Will spot ETFs be approved? Bitcoin prices hit a new high within the year, with 100000 people selling out 2.953 billion yuan

Cailian News Agency, October 24th (Reporter Xu Cihao)This morning, Bitcoin broke through $35000 and briefly rose to $35919, with a daily maximum increase of 20% - this is the first time Bitcoin has exceeded $35000 since 2023.

According to CoinMarketCap, a third-party data service provider, as of publication, Bitcoin reported a revenue of $33959 and Ethereum reported a revenue of $1810.

According to Coinglas data, in the past 24 hours, a total of 94059 people across the network have sold out positions of $399 million (approximately RMB 2.953 billion), including $221 million in Bitcoin and $58.62 million in Ethereum.

On the news side, Eric Balchunas, an analyst at Bloomberg ETF, stated in an article that the iShares Bitcoin spot ETF of asset management giant BlackRock has been listed on the Depository Trust and Clearing Corporation (DTCC) in the United States under the stock code IBTC.

However, as of press release, BlackRock has not yet commented on this matter.

Another news related to the rise of Bitcoin is that the Washington D.C. Circuit Court of Appeals has officially ruled on the lawsuit between Grayscale and the SEC, which needs to reconsider its application to convert Grayscale GBTC into Bitcoin spot ETFs.

Zhao Wei, a senior researcher at Ouyi OKX Research Institute, told the NEWS reporter of Metaverse that although the US court stated that the SEC needs to review the application for converting GBTC funds into spot Bitcoin ETFs in grayscale; But as of now, the SEC has not approved any Bitcoin spot ETFs. It is recommended that investors keep an eye on the official updates of the SEC to avoid impulsive investments.

Regarding the announcement of BlackRock iShares Bitcoin Trust's listing on the US Depository and Clearing Corporation (DTCC), Zhao Wei stated, "It should be clear that DTCC is a deposit trust and clearing company primarily responsible for clearing NASDAQ transactions. The announcement of BlackRock iShares Bitcoin Trust's listing on DTCC does not mean that iShares has already entered the BTC spot ETF

It is worth noting that a week ago on the evening of October 16th, a false message claimed that BlackRock Bitcoin's spot ETF had been approved, causing the price of Bitcoin to briefly exceed $30000. Then, once the rumor was refuted, the price of Bitcoin quickly dropped below $28000.

As early as 2021, countries such as Canada and Brazil successively approved the launch of Bitcoin ETFs, which contributed to a significant increase in Bitcoin prices. The attitude of the US SEC towards Bitcoin ETFs has always touched the hearts of the market.

Since the beginning of this year, Bitcoin spot ETFs have contributed to several rebounds in Bitcoin, including a brief breakthrough of $30000 in Bitcoin trading prices after BlackRock and Fidelity Investment resubmitted their spot Bitcoin ETF applications in June. During the year, 8 large US financial institutions submitted Bitcoin ETF applications to the SEC, but all were rejected by regulatory authorities.

Zhu Youping, the rotating chairman of the Blockchain Special Committee of the China Communications Industry Association, told the NEWS reporter that the introduction of Bitcoin spot ETFs will enable more institutional and individual investors to participate in the Bitcoin market through traditional stock exchanges. This will promote the development of the market and attract more funds to flow into the digital asset field.

In Zhu Youping's view,Although Bitcoin ETFs have received widespread attention globally, the reasons for their delayed approval may include regulatory difficulties, market liquidity and price discovery issues, as well as challenges in cybersecurity and risk management.

In terms of regulatory approval, Bitcoin, as an emerging digital asset, may have limited understanding by regulatory authorities, and a comprehensive regulatory framework has not yet been established to regulate related products and markets. Regulatory authorities are concerned about the high risk of Bitcoin and potential market manipulation issues, therefore there is a high threshold for the approval of Bitcoin ETFs.

Zhu Youping pointed out that due to the relatively niche nature and insufficient liquidity of the Bitcoin market, regulatory authorities are concerned that Bitcoin ETFs may be affected by market operations, leading to losses for investors. Regulatory authorities need to ensure that relevant markets are fully open and transparent, have good price discovery mechanisms, and take measures to prevent market manipulation.

In addition, Bitcoin is a digital asset that poses security risks, such as hacker attacks, theft of trading platforms, etc. Regulatory authorities need to ensure the asset security of Bitcoin ETFs and develop corresponding risk management measures to protect the interests of investors.