Updated below on August 1st. This article was originally published on January 6th.
Prices for Bitcoin and cryptocurrencies, including major currencies Ethereum and XRP.
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Bitcoin's price rebounded last year after collapsing in 2022, sending the market for Ethereum, Ripple, Solana and cryptocurrencies combined soaring above $1.6 trillion for the first time since early 2022 as enthusiasm for A BlackRock-led Wall Street push for Bitcoin spot increased trading. - Exchange Traded Fund (ETF), although some believe the asset manager could be on the verge of “completely” destroying Bitcoin.
Now, as panicked traders try to stay ahead of the SEC's "mat of the decade," an internal leak has revealed that BlackRock has prepared a massive $2 billion bazooka if its Bitcoin ETF is approved .
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“I have heard from a reasonably informed source that BlackRock is forecasting over $2 billion in additional new inflows in the first week from existing Bitcoin holders adding to their positions,” said Matthew Siegel, head of digital research Assets at the investment firm VanEck. . During the X Spaces broadcast hosted by The Block .
“I can’t guarantee it,” Siegel added. “But you know, that’s what everyone does. I'm just making calls and trying to find people who can write checks for these products. And our estimate is, you know, that if $2 billion were raised in the first week, you know, that kills our estimate.
Update January 8: Bitcoin price tops $45,000 per Bitcoin as Wall Street enters final week of launch of a trading fund Bitcoin spot ETF (ETF). Rising prices have pushed up the prices of Ethereum, XRP and Solana, as traders bet that the Bitcoin Spot ETF will drive cryptocurrency prices higher across the board.
This week, Bitcoin ETF applicants including BlackRock, Fidelity and Grayscale missed the deadline to submit their revised applications.
This filing “is another important step toward listing GBTC as a spot bitcoin ETF,” Grayscale spokesperson Gene Rosenthal said in a statement to Coindesk . Grayscale has been trying to convert its Bitcoin Trust into a spot Bitcoin ETF for years and successfully sued the Securities and Exchange Commission last year over its rejection of its offering. “At Grayscale, we continue to work with the SEC and remain prepared to operate GBTC as an ETF once regulatory approvals are received.” “
Market participants continue to await approval of the 21Shares application, which could result in...everyone Issuers are approved one by one.” The display that is at the forefront.
“Numerous meetings between the SEC, issuers and exchanges have fueled the idea of impending approval. The introduction of ETFs could attract new groups of investors from traditional finance, significantly improve the transparency and liquidity of the market, and generate long-term capital flows into the digital realm." "Asset market."
Siegel said Van Eck expects "$2.5 billion Dollar in the first quarter of trading,” a figure derived from “earlier entries into the first gold ETF and the US monetary adjustment.” We have the opportunity to market $40 billion over two periods. Years. “Based on a similar analysis.”
Travis Kling, chief investment officer at Ikigai Asset Management, wrote of the ETF that it would have been a very good result for $2 billion at BlackRock in the first week alone
. Bitcoin ETF BlackRock, Fidelity, Grayscale, Valkyrie, ARK 21Shares, Invesco
They rushed to complete their application this week before the deadline on Monday, January 8th morning.
Five SEC commissioners will vote on Bitcoin ETF offerings next week, Bloomberg reported, citing an anonymous source.
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The historic unveiling of BlackRock's spot Bitcoin ETF in June 2023 dashed the rush to launch a full-fledged Bitcoin fund after a decade of denials from the SEC. Over the years, the SEC has repeatedly raised the possibility of manipulation to reject many Bitcoin spot ETF applications.
Many Bitcoin and cryptocurrency market observers hope that if approved, it will open the door for institutional money to flow into the Bitcoin market, although not everyone agrees with this.
“This is a very difficult situation to navigate, but I would be very surprised if these ETFs were completely rejected,” Oliver Lynch, CEO of cryptocurrency exchange Bittrex Global, said in emailed comments.
“The market certainly did not expect this result. Should it be rejected or even significantly delayed, it will certainly have a significant impact on the price of Bitcoin. However, since the approval is already largely priced in, it may not have the desired effect.” Effect. Significant impact expected, as dramatic as some would like.🚨Rumor