Bitcoin closed last week higher by +3.16%, closing right above the top line of the bull-flag formation that we had highlighted last week. So far into this week, we have seen positive continuation to the upside, and a lot of this could be stemming from continued activity in the bitcoin ETF space.
The bitcoin ETF world has been incredibly active since the first-ever application. Last week there were two noticeable events.
First, the SEC issued a notice requesting comments on GBTC’s application to become a spot ETF and list on the NYSE. The request for comments does not mean that the fund will get approved, but it is a step in the right direction. The SEC has started the clock and will now have to make a decision on the Grayscale Bitcoin ETF application. The approval would come, potentially, on December 24th this year. It could be an exciting holiday season!
For further context on the pending spot bitcoin ETF applications, the SEC has also issued requests for comments for the VanEck spot bitcoin ETF application. The request for comments for the VanEck application was issued in June of this year, and the fund could hear a decision this week (November 14th).
An application for a futures-based short bitcoin ETF was also withdrawn by Direxion last week - signalling that the SEC maintains its conservative stance on more exotic bitcoin ETFs for now. It looks as though the next milestone will be the spot bitcoin ETF.
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