29 Sep: All about ETFs

By theinspired | Inspiration | 29 Sep 2023

"Success seems to be largely a matter of hanging on after others have let go."
–William Feather

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It's Frriiddaayyy Folks! Yesterday, the Ark 21 Bitcoin ETF got delayed. Today, we find out that more ETFs were delayed including BlackRock but Valkyrie gets to offer ETH futures ETF next week. Bitcoin is trading higher at $27,010.35. The news is sparse this morning but as the day goes on I think it will pick up. Also today is the option expiry so get ready for some volatility! Let's get on with the news...

SUMMARY

Bitcoin rises above $27,000 ahead of Friday's $3.2B Bitcoin expiring options. Bitcoin shorts keep burning as BTC price seeks to hold $27K. The Bitcoin (BTC) price suddenly dropped to $2,700 on Binance, causing panic among the cryptocurrency community and Binance CEO, Changpeng Zhao, clarified that the price drop was due to a display issue and trading was not affected.

Bitcoin is an obvious choice as asset allocators begin to shift towards better debasement hedges, says Bloomberg analyst Jamie Coutts. BitGo CEO Mike Belshe warns Bitcoin could one day be replaced by something ‘materially better.’ Bitcoin fair value accounting rules 'hugely positive' for corporate adoption, Sazmining COO Kent Halliburton says. A new report indicated Bitcoin ETFs could release $600 billion in new demand — double Bitcoin's current market cap. In addition, the co-founders of the crypto analytics firm Glassnode (Jan Happel and Yann Allemann) believe that the US Dollar Index (DXY) will soon dip and spark a massive Bitcoin (BTC) bull run. Fidelity Investments’ global macro director Jurrien Timmer says that a recession could spark a big rally for Bitcoin (BTC).

Bitcoin's transformative potential is driving growing optimism in developing countries despite the bear market, reveals Block’s new survey. The SEC extends the review period for BlackRock, Valkyrie, and Bitwise's spot Bitcoin ETF applications, citing the need for deeper examination.

Valkyrie will offer exposure to Ether futures as SEC delays spot Bitcoin ETF. VanEck Ethereum Strategy ETF (EFUT) will invest in ETH futures contracts traded on commodity exchanges registered with the CFTC. However, Valkyrie backtracks on Ether futures contract purchases until ETF launch. Amid uncertainty around Bitcoin (BTC) and Ethereum (ETH) spot ETF approval by SEC, US investing giant Bitwise kicks off ETH futures ETFs. Investment firms Invesco and Galaxy Digital allegedly filed for a spot Ethereum ETF with the U.S. SEC on Sept. 29.

Tweet: We have a 4th Spot Ethereum ETF Filing. Invesco/Galaxy joins VanEck, Ark/21Shares, & Hashdex.

Bitcoin lender Ledn to roll out ETH, USDT interest accounts. In thunderous surge, XRP's market cap skyrocketed by $1.73 billion within half hour, fueled by sudden price spike, leaving everyone intrigued. 1 Billion $XRP unlocked from Escrow.

Gemini to halt operations in the Netherlands by mid-November.

CoinShares says US not lagging in crypto adoption and regulation. Expect new crypto regulations to follow Bitcoin ETFs.

Sam Bankman-Fried loses bid for temporary release from jail. CFTC charges Mosaic and founder over 'digital asset commodity scheme.' 3AC’s Su Zhu arrested in Singapore.

FTX exploiter moved over $17M in ETH in the last 24 hours.

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theinspired

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.

Inspiration

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!