DeFi News Official TheBitTimes.com

Some analysts say GBTC’s discount is narrowing because investors are pricing in the SEC’s approval on several pending spot Bitcoin ETF applications. Grayscale’s Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC) is trading at its lowest discount in nearly two years, as spot Bitcoin ETFs continue to inch toward potential approval in the United States. The latest data from YCharts shows GBTC’s discount to Bitcoin net asset value (NAV) has narrowed to 15.87% as of Oct. 13. Discount to net asset value (NAV) is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading away from its true value. Data shows that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow. GBTC’s Discount to N...

The co-founder and president of the company, Justin Young, shared with Cointelegraph via email that they have postponed their plans to launch, with the specific date labeled as “TBD.” Volatility Shares, a financial institution specializing in a variety of exchange-traded fund ( ETF ) offerings, has decided to cancel its intention to introduce an Ether future s ETF on October 2, citing shifts in market dynamics. In correspondence with Cointelegraph, Justin Young, the company’s co-founder and president, officially confirmed the cancellation, stating, “You are absolutely correct — we did not initiate the launch today. We did not perceive the opportune moment for this endeavor at this juncture.” Nevertheless, when questioned about the company’s future intentions regarding the launch of an ETH futures ETF, Mr. Young responded affirmatively, asserting, “Certainly,” and adding, “Our plans remain to be determined.” ETH futures ...

The latest delays came two weeks before the second deadline for many applicants. Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delay ed its decision .  When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delay ed making decision s until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision . It also delay ed deciding on the spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie until mid-January. The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 16–19. The timing of the delays may have been related to the narrowly avoided U.S. government shutdown, which would have disr...

Meme coins reflect a higher beta to the entire crypto sector, but does their recent 25% price drop signal a deepening bear market for BTC, ETH and large caps? The recent crypto crash hit meme coins hard, culminating with a 9% drop in total market capitalization from Aug. 14 to Aug. 21. During the same period, Pepe (PEPE), Shiba Inu (SHIB), and ApeCoin (APE) saw a 25% decline. The big question is whether this trend will affect the wider market, signaling a broader bear market or simply reflects lagging performance of meme coins. Total crypto cap (blue) vs. Pepe/USDT (green), Shiba/USDT (red), Apecoin/USDT (orange), August 2023. Source: TradingView Meme coins, like Dogecoin (DOGE), burst onto the scene driven by viral memes and community enthusiasm. However, their appeal faded due to a mix of factors. These coins rely on media hype and online communities for attention, yet they lack value beyond their meme origins. Their speculative nature leads to rapid price changes and volatility. F...

A Bitcoin ETF is on the cusp of receiving approval in the United States — and it may not be long before we see one in Hong Kong or elsewhere in Asia. But not everyone’s on board with the crypto ETF train. Critics argue that Bitcoin-linked ETFs could be even worse than centralized exchanges for the crypto market. Their main beef? There’s zero possibility of withdrawing the underlying instrument. This means the holders are never able to take advantage of the single most important feature of Bitcoin: the ability to control their funds without a need to trust anyone. And it’s not just talk. The potential of these investment vehicles is already being realized in markets like Canada. The Purpose Bitcoin ETF, for example, raked in over $400 million in assets under management within just two days of its launch. It’s no longer a question of whether crypto is an asset class. It’s like a starter pistol has been fired, and the institutional investors are off to the races, setting the stage for a ...

With the market maturing, accredited investors are demanding more pathways in the crypto industry. Major institutions have been chasing an approved Bitcoin spot ETF, but the SEC has been dismissive in the past. Now, brokerage firm Bernstein feels that the probability of the SEC approving the spot vehicle is fairly high at this stage. The SEC has time and again rejected spot BTC ETF s in the past indicating that they do not meet sec urity standards to prevent fraudulent practices. Right now, exchanges are not leaving any stone unturned. A day back, CBOE Global Markets filed amended applications revealing its tie-up with Coinbase on market surveillance.   Grayscale CEO Michael Sonnenshein , acknowledged the efforts of BlackRock, Fidelity , and other asset managers for venturing into the crypto industry. Commenting on BlackRock’s decision to file for a spot in Bitcoin ETF , Sonnenshein said in a recent CNBC interview, “It’s [it is] a moment of validation. To ...