Rally

Bitcoin

Pando

Spot

<p>The post <a href="https://coinpedia.org/news/bitcoins-rally-soars-as-spot-etf-anticipation-grows-with-the-entry-of-new-market-players/" rel="noopener noreferrer nofollow">Bitcoin’s Rally Soars as Spot ETF Anticipation Grows with the Entry of New Market Players</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin is experiencing a recovery rally due to the possibility of a batch approval for Bitcoin Spot ETFs looms large in January. A renowned Bloomberg ETF analysis Eric Balchunas divulged key insights into the updated application from asset manager BlackRock.</p>
<h2 class="wp-block-heading" id="h-new-player-enter-in-bitcoin-spot-etf-arena"><strong>New Player Enter in Bitcoin Spot ETF Arena</strong></h2>
<p>The Bitcoin Spot ETF race intensifies with the addition of new players, bringing the total number of issuers to 13.&nbsp;</p>
<p>On November 29, Pando Asset <a href="https://coinpedia.org/news/pando-asset-swiss-firm-enters-us-spot-bitcoin-etf-race-amid-regulatory-uncertainty/" rel="noopener noreferrer nofollow">filed</a> with the Securities and Exchange Commission (SEC) a Form S-1, which is an important step for its offering of cryptocurrency Exchange-Traded Products (ETPs), as per Coinpedia news report.</p>
<p>Using Coinbase as the custodian, the proposed Pando Asset Spot Bitcoin Trust will trade on the Cboe BZX Exchange, reflecting Pando’s strategy of entering the U.S. market as a foreign company.</p>
<h2 class="wp-block-heading" id="h-blackrock-s-revised-model"><strong>BlackRock’s Revised Model</strong></h2>
<p>Eric Balchunas, a Bloomberg ETF analyst, sheds light on BlackRock’s meeting with the SEC’s Trading and Markets division, where a revised in-kind model design was presented.&nbsp;</p>
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   <p lang="en" dir="ltr">Looks like BlackRock met with the SEC's Trading &amp; Markets division again yesterday and gave presented them with a "revised" in-kind model design based on Staff's comments at their 11/20 meeting.. h/t <a href="https://twitter.com/btcNLNico?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@btcNLNico</a> here's full doc: <a href="https://t.co/sgOpY5D1jz" rel="noopener noreferrer nofollow">https://t.co/sgOpY5D1jz</a> <a href="https://t.co/863pWOX6w0" rel="noopener noreferrer nofollow">pic.twitter.com/863pWOX6w0</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1729921877328503083?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
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<p>Meanwhile, the ongoing debate with regulators over cash creation versus in-kind delivery continues, shaping the landscape for potential Bitcoin Spot ETF approvals. The anticipation for Bitcoin Spot ETFs has spurred a market rally, impacting both spot and futures markets.</p>
<h2 class="wp-block-heading" id="h-market-pro-active-reaction"><strong>Market Pro-Active Reaction&nbsp;</strong></h2>
<p>The market responds to the Bitcoin Spot ETF anticipation with a surge in both spot and futures markets. Perhaps the overall excitement contributed to a rally in Bitcoin prices, resulting in $8.94 million in short liquidations overnight.</p>
<p>On Tuesday, ProShares Bitcoin Strategy ETF (BITO) assets under management reached a record high of $1.47 billion. A year after launching in October 2021, Bito had over $1 billion in assets. It reached $1.42 billion in assets a month later.</p>
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   <p lang="en" dir="ltr">All this <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF hype has driven ProShares' <a href="https://twitter.com/search?q=%24BITO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BITO</a> (Bitcoin Ffutures ETF) to a new all time high in assets. Closing in on $1.5 billion <a href="https://t.co/b8advV1uGo" rel="noopener noreferrer nofollow">pic.twitter.com/b8advV1uGo</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1729886367176700341?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
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<p>In addition, Grayscale Bitcoin Trust’s GBTC has <a href="https://coinpedia.org/news/grayscale-upgrades-gbtc-for-spot-bitcoin-etf-in-two-smart-moves/" rel="noopener noreferrer nofollow">proposed two</a> key amendments to the trust’s agreement. Its goal is to prepare for the launch of an exchange-traded fund (ETF) that tracks spot Bitcoin.&nbsp;</p>
<h2 class="wp-block-heading" id="h-btc-aims-40-000"><strong>BTC Aims $40,000&nbsp;</strong></h2>
<p>Crypto analyst Crypto Tony provides technical insights into Bitcoin’s price chart, projecting a potential rally to $40,000. According to Tony, sustained demand from market participants could push BTC prices even higher after breaking through the $40,000 level.&nbsp;</p>
<p>However, a correction is anticipated, with the price potentially dropping to $36,000 following the initial surge.</p>

Bitcoin’s Rally Soars as Spot ETF Anticipation Grows with the Entry of New Market Players

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