BTC

With BlackRock's revised in-kind model proposal, it remains to be seen if the SEC would change its mind.

The SEC's latest move on Franklin might also apply to Hashdex, analyst James Seyffart said, adding it might set in motion what industry watchers, including ARK Invest's Cathie Wood, have been discussing earlier about a potential full wave of approvals.

These metrics show Bitcoin holders' reluctance to sell while buyers look for BTC supply, which is one of the factors why the king of crypto reached a new year-to-date high of $38,410 on Nov. 24.

Last week, American investment management firm ARK Invest sold more GBTC shares, specifically 163,722, to earn $5.02 million.

The world's first-ever crypto asset continued to reach new heights as its price lingered between the $37,000 and $38,000 price territory.

Microstrategy is sitting on an unrealized profit of $8,155.91 per BTC or $1,291,896,144.

In a presentation shown at the meeting, BlackRock, like ARK Invest, leaned toward a Bitcoin exchange-traded fund (ETF) that uses in-kind creations and redemptions, which goes against the reported recommendations of the commission to BTC ETF applicants.

The latest edition of the Bitfinex Alpha report warned about "signs of waning momentum," which, based on history, is usually associated with market declines and selling pressure from short-term holders taking profit.

While rumors of an imminent SEC approval on the spot Bitcoin ETF filings spread like wildfire online and triggered bullish sentiment, particularly on BTC, it looks like the financial regulator is not yet ready to allow a crypto vehicle to be available this year.

Bitcoin surged to an 18-month high last week when it traded above the $37,000 price level as industry analysts revealed that the commission has an eight-day window to approve all spot BTC ETF applications.

It is considered the largest amount of liquidated longs in just 24 hours since Aug. 17, when Bitcoin nosedived from the $28,000 threshold to around $25,000 in just a matter of minutes.

A crypto analyst believes that the recent dip in BTC's price creates an entry point for altcoins.

BlackRock said stablecoins' volatility has "apparently impacted" the value of Bitcoin and given that it is a "relatively new phenomenon," it is "impossible to know all of the risks" they could pose to players in the Bitcoin market.

Currently, the market sentiment is "cautiously optimistic" but industry watchers think that SEC's non-decision on spot Bitcoin ETF could stir market boredom.

The crypto market, particularly Bitcoin, is poised for a bull run in the coming weeks or months, with spot Bitcoin ETF applications and the Bitcoin Halving event on the table.

The number of wallet addresses holding more than $1 million in BTC surged during the previous bull market in November 2021.

MicroStrategy purchased a total of 6,067 BTC for $167 million in Q3 2023, which means it spent $4.69 billion or 29,5686 per BTC.

A brief examination of Binance's 38DN2 wallet at 11:53 a.m. ET on Thursday revealed that it had already been emptied, as the billion-dollar transfer had taken place approximately seven hours earlier.

The latest development highlights one of the highest volumes observed in the entire year.

Grayscale Chief Legal Officer Craig Salm has also said financial giants like BlackRock and Fidelity are making progress with their spot Bitcoin ETF applications.

While the SEC has remained mum about the development surrounding the spot Bitcoin ETF applications, Bloomberg Intelligence analysts maintained their previous prediction that there is a 90% chance that the filings will be approved by Jan. 10, 2024.

ETF analysts think the odds for Bitcoin ETF approvals by the end of 2023 is 75%. They said the SEC might approve multiple filings at once.

The Bitcoin value surge has ended the crypto market's long winter, with predominantly inactive long-term holders signaling a bullish sentiment.

The recent shift in Bitcoin dominance suggests that new investors are entering the market, as it follows a long period of market downtrend.

Currently, there are 12 spot Bitcoin ETF applicants awaiting a decision from the Securities and Exchange Commission (SEC).

Block's Bitcoin revenue represented 43% of its $5.6 billion total revenue, driven by heightened consumer demand and positive spending, boosting its overall Q3 growth.

The appearance of the ticker on DTCC's official site is considered a significant development in the progress of the Bitcoin ETF applications of several Wall Street giants.

The agenda of an upcoming closed-door meeting of the SEC was published online and suggested that the regulator may include in its Thursday meeting a review of settlement and resolution claims.

The number of wallets in profit as of Monday was 39.1 million, which is by far the highest number ever recorded for the crypto asset, surpassing the 38.1 million peak seen in November 2021.