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Bitcoin ETF Update: Bitwise Amends Application in Response to SEC
Hey everyone, I am new here but I want to share ideas and news about trading and crypto!
Bitwise has recently fine-tuned its application for a spot Bitcoin ETF after receiving feedback from the SEC. James Seyffart, a reputable analyst, has been closely following these updates.
Main Takeaways:
1. SEC's Concerns: The SEC had reservations about Bitwise's pricing metrics, mentioning potential inconsistencies due to the varied timing of the prices Bitwise used. The SEC feels that Bitwise admitted these flaws, suggesting potential bias.
2. Bitwise's Counter: Bitwise, however, argues that the limited data availability might actually support their claim further. They believe the CME Bitcoin futures market's role in price determination is likely undervalued.
3. Spot Bitcoin ETF Scene: Bitwise isn't the only player facing delays. Heavyweights like BlackRock, Valkyrie, and Fidelity's Wise Origin are in the same boat. However, the mood remains positive! Analysts such as Bloomberg's Eric Balchunas and Seyffart estimate a massive 75% chance of approval for spot BTC ETFs.
4. Institutional Interest: After BlackRock, the world's biggest ETF issuer, stepped into the scene on June 15, Bitwise's CIO, Matthew Hougan, pointed out how monumental this move was for the crypto world.
Looking at all this, it's an exciting time for the crypto and ETF space. What are your thoughts?
If you find my updates insightful, make sure to check out my other posts on various financial topics!
Cheers!
Hey everyone, I am new here but I want to share ideas and news about trading and crypto!
Bitwise has recently fine-tuned its application for a spot Bitcoin ETF after receiving feedback from the SEC. James Seyffart, a reputable analyst, has been closely following these updates.
Main Takeaways:
1. SEC's Concerns: The SEC had reservations about Bitwise's pricing metrics, mentioning potential inconsistencies due to the varied timing of the prices Bitwise used. The SEC feels that Bitwise admitted these flaws, suggesting potential bias.
2. Bitwise's Counter: Bitwise, however, argues that the limited data availability might actually support their claim further. They believe the CME Bitcoin futures market's role in price determination is likely undervalued.
3. Spot Bitcoin ETF Scene: Bitwise isn't the only player facing delays. Heavyweights like BlackRock, Valkyrie, and Fidelity's Wise Origin are in the same boat. However, the mood remains positive! Analysts such as Bloomberg's Eric Balchunas and Seyffart estimate a massive 75% chance of approval for spot BTC ETFs.
4. Institutional Interest: After BlackRock, the world's biggest ETF issuer, stepped into the scene on June 15, Bitwise's CIO, Matthew Hougan, pointed out how monumental this move was for the crypto world.
Looking at all this, it's an exciting time for the crypto and ETF space. What are your thoughts?
If you find my updates insightful, make sure to check out my other posts on various financial topics!
Cheers!
