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Fidelity has filed a new Bitcoin spot ETF prospectus with the U.S. SEC.

The profile provides information on custody, valuation, GAAP compliance, risk disclosure and more, addressing regulatory issues and mining energy consumption issues.

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The U.S. Securities and Exchange Commission (SEC) is reportedly scheduled to make a decision today on three spot Bitcoin exchange-traded funds (ETFs), including one from Fidelity. This decision has important implications in the cryptocurrency space.
#moon

Cointelegraph has apologized for publishing inaccurate information about BlackRock’s Bitcoin EFT and said an internal investigation is currently underway. The results of the investigation will be announced within 3 hours.

Meitu Inc., the first Hong Kong-listed company to make a large purchase of Bitcoin and Ethereum (approximately $100 million), revealed that its main source of growth is its artificial intelligence business and that it has shifted its focus away from cryptocurrencies. Meitu is considering selling its cryptocurrency holdings when the time is right.

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In the year before the attacks, Hamas, Palestinian Islamic Jihad, and Hezbollah received significant amounts of cryptocurrency funds, with wallets linked to Palestinian Islamic Jihad receiving as much as $93 million, and wallets linked to Hamas Approximately $41 million was received.

Bull market signal! Bloomberg predicts that "90% of Bitcoin spot ETFs will be approved", and GBTC will be the first to convert! Bitcoin spot ETFs have received more good news this week. In addition to ARK and 21Shares updating their prospectuses, showing positive signals of "back and forth communication" between the issuer and the SEC, the SEC is also not expected to respond to "Grayscale's application to convert GBTC to spot." ETF” appeal. (Preliminary summary: SEC has postponed the review of the current status of all Bitcoin ETF applications. What is the fastest possible approval time?) (Background supplement: Full analysis of Bitcoin spot ETFs: The current status of SEC review, what are the misunderstandings and disputes? Is it really possible? Introducing trillions of funds?)
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When will the Bitcoin spot ETF be recognized by the market as a key catalyst for the next bull market rise of BTC? Currently, applications submitted by many traditional financial giants (BlackRock, Fidelity, Franklin Templeton Fund...) are waiting for the United States Securities and Exchange Commission (SEC) approval.
Bloomberg analyst: Bitcoin spot ETF has 90% chance of approval before 1/10
Although at the end of last month (26th) the SEC "for the third time" postponed the application for the Bitcoin (BTC) spot ETF of Ark Investment (ARK) and 21Shares, ARK Invest and 21Shares (Invesco Galaxy has also been updated) have recently carried out the ETF prospectus was updated and added at least five pages of new text, which is considered a "positive" sign of approval.
In this regard, two well-known senior ETF analysts at Bloomberg, Eric Balchunas and James Seyffar, both believe that this kind of "back-and-forth communication" between the issuer and the SEC usually only occurs when the ETF is about to be approved, so they believe that Bitcoin The spot ETF has a "90%" chance of being approved by Ark's January 10 application deadline.
They further explain:
While this back-and-forth between the SEC and fund sponsors is standard practice for new product offerings, it is a first for a spot Bitcoin ETF application, suggesting the SEC is working to approve Ark’s application.
The SEC is the disclosure regulator that seeks to ensure that key information is properly disclosed, including potential risks, but should not overly consider the pros and cons of an investment.
It is understood that the updated prospectuses of Ark and 21Shares have many small changes, including "how the calculation of net asset value does not comply with GAAP accounting", "how to ensure that the Bitcoin of the ETF will be stored in an "independent" wallet" and Further background and additional risk disclosures…etc.
Further reading: Good sign! ARK updates Bitcoin spot ETF application, Bloomberg analyst: positive sign that it will be approved
Image source: James Seyfffar
Is GBTC the first to convert to spot ETF?
On the other hand, the legal battle between asset management company Grayscale Investments and the SEC over converting its Bitcoin trust fund GBTC into a Bitcoin spot ETF is still ongoing.
Grayscale ushered in a brief victory at the end of August. The U.S. Court of Appeals for the Federal Circuit asked the SEC to review its previous decision to reject the application. However, the SEC has 45 days to decide whether to comply with the ruling or ask the Federal Court of Appeals in Washington to review it. Review, or appeal directly to the Supreme Court, and the agency will make a decision by 12:00 pm ET on Friday (13th).
Extended reading: Grayscale wins SEC lawsuit! Is the first Bitcoin spot ETF around the corner?
According to the latest news from Reuters citing people familiar with the matter, the SEC does not plan to appeal the ruling in the case of "Grayscale's application to convert GBTC into a spot ETF." This decision is likely to convert GBTC into the first Bitcoin spot ETF. It also means that the listing of ETFs is closer.

Ethereum's breakthrough failed》The giant whale sold 10,000 ETH to cut losses. What is his strategy?
Perhaps because he is optimistic that Ethereum futures ETF can push up the price of ETH, a giant whale who specializes in ETH breakthroughs recently bought 11,000 ETH at an average price of 1,680 USDT. However, as ETH began to fall, this giant whale Whale sold 10,000 ETH this morning to cut losses. (Preliminary summary: The listing of 9 Ethereum futures ETFs was deserted: the trading volume on the first day was less than 2 million US dollars) (Background supplement: Long and short double kills) Bitcoin surged and plummeted by 27,000, Ethereum hit 1630, and the entire network exploded warehouse USD 110 million)
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After the U.S. Securities and Exchange Commission (SEC) approved the Ethereum futures ETF application submitted by Valkyrie at the end of last month, a total of 9 Ethereum-related futures ETFs were officially launched on Monday Eastern Time.
Originally perhaps motivated by this, Ethereum once reached $1,751 yesterday, but then quickly fell back. It is currently trading at $1,665, which has fallen below yesterday's starting point, with a drop of 4.05% in the past 24 hours.
Giant whale stops loss and leaves the market
According to on-chain analyst Ember’s monitoring, there was a whale who was mainly responsible for ETH’s market breakthrough. Between September 28 and October 2, he bought 11,000 ETH (approximately 1,848 USDT) at an average price of 1,680 USDT. million), with a maximum floating profit of US$770,000.
However, as ETH fell rapidly last night, the whale had sold 10,000 ETH (approximately $16.74 million) at an average price of 1,674 USDT early this morning. This investment ended with a loss of $70,000.
A giant whale failed to chase the rising ETH market.
And this is not the whale's latest loss. He also recently bought 10,000 ETH on August 29th, and then cut and sold 20,000 ETH on September 1st and September 10th, resulting in a loss of 3.22 million. USD.
At present, this address still holds more than 71 million US dollars in assets. Yu Jin pointed out that he has been observing this address for a long time and specializes in market breakthroughs. He has also had outstanding results before, but he also further stated that although this address has been losing money recently, , but his gameplay is not just about winning rate.
The dynamic zone speculates that the whale's strategy is to stop losses immediately if the breakthrough fails, hold it for a long time if it succeeds, and earn long-term profits.
Ethereum futures ETF trading volume sluggish
According to previous reports from Dongzhong, after the 9 Ethereum-related futures ETFs were officially launched on the 2nd, the first-day trading volume was less than US$2 million, which was the same as the BTC futures ETF (BITO) launched by ProShares in 2021 thirty minutes after the opening. Compared with the record of accumulated trading volume of more than 320 million U.S. dollars, and the first-day trading volume exceeding one billion U.S. dollars, it seems much deserted.
Bloomberg senior ETF analyst Eric Balchunas mentioned that multiple Ethereum-related futures ETFs were launched at the same time, but there was no obvious winner. The trading volume of all these ETFs was quite average, lower than his expectations, but these are all futures ETFs. ETF investors appear to prefer physical assets over derivatives.

Ethereum’s daily five-section structure has entered a bottom divergence. It is now the bargain-hunting layout stage. I said. #一起来跟单 If you are not convinced, come and argue

The International Monetary Fund ( https://t.me/telonews_en/7718 ) raised its global inflation forecast for next year to 5.8% and recommended that central banks maintain tight monetary policy until inflation falls significantly.
It also revised its economic growth forecasts for 2024, predicting that inflation will exceed the central bank's target in most countries until 2025.
It’s time for Bitcoin to start the bottoming process

The Bitcoin Lightning Network has experienced impressive growth over the past two years. The main indicators include
⚫ Routed transactions grew 1212% in two years, accounting for 47% of Bitcoin on-chain transactions
⚫ 6.6 million routing transactions in August
⚫ Total transaction volume processed in August reached $78.2 million
⚫ Average transaction value is 44,700 SAR shillings (approximately $11.84 USD
⚫ Integrated with 26 exchanges

U.S. stocks ended lower on Thursday. U.S. bond yields resumed their upward move, putting pressure on stock indexes. U.S. CPI inflation data in September was higher than expected, raising concerns that the Federal Reserve may need to raise interest rates again this year and maintain high interest rate policies for a longer period of time. Inflation data will leave the Fed open to another rate hike, although there's no denying that markets may ultimately have the job of tightening money done for them. Rising U.S. bond yields have weakened the need for further interest rate hikes. The latest market trends in the U.S. federal funds interest rate swap market show that the probability of the Federal Reserve raising interest rates by 25 basis points in November has dropped below 10%.

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American asset management giant Fidelity is rumored to formally submit its application for a “Bitcoin Spot ETF” as early as Tuesday, U.S. time. While many hope that institutional participation will further fuel BTC’s rise, experts point out that this may not necessarily happen. #一起来跟单

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Long orders continue to make profits

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