The proposed ETFs would “magnify the performance” of a reference spot Bitcoin ETF — which is yet to receive a decision from the SEC.
Newly compiled data from BitMEX Research estimates there are 150 crypto ETPs available today, with $50.3 billion in assets under management.
The statement from the SFC and HKMA comes as expectations mount the U.S. SEC is on the verge of approving a spot bitcoin ETF.
What to watch for in 2024, according to market analysts.
In a Dec. 19 podcast, Coinbase researchers warned there are at least two potential problems that could arise with the launch of spot Bitcoin ETFs.
K33 analysts, however, warn that institutional traders may look to take profits following the forecasted approval.
The MicroStrategy co-founder said Bitcoin ETFs could be the biggest thing to happen to traditional finance since the introduction of the S&P 500 index fund.
A large increase in demand coupled with lower supply should set the stage for higher prices in 2024, he told Bloomberg.
The SEC filing for the 7RCC spot Bitcoin ETF highlighted that it will include 80% Bitcoin and 20% Carbon Credits Futures.
The SEC has pushed back its decision on a roster of Ethereum ETFs, with the final date for a potential approval arriving in late May.
“It’s impossible for me to imagine some other internet store of value [will] leapfrog Bitcoin,” said Jan van Eck as he made his bullish case for BTC.
The SEC’s delays on two spot Bitcoin ETFs could mean it’s lining up to approve all pending applications in one swoop, say analysts.
The bitcoin price could come under pressure as some of the money is likely to completely exit the ecosystem, the report said.
The world’s largest cryptocurrency is expected to benefit from a number of positive catalysts in 2024, the report said.
The SEC delaying decision about spot BTC ETFs could leave the market without a catalyst until early January, halting the crypto rally's momentum, K33 analysts said this week.