Spot ETF decisions deadlines in October

Source: Yahoo Finance UK

Comment: SEC saying "Yes" = (short-lived) Bull Run

Spot bitcoin ETF decision deadlines in October

October is expected to witness increased market volatility, primarily due to key events occurring in the middle of the month. 

The US Securities Exchange Commission's (SEC) 45-day window is set to expire for reviewing the Grayscale spot bitcoin exchange traded fund (ETF) application.

Slightly later in the month, on October 16, is the second deadline of the BTC ETP Trust Bitwise. And on October 17 is the second deadline for BTC ETO Trusts from BlackRock (BLK), Fidelity (FNF), Wisdomtree and Invesco. 

Investors are accumulating bitcoin in anticipation of a market moving decision in October. There is a hope that an SEC decision on a spot bitcoin ETF will bring regulatory clarity so that traditional finance can invest with reduced risk in the digital asset.

Speaking to Yahoo Finance's Brian Sozzi, Coinbase (COIN) CEO Brian Armstrong said his firm is "looking for regulatory clarity".

The co-founder of the world's second largest cryptocurrency exchange by trading volume said regulatory clarity would help the firm prioritise their investments.

Because of lack regulatory clarity in the US, Coinbase is focusing its efforts overseas. "We just launched in Canada last month and also our international derivatives exchange May, which is important as derivatives trading is a big piece of the crypto ecosystem," Armstrong said.

However he added that there is still broad recognition in the US that crypto technology is important and that it is not going anywhere. 

"It needs to done in a safe and trusted way for American consumers to make sure this doesn't go off-shore as there are important national security implications for the US here," Armstrong added.

Ark invest seeks regulatory approval of spot ether ETF

Cathie Wood's Ark Invest and crypto investment firm 21Shares are seeking regulatory approval to set up an exchange-traded fund that would directly hold ether (ETH-USD), according to an SEC filing this week.

This is the first attempt to list a fund in the U.S. that would directly invest in the second-largest cryptocurrency by market capitalisation. The fund would trade under the ticker ARKE.

Speaking to Bloomberg, the Ark Invest CEO said: “There’s been so much regulatory controversy about a bitcoin spot ETF that I guess many people thought it was a step too far, but we don’t, and it’s always nice to be first.”

Ethereum climbed almost 1% in the past 24 hours, now changing hands for $1,643, according to CoinGecko. The global cryptocurrency market cap on Friday was $1.09tn, up 1.2% in the past day.