Bitcoin ETF “leak” sparks wild speculation Wall Street is “racing” towards a huge price game changer
BitcoinBTC was sent into high gear this year by the long-awaited arrival of a fleet of Bitcoin exchange-traded funds (ETFs) on Wall Street – with BlackRock's chief executive issuing an “urgent” US dollar warning.
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Bitcoin price has overcome its 2022 price decline and has risen to over $70,000 per Bitcoin on the back of the BlackRock-led Bitcoin ETF boom (although the Federal Reserve may have created a perfect storm for Bitcoin price).
Now, as traders bet that Bitcoin's upcoming halving could lead to price chaos, claims of a Bitcoin ETF leak on Wall Street have sparked wild speculation on social media that a breakthrough Bitcoin price is imminent.
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Bitcoin price has risen sharply this year, surpassing its previous all-time high of $69,000 per Bitcoin … [+]
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Banking giant Morgan StanleyMS wants to be “the first wirehouse to fully approve Bitcoin ETFs,” an influential, anonymous Bitcoin commentator wrote on X, claiming without evidence to have spoken to “several” Morgan Stanley executives, adding , it is “interesting that global banks are talking about Bitcoin ETFs as a race.”
“I have heard from a solid source that none of them have added the Bitcoin ETFs, which are still on hold, in a compliance game of waiting for one of them to go first and then the rest “covers,” responded Eric Balchunas, respected ETF analyst at Bloomberg Intelligence. “So there’s probably going to be a moment where everything happens at once if that’s the case.” [the question].”
Total inflows into the nearly dozen new spot Bitcoin ETFs this week reached $12.2 billion, according to data from CoinGlass, led by the world's largest asset manager BlackRock and investment giant Fidelity. Last week, a leak suggested that a Hong Kong spot Bitcoin ETF could be on the verge of triggering a Bitcoin price boom in China.
Last month, Matt Hougan, chief investment officer of Bitcoin ETF issuer Bitwise, predicted that the opening of Bitcoin ETFs by wirehouses to retail investors, hedge funds and independent financial advisors would create an “even bigger” wave on the Bitcoin price than that ETF approvals in January.
Meanwhile, Wall Street giants Citi, Goldman SachsGS, UBS and Citadel have joined JPMorgan and Jane Street as authorized participants for BlackRock's spot Bitcoin ETF, according to a Securities and Exchange Commission (SEC) filing .
Authorized Bitcoin ETF participants can create and redeem shares of the ETF and exchange them for either a corresponding basket of securities or cash.
The banks' involvement means that “big companies now want to do something and/or are now OK with being publicly associated with it.”[ith] that,” Balchunas posted on X.
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Bitcoin price has shot to an all-time high this year, helped by BlackRock and a fleet of new ones … [+]
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In addition to the excitement over Bitcoin ETFs, crypto traders are also focused on April's Bitcoin supply cut, the so-called halving, which will cause the inflow of new Bitcoins to fall by half in just two weeks.
“As the Bitcoin market continues to mature, the upcoming halving could unfold differently than we have seen in the past,” Ben Weiss, chief executive of CoinFlip, said in emailed comments.
“Factors such as successful Bitcoin ETF approvals from major institutions like BlackRock and the upcoming elections could also influence the price of Bitcoin. Similar to recent ETF approvals, people are excited about the impact of the upcoming halving, and as anticipation builds, we are likely to see Bitcoin believers buying it in advance.”
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