Bitcoin ETF Decisions are Looming as Crypto Market Looks For a Catalyst


The leading cryptocurrency in all of the land, Bitcoin (BTC), is currently priced at $6460 USD, with 24 hour volume leveling around 3.5 billion USD and a market cap of $111.1 Billion. The ranging at current levels has continued as market sentiment remains indecisive. The lack of clear direction could be attributed to the looming deadlines for SEC approval of ETF’s proposed by ProShares after last week seeing the August 10 VanEck SolidX Bitcoin ETF delayed until September 30, 2018.

ProShares hosts one of the largest assortments of ETF’s in the entire marketplace. They will be considered as a strong candidate in the eyes of the SEC and public alike to host the first Bitcoin ETF. Make sure you read this post on the SEC's current cryptocurrency positions.

That being said, many speculators believe these ETF’s may be denied. This is due to the consensus opinion that VanEck money management firm will receive the first nod of approval from the SEC to host a Bitcoin ETF. VanEck, along with crypto startup SolidX, would offer their ETF product with physically backed Bitcoin which differentiates their offering form anyone else currently in the application process. A decision for the VanEck ETF has a deadline of September 30th set in place by the SEC.

From pure speculation and analysis of strategic placements of these ETF’s and the companies proposing them, we have come to form the opinion that both Proshares ETFs will be denied this week as the SEC will most likely give the nod to VanEck by the end of September. However, the likes of crypto legends Nick Szabo and Andreas Antonopoulos have voiced otherwise opposite view points of why Bitcoin ETF approval isn't the best thing either.

We expect major volatility around the announcement on the deadline of the 23rd. With the current ranging of $BTC, we are approaching trading this chop cautiously. In our opinion, ranging will continue until the decision of the ProShares ETF’s are made public. We posted earlier about a CBOE insider talking about how it could very well be Q1 of 2019 before the first exchange-traded fund is approved.

At that time we will address all of you with our thoughts on the SEC’s decision and what the resulting price action will indicate.

It is also worth reading into the ETF vs ETN debate to see which is best and most promising as ETN's are starting to come into the cryptocurrency ecosystem already:

ETF vs ETN: Bitcoin Exchange Traded Fund vs Exchange Traded Note For Crypto Investors

Credible CBOE Insider: VanEck/SolidX Bitcoin ETF has 99% Chance For Approval After SEC's Delayed Decision

 

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