Grayscale Investment, represented by its legal firm Davis Polk, is advocating for the US Securities and Exchange Commission (SEC) to approve the conversion of its Bitcoin Trust (GBTC) into an Exchange-Traded Product (ETP). This follows the SEC’s initial rejection of the proposal on August 29.
CEO Michael Sonnenshein has declared that the Trust is ready to operate as an ETP once given the SEC’s approval. Grayscale believes that the Trust should be treated no differently than ETPs investing in Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). They argue that Bitcoin and Bitcoin futures are closely correlated and that SSAs with the CME provide the same capabilities for detecting market malfeasance.
Experts at crypto research firm K33 (previously Arcane Research) say that the crypto market is underestimating the bullish potential of spot Bitcoin ETFs. They state that recent developments have significantly improved the odds of a spot Bitcoin ETF receiving approval, yet the prices of major cryptocurrencies have not yet reflected this sentiment. If approved, K33 believe it could lead to substantial inflows of capital, increase buying pressure on Bitcoin, and provide investors with a new way to invest in Bitcoin.
The “Crypto Wealth Report” by Henley & Partners reveals that there are over 40,000 crypto millionaires, primarily holding Bitcoin, and of the 88,200 millionaires who hold cryptocurrency globally, around 78 have investments in excess of $100 million. Six out of the 22 crypto traders possessing more than $1 billion made their fortunes primarily through Bitcoin trading.
As of September 5, Bitcoin is struggling to rally past the $26,200 threshold. Though an effort to bounce back from $25,350 was made, it failed to break through the crucial level, hinting at a bearish momentum. The primary resistance levels are at $26,000 and $26,200, while major support is at $25,350 and $25,000.
Finally, Cryptonews offers a list of the top 15 alternative cryptocurrencies and ICO projects to watch for in 2023. The list is compiled by industry experts and provides professional recommendations and valuable insights for your cryptocurrency investments.
In conclusion, the financial landscape is buzzing with anticipation as Grayscale continues to advocate for the SEC’s approval of a spot Bitcoin ETF. The potential bullish impact of this approval is being underestimated by the crypto market, yet the recent surge in BTC/USD prices may spark the interest of high-net-worth individuals in Bitcoin. Furthermore, the Crypto Wealth Report reveals the impressive number of crypto millionaires, particularly those with significant investments in Bitcoin. Finally, Cryptonews provides a list of the top 15 alternative cryptocurrencies and ICO projects to watch for in 2023.