{"id":546993,"date":"2023-08-12T13:50:54","date_gmt":"2023-08-12T13:50:54","guid":{"rendered":"https:\/\/wncen.com\/?p=546993"},"modified":"2023-08-12T12:42:22","modified_gmt":"2023-08-12T12:42:22","slug":"bitcoin-etf-could-see-us-crypto-etf-volume-rise-to-99-5","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-etf-could-see-us-crypto-etf-volume-rise-to-99-5\/","title":{"rendered":"US Bitcoin ETF Approval Could See North America’s ETF Volume Rise To 99.5%"},"content":{"rendered":"

North America could see its share in the global trading volume for crypto-related exchange-traded funds (ETFs) grow even further if spot Bitcoin ETFs are approved in the United States, a Bloomberg analyst said.<\/span><\/p>\n

This comes after the US Securities and Exchange Commission (SEC) <\/span>issued a delay letter<\/span><\/a> regarding Ark Invest\u2019s application for a spot Bitcoin ETF. In a widely-anticipated delay, the SEC is asking for new written comments on the spot Bitcoin application.<\/span><\/p>\n

Some of the issues raised by the commission include the suitability of Bitcoin as an underlying asset of an exchange-traded product, and the resistance of Bitcoin to price manipulation, amongst other things.<\/span><\/p>\n

The Ark Invest spot ETF, proposed by leading asset management firm ARK Invest in conjunction with Swiss-based 21Shares, would give investors indirect exposure to Bitcoin, the largest cryptocurrency in the market.\u00a0<\/span><\/p>\n

This recent setback has raised questions about the fate of the spot Bitcoin ETF applications of other asset management companies, including Blackrock, Valkyrie, WisdomTree, etc.<\/span><\/p>\n

Related Reading: Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000<\/a><\/div>\n

North America’s Share Of Global ETF Trading Volume To Reach 99.5%?<\/strong><\/h2>\n

In the event that the spot Bitcoin ETF applications get greenlighted by the SEC, Bloomberg ETF analyst Eric Balchunas said that the North American region may see its percentage of the crypto ETF trading volumes reach 99.5%.<\/span><\/p>\n

According to his <\/span>post<\/span><\/a> on X (formerly Twitter), North America currently accounts for 97.67% of the total crypto ETF trading volume in the world. \u201cIf\/when spot ETFs come out in the US this will likely go to like 99.5%,\u201d Balchunas noted.<\/span><\/p>\n

In another <\/span>post<\/span><\/a>, the Bloomberg analyst disclosed that most of the best-performing equity ETFs in 2023 are crypto-related. At the top of this list is $WGMI, the Valkyrie Bitcoin Miners ETF, with a year-to-date return of 227%.<\/span><\/p>\n

This actively-managed fund invests in public companies in the Bitcoin mining industry, including Riot, Bitdeer, Cipher Mining, etc. Given the positive performance of these mining firms\u2019 stocks, it is no surprise that investment products, like $WGMI, are doing well.<\/span><\/p>\n

Other top-performing crypto-related exchange-traded products on this list include the VanEck Digital Transformation ETF, with a YTD return of 182%; the Global X Blockchain ETF, which has returned 168% so far in 2023; and the Bitwise Crypto Industry Innovators ETF, also up by roughly 168% year to date.<\/span><\/p>\n

Pending Grayscale Lawsuit To Be Pivotal To Bitcoin ETF Approval<\/strong><\/h2>\n

In 2022, Grayscale Investments sued the SEC for rejecting the application to convert its flagship product, GBTC, into a spot Bitcoin ETF.\u00a0<\/span><\/p>\n

According to Nathan Geraci, president of the ETF Store, the final judgment in this lawsuit could prove pivotal in the race for Bitcoin exchange-traded fund.\u00a0<\/span><\/p>\n

Geraci <\/span>commented<\/span><\/a> on the delay of Ark Invest ETF:\u00a0<\/span><\/p>\n

It all comes down to the outcome of the Grayscale lawsuit & SEC’s view of question #4 here (referring to the fourth subject the commission is seeking comments on).<\/span><\/p><\/blockquote>\n

Related Reading: San Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE<\/a><\/div>\n

Earlier in March, Grayscale argued against the commission, questioning the logic behind allowing Bitcoin futures ETFs while disapproving similar spot Bitcoin funds.<\/span><\/p>\n

Subsequently, the Grayscale legal team <\/span>submitted a letter<\/span><\/a> in July, urging the Securities and Exchange Commission to approve all eight applications for Bitcoin spot ETF.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTCUSDT trading at $29,418 | Source: daily BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
North America could see its share in the global trading volume for crypto-related exchange-traded funds (ETFs) grow even further if spot Bitcoin ETFs are approved in the United States, a Bloomberg analyst said. This comes after the US Securities and Exchange Commission (SEC) issued a delay letter regarding Ark Invest\u2019s application for a spot Bitcoin ETF. In a widely-anticipated delay, the SEC is asking for new written comments on the spot Bitcoin application. Some of the issues raised by the commission include the suitability of Bitcoin as an underlying asset of an exchange-traded product, and the resistance of Bitcoin to price manipulation, amongst other things. The Ark Invest spot ETF, proposed by leading asset management firm ARK Invest in conjunction with Swiss-based 21Shares, would give investors indirect exposure to Bitcoin, the largest cryptocurrency in the market.\u00a0 This recent setback has raised questions about the fate of the spot Bitcoin ETF applications of other asset management companies, including Blackrock, Valkyrie, WisdomTree, etc. Related Reading: Black Swan Author Warns Of Bitcoin Volume Slump As BTC Fails To Breach $30,000 North America’s Share Of Global ETF Trading Volume To Reach 99.5%? In the event that the spot Bitcoin ETF applications get greenlighted by the SEC, Bloomberg ETF analyst Eric Balchunas said that the North American region may see its percentage of the crypto ETF trading volumes reach 99.5%. According to his post on X (formerly Twitter), North America currently accounts for 97.67% of the total crypto ETF trading volume in the world. \u201cIf\/when spot ETFs come out in the US this will likely go to like 99.5%,\u201d Balchunas noted. In another post, the Bloomberg analyst disclosed that most of the best-performing equity ETFs in 2023 are crypto-related. At the top of this list is $WGMI, the Valkyrie Bitcoin Miners ETF, with a year-to-date return of 227%. This actively-managed fund invests in public companies in the Bitcoin mining industry, including Riot, Bitdeer, Cipher Mining, etc. Given the positive performance of these mining firms\u2019 stocks, it is no surprise that investment products, like $WGMI, are doing well. Other top-performing crypto-related exchange-traded products on this list include the VanEck Digital Transformation ETF, with a YTD return of 182%; the Global X Blockchain ETF, which has returned 168% so far in 2023; and the Bitwise Crypto Industry Innovators ETF, also up by roughly 168% year to date. Pending Grayscale Lawsuit To Be Pivotal To Bitcoin ETF Approval In 2022, Grayscale Investments sued the SEC for rejecting the application to convert its flagship product, GBTC, into a spot Bitcoin ETF.\u00a0 According to Nathan Geraci, president of the ETF Store, the final judgment in this lawsuit could prove pivotal in the race for Bitcoin exchange-traded fund.\u00a0 Geraci commented on the delay of Ark Invest ETF:\u00a0 It all comes down to the outcome of the Grayscale lawsuit & SEC’s view of question #4 here (referring to the fourth subject the commission is seeking comments on). Related Reading: San Francisco\u2019s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE Earlier in March, Grayscale argued against the commission, questioning the logic behind allowing Bitcoin futures ETFs while disapproving similar spot Bitcoin funds. Subsequently, the Grayscale legal team submitted a letter in July, urging the Securities and Exchange Commission to approve all eight applications for Bitcoin spot ETF. BTCUSDT trading at $29,418 | Source: daily BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":541188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86620,8861,532,88585,7523],"class_list":["post-546993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-21shares","tag-ark-invest","tag-bitcoin-etf","tag-bitcoin-spot-etfs","tag-grayscale"],"acf":[],"yoast_head":"\nUS Bitcoin ETF Approval Could See North America's ETF Volume Rise To 99.5%<\/title>\n<meta name=\"description\" content=\"North America could see its share in the global crypto ETF volume grow if spot Bitcoin ETFs are approved is approved in the United States.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. 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