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tl;dr
Spot BTC ETFs are a done deal. The BIS gives us some food for thought.
Market Snap
Market Wrap
We have been confident for some time now that spot BTC ETFs would be approved in January 2024. Given the latest news — see below — I think we now know that spot BTC ETFs will be approved next month.
We also know the halving will be upon us in less than four months.
All this information must surely be in the price by now. But since that breach to the upside of $40k on 4th of December we have traded in a tight range with no serious threats of a breakout in either direction.
Have I got it wrong all this time?
Curious Cryptos’ Commentary — The ETF is a done deal
At least according to Reuters, one of the more reliable news agencies compared to the partisan approach taken by Fox News, or the BBC, both of which egregiously filter out inconvenient truths and facts that do not fit their own worldview:
“Executives from two of the firms that met with regulators — speaking on background because of the confidential nature of the discussions — said the SEC set a deadline for final updates to their filings of Dec. 29. Regulators told attendees at the meetings that any issuer that doesn’t meet that deadline will not be part of a first wave of potential spot bitcoin ETF approvals in early January, both executives said.”
There has been a flurry of amendments to the now-14 applications for a spot BTC ETF, all of which have been driven by conversations between the relevant proposer and the SEC.
…
Back home in the UK, our regulator will prevent us from accessing the most secure and most liquid means of investing in BTC once these ETFs are up and running. Great work from the civil servants as always.
Curious Cryptos’ Commentary — BIS
The Bank for International Settlements and the CCC are often at odds with each other. One of these two protagonists firmly believes in a technocratic, number-crunching view of the world, in the mistaken belief that regulations are the only appropriate answer to innovation, whilst also supporting the IMF’s self-imposed task of hurting the poorest people on the planet.
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