bitcoin is on track to hit $100,000 according to executives in the cryptocurrency industry. With a growing number of voices calling for fresh all-time highs for bitcoin in 2024, optimism is high. The digital currency has already rallied over 120% this year, and many believe the surge will continue into 2024. Despite recent issues in the crypto industry, such as the collapse of coins and projects, executives see these cases as a line being drawn under past problems.
The industry is now focused on positive developments, including the potential approval of a bitcoin exchange-traded fund (ETF). This could attract larger traditional investors who were previously hesitant to enter the crypto market. Another development is the bitcoin halving scheduled for May 2024, which often leads to a new rally. The next halving is expected to occur on April 24, 2024, and the current block height is less than 6 months away from it. Some experts have made bold predictions, with Standard Chartered projecting bitcoin to hit $100,000 by the end of 2024, and Matrixport projecting prices of $63,140 by April 2024 and $125,000 by the end of next year.
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💰 Bitcoin put-call options ratio a bullish indicator for early 2024, says Deribit
"The bitcoin put-call ratio has been fluctuating between 0.4 and 0.5 this year. We've observed a declining ratio for longer-dated expiries, which suggests that clients are using calls more frequently for positioning toward the March and June 2024 expiries. This trend indicates a longer-term bullish sentiment in the market, with a growing number of calls versus puts outstanding," Strijers told The Block. This indicates investors anticipate the digital asset's price will appreciate in the early months of 2024, according to Deribit Chief Commercial Officer Luuk Strijers.
A put-call options ratio below one indicates that the call volume exceeds the put volume, signifying bullish sentiment in the market. According to data from The Block's Data Dashboard, today's put-call ratio on Deribit has fallen to 0.43. The analysis from Deribit concurs with the options analysis from GreeksLive. "Looking at the options data, we can see that the put-call ratio is low, suggesting that the main trades this week have been centred on calls," GreeksLive posted on X.com.A substantial amount of open interest is anticipated leading up to the upcoming end-of-month, quarter, and year options expiry date on December 29, he said. "As per current stats $5.7 billion in bitcoin options notional open interest and $2.7 billion in ether options will expire at the end of December."
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🇺🇸 SEC asks public for feedback on proposed spot bitcoin ETFs from Franklin Templeton, Hashdex
The Securities and Exchange Commission said Tuesday that it wants fresh feedback from the public on whether it should approve or disapprove a spot bitcoin ETF solicited by asset manager Franklin Templeton, just weeks after first delaying a decision on the proposed fund. The move prompted some analysts to note that the regulator appeared to be moving quickly. The SEC said it wants more analysis and is "instituting proceedings" to do so.
The regulator asked commenters on Tuesday about concerns regarding manipulation and fraud, as well as the fund's relationship to Coinbase, which would be the custodian if the ETF garners approval. "The Commission is providing notice of the grounds for disapproval under consideration," it wrote, saying it wanted to analyze whether the application is consistent with the requirement that "the rules of a national securities exchange be 'designed to prevent fraudulent and manipulative acts and practices' and 'to protect investors and the public interest,'" the agency said in the filing. The SEC has yet to approve a spot bitcoin fund and has so far delayed all applications it's received for the product.
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💰 Ark Invest GBTC Share Sold To Maintain Strategic Investment Position
This Ark Invest GBTC share sale has strategically reduced the holdings of the Next Generation Internet ETF (ARKW) to 579,077 GBTC shares for the month of November. The decision to sell GBTC shares is not a novel one for ARK Invest, having done so three times previously, amassing a total of $11 million based on corresponding closing prices. However, the motive behind these sales is to uphold the desired weight of ARK Invest’s investment position.
Notably, Grayscale, along with other asset managers like BlackRock, is awaiting regulatory approval. Ark Invest’s strategic selling aligns with its typical market approach, buying crypto stocks during downturns and capitalizing on positive trends for profit. This move coincides with a broader surge in the share prices of Coinbase and GBTC amid the current euphoria in the cryptocurrency market. ARK Invest’s actions reflect a calculated strategy to manage its portfolio in the dynamic crypto landscape, ensuring optimal positioning for potential market shifts. ARK Invest needed to offload a significant number of shares to maintain its fund’s allocation cap, hovering around 9%.
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💰 Grayscale Bitcoin Trust Could See $2.7B of Outflows if ETF Conversion Is Approved: JPMorgan
Grayscale Bitcoin Trust (GBTC) shares have been bought in the secondary market this year at a deep discount to net asset value (NAV) in anticipation the trust’s conversion to an exchange-traded fund (ETF) will be approved by the U.S. Securities and Exchange Commission (SEC), JPMorgan (JPM) said in a research report Thursday. The bank estimates a net $2.5 billion has flowed into GBTC since the start of the year, increasing to $2.7 billion if adding the covering of short interest.
“Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7b would come out of GBTC as these investors take profit once GBTC gets converted,” analysts led by Nikolaos Panigirtzoglou wrote. “If this $2.7b exits completely the bitcoin space then such an outflow would of course put severe downward pressure on bitcoin prices,” the authors wrote. “If instead most of this $2.7b shift into other bitcoin instruments such as the newly created spot bitcoin ETFs post SEC approval, which is our best guess, then any negative market impact would be more modest.” Still, the “balance of risks for bitcoin prices is skewed to the downside in our opinion as some of this $2.7b is likely to completely exit the bitcoin space,” the bank said.
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💰 Pantera CEO Foresees Spot Bitcoin ETF Breaking 'Buy the Rumor, Sell the News' Cycle
Dan Moorehead, founder and CEO of Pantera Capital, anchors his letter on spot bitcoin ETFs in the classic Wall Street maxim, “Buy the rumor, sell the news.” This saying implies that by the time significant events come to fruition, their effects are already priced into the market, limiting further gains. Yet, Moorehead contends that the introduction of a spot bitcoin ETF could disrupt this pattern, presenting a novel investment avenue in the blockchain realm.
In the crypto sector, major regulatory developments have typically mirrored this expected trajectory. Moorehead observes that events like the CME futures launch and Coinbase’s initial public offering (IPO) were characterized by initial surges and subsequent sharp declines. Nonetheless, he anticipates that the potential approval of spot bitcoin ETFs will break away from this norm, marking a new chapter in the market behavior of BTC. Highlighting the game-changing nature of spot bitcoin ETFs, Moorehead likens their effect to the past inclusion of commodities and emerging markets into mainstream investment portfolios. He underscores the necessity of a spot bitcoin ETF for digital assets to gain recognition as a genuine asset class.
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💰 ARK Resubmits Bitcoin ETF Prospectus, Igniting Market Speculation!
ARK resubmits Bitcoin ETF another update to its S-1, marking the third amendment in its ongoing efforts to refine and strengthen its Bitcoin Spot ETF prospectus. This development comes as a semi-shocker, but in a positive light, reflecting the commitment to meticulous preparation for eventual submission to the Securities and Exchange Commission (SEC). S-1 document showcase ARK resubmits Bitcoin ETF’s dedication to ensuring precision and completeness in its proposal.
Each amendment represents a step forward in aligning the prospectus with the regulatory expectations set by the SEC. The crypto community views this iterative refinement positively, interpreting it as a proactive measure to enhance transparency and address any potential concerns that may arise during the SEC approval process. The significance of ARK’s persistence in amending the S-1 lies in its potential impact on the broader cryptocurrency market. A Bitcoin Spot ETF approval by the SEC holds the promise of opening new avenues for institutional and retail investors to participate in the cryptocurrency space. It could also contribute to increased market liquidity and potentially influence broader regulatory sentiment toward digital assets.
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