- Coinbase deleted its tweet for reasons unknown which said a Bitcoin ETF is coming soon.
- The article shared by Coinbase notes that the crypto fund management market is set to expand.
Bitcoin (BTC) and the overall crypto market have come under pressure recently following last week’s China crackdown. Bitcoin is facing selling pressure and is currently trading around $42,000 levels.
However, speculations for the approval of the first Bitcoin ETF in the U.S. are on the rise at the moment. Coinbase fueled it further by tweeting about the Bitcoin ETF approval very soon, on Tuesday, September 28. But moments later, the world’s largest crypto exchange decided to delete it.
Coinbase basically shared a sponsored article from the Institutional Investor publication. The official post from the publication carries the title “Coinbase Report: Expect Growth in crypto Fund and SEC Approved ETF Soon.”
The Bitcoin ETF has been in the works over the last few years. However, the U.S. SEC has turned down dozens of applications in the past. Recently, SEC Chairman Gary Gensler stated that the regulator can soon approve a Bitcoin ETF provided the exchange-traded fund (ETF) tracks the Bitcoin Futures provided by the CME Group and follows regulatory rules as applicable to mutual funds.
The article shared by Institutional Investor notes that the crypto fund management space is still poised for expansion. It further explains where this growth will come from:
One obvious avenue will be the continued money flowing in from institutional investors as bitcoin, ethereum and other cryptocurrencies mature and consistently deliver steady performance; the other will be the introduction of ETFs into the U.S. crypto fund market.
Bitcoin ETF approval can trigger BTC bull run to $100K
Although Bitcoin has remained under pressure throughout the month of September, analysts are gearing up for Q4. The fourth quarter has always been fruitful for Bitcoin investors and Bloomberg Intelligence senior commodity strategist Mike McGlone is very much bullish about it.
McGlone is also confident that the U.S. SEC will approve a Bitcoin ETF in the coming month of October 2021. In his interview with Stansberry Research last week, McGlone Stated:
There’s still a high probability that the US is just going to follow Canada, maybe with a futures-based bitcoin ETF. There are now over [bitcoin ETF]30 applications, and the fact that money is migrating from the US – from Cathie Wood and Ark – towards Canada, the pressure is quite strong and high for the US regulators to say: ‘All right, we’re kind of missing out here and we need to do that.’
He also noted that people have been giving up on gold and rather parking those funds in Bitcoin. Furthermore, he added that Bitcoin has some catching up to do with Ethereum. Since the market crash of March 2020, ETH has outperformed Bitcoin so far.
“If bitcoin just catches up to Ethereum, of which there have been some ETFs launched in Canada, it would be at $100,000. In fact, it would be close to $130,000. So I think that’s part of the reason it’s probably gonna get there, and the question is when,” he noted.