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- Applicants for spot Bitcoin ETFs may see their spot Bitcoin ETF products listed on the stock market from January 11, 2024.
- Bitcoin advocate Max Keiser has voiced his concerns regarding the lack of protection for BTC ETF holders against potential government seizures.
Recent reports suggest that the United States Securities and Exchange Commission (SEC) is poised to make a favorable decision regarding the approval of Bitcoin exchange-traded funds (ETFs) in the coming days, pending clearance of forms 19b-4 and S-1.
If these speculations are true, major players in the cryptocurrency market, including Blackrock, Fidelity, Van Eck, Valkyrie, Bitwise, and Grayscale, may see their spot Bitcoin ETF products listed on the stock market starting January 11, 2024. This timeline corresponds to the upcoming January 10 deadline faced by SEC officials in the filing of the Ark 21Shares spot Bitcoin ETF.
Sources indicate that the SEC will vote on form 19b-4 in the next few days, with ETF applicants expected to submit form S-1 by 8 am on Monday, January 8, 2024. Bloomberg analysts have reported a decrease in the likelihood of ETF rejection to 5%, following a recent meeting between SEC officials and representatives of the companies seeking approval. The report states, “If the SEC grants both sets of necessary approvals, the ETF could begin trading as soon as the next business day.”
A crucial vote on this matter is likely to take place early this week, potentially paving the way for the long-awaited Bitcoin ETF approval. Such approval is significant as it could mark an important step towards standardizing the inflow of institutional funds into the cryptocurrency market. Firms like MicroStrategy ($MSTR) have positioned themselves strategically, investing substantially in Bitcoin ($BTC) in anticipation of potential price volatility.
Controversial Views on Bitcoin ETF Approval
Bitcoin advocate Max Keiser has expressed his concerns, claiming that BTC ETF (Exchange-Traded Funds) holders have no protection against potential government seizures. Keiser argues that the US government may be intent on confiscating all Bitcoin held in ETFs, citing national security interests as the underlying motive for such action.
He showed an excerpt from Valkyrie Bitcoin Fund’s Registration Statement Form S1, which indicates that US federal regulators have the authority to force the Trust to liquidate Bitcoin or take actions such as “seize,” “confiscate,” and “restrict” access to the Trust’s assets.
https://t.co/1rLrQVspus pic.twitter.com/po96XAHOuA
— Max Keiser (@maxkeiser) January 7, 2024
Keiser argues that such actions would go against the decentralized nature of Bitcoin. It is important to note that spot BTC ETFs issue shares against physically purchased Bitcoin, which remains in the hands of the designated custodian, and not in its own hands.
BTC Whales Continue Their Buying
LookOnChain, an on-chain data provider, has revealed the strategic moves of savvy whales in the cryptocurrency market. Over the past two days, these astute investors have acquired 1,750 BTC (equivalent to $76.9 million) from the well-known exchange Binance, strategically making purchases at $43,953 per Bitcoin.
This recent accumulation comes after a larger-scale initiative by the same whales, which took place from August 24 to September 2. During this period, they accumulated a significant 6,000 BTC (worth $158.66 million) at a favorable price of $26,444 per Bitcoin.
Capitalizing on the opportunity provided by market conditions, the whales deposited 3,000 BTC (equivalent to $105.7 million) back onto Binance when the price reached $35,241, resulting in a huge profit of $26.4 million. Moreover, as of the latest data, the smart whale currently owns a total of 4,750 BTC, valued at $207.4 million. This strategic maneuver further demonstrates the calculated and opportunistic approach by the whale in navigating the cryptocurrency market.
