{"id":54042,"date":"2023-06-22T17:34:48","date_gmt":"2023-06-22T17:34:48","guid":{"rendered":"http:\/\/egrowonline.com\/?p=54042"},"modified":"2023-06-22T17:34:48","modified_gmt":"2023-06-22T17:34:48","slug":"blackrock-bitcoin-spot-etf-nod-unlikely-in-near-term-qcp-capital","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=54042","title":{"rendered":"BlackRock Bitcoin spot ETF nod ‘unlikely in near term’ \u2014 QCP Capital"},"content":{"rendered":"


\n<\/p>\n

\n

Bitcoin (BTC<\/a>) will unlikely see its first spot price exchange-traded fund (ETF) in the United States soon.<\/p>\n

That is the opinion of trading firm QCP Capital, which in its latest market update<\/a> on June 22 warned over spot ETFs\u2019 prospects.<\/p>\n

SEC’s Gensler presents Bitcoin ETF roadblock<\/h2>\n

BTC price action has offered more than 20% gains<\/a> since BlackRock, the world\u2019s largest asset manager, applied to list a U.S. spot Bitcoin ETF<\/a>.<\/p>\n

This would be the first of its kind, as all such spot ETF applications have been rejected so far by U.S. regulator, the Securities and Exchange Commission (SEC).<\/p>\n

While institutional involvement in the Bitcoin space is destined to increase, QCP says, the current makeup of the SEC means that spot ETFs getting the go-ahead remains unlikely. <\/p>\n

The picture is complicated by the current SEC Chair, Gary Gensler, under whose leadership the body delivered lawsuits<\/a> against major crypto exchanges Binance and Coinbase.<\/p>\n

\u201cHowever with Gensler as head of the SEC, we are not confident of the actual ETF approval happening in the near-term,\u201d it wrote in the update.<\/p>\n

QCP\u2019s perspective provides food for thought, especially, as researchers themselves note, as BlackRock has seen just one SEC rejection out of 576 applications so far.<\/p>\n

\u201cNevertheless as we\u2019ve continually maintained, there is a huge place for institutional BTC and ETH in the asset management world, and over the next months and years we will see further steps in that direction,\u201d the update added.<\/p>\n

GBTC return to strength continues<\/h2>\n

As Cointelegraph reported<\/a>, knock-on effects from BlackRock have appeared beyond BTC price performance itself. <\/p>\n

Related:\u00a0Valkyrie joins rush with BTC spot ETF application to go with its futures, miners ETFs<\/a><\/em><\/strong><\/p>\n

The Grayscale Bitcoin Trust (GBTC), having rebounded from its shares trading near 50% below<\/a> BTC\/USD, continues to make up lost ground.<\/p>\n

On June 22, its discount to BTC spot, also known as discount to net asset value (NAV), reached its smallest levels of 2023 at 33.45%, according to data from monitoring resource CoinGlass<\/a>.<\/p>\n

QCP continued that its recent performance marked its \u201csharpest\u201d recovery since late 2020, when Bitcoin broke out to beat its prior all-time highs from 2017.<\/p>\n

GBTC premium vs. asset holdings vs. BTC\/USD chart (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Magazine: Gary Gensler\u2019s job at risk, BlackRock\u2019s first spot Bitcoin ETF and other news: Hodler\u2019s Digest, June 11\u201317<\/a><\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) will unlikely see its first spot price exchange-traded fund (ETF) in the United States soon. That is the opinion of trading firm QCP Capital, which in its latest market update on June 22 warned over spot ETFs\u2019 prospects. SEC’s Gensler presents Bitcoin ETF roadblock BTC price action has offered more than 20% gains […]<\/p>\n","protected":false},"author":1,"featured_media":54043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,4903,656,612,13587,16136,702,2292],"class_list":["post-54042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-blackrock","tag-capital","tag-etf","tag-nod","tag-qcp","tag-spot","tag-term"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/06\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDYvYmEzZjI1MTAtMGM5MS00NDQyLWEzNTctMzg4OGU1ODU3YmE2LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/54042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54042"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/54042\/revisions"}],"predecessor-version":[{"id":54044,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/54042\/revisions\/54044"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/54043"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54042"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}