The SEC may decide to approve/reject spot ETFs on January 10. BlackRock expects to inject $10 million in seed funding for its spot BTC ETF (ticker IBIT) on January 3. According to media disclosures, the U.S. Securities and Exchange Commission (SEC) has met with at least seven BTC spot ETF issuers. The SEC requires issuers to submit the final revised application form before December 29. Issuers who fail to submit will not be included in the list of BTC spot ETF issuers in early January. Among the first batch of potential candidates. The SEC will decide whether to approve or reject the application by January 10.
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The UK government said it had received 19 expressions of interest from existing financial market infrastructure, banks and new entrants to participate in the first test of its digital securities sandbox. DSS will enable companies to use distributed ledger technology to simulate the operations of a central securities depository and trading venue to accommodate digital assets. The Japanese government approved the tax reform outline for fiscal year 2024 at the cabinet meeting on the 22nd. Companies holding crypto assets (virtual currencies) issued by third parties will not be subject to mark-to-market tax. The changes will only tax the profits generated by the sale of cryptocurrencies by the relevant companies. The Hong Kong Securities and Exchange Commission stated in the circular that it is "ready to accept applications for virtual asset spot ETFs." HKEx is ready to seize the opportunities brought by thematic investment, making Hong Kong the first market in Asia to allow the listing of virtual asset spot ETFs, strengthening Hong Kong's position as a leading digital asset center, and supporting the continued development of Hong Kong as Asia's preferred ETF market. OpenAI is in preliminary discussions for a new round of financing with a valuation of $100 billion or more. According to Cryptoslamio data, last week, BTC NFT sales were US$265.61 million, Solana sales were US$88.42 million, and ETH sales were US$75.91 million. The total locked-up volume of ETH Layer 2 is US$18.27 billion, an increase of 15.57% on the 7th. Arbitrum One was US$8.65 billion, an increase of 6.73%, OPMainnet was US$6 billion, an increase of 29.19%, and MetisAndromeda was US$355 million, an increase of 265.4%. Glassnode data shows that approximately 200,000 ETH has been transferred to known cryptocurrency exchange wallets in the past four days. On-chain analyst AI data shows that BTC whales have sold approximately 50,000 BTC in the past week.
Dave Weisberger, CEO of CoinRoutes, said that the SEC regulations essentially shift the burden of BTC trading from professional trading firms to authorized participants (APs) such as Morgan Stanley and Goldman Sachs, creating competition among issuers. will be reduced and performance will be based on which issuer has better resources and trading strategies. Analysts at Bitfinex say that amid historical corrections and market oscillations, the potential market capitalization of the crypto economy will increase to $3.2 trillion (currently $1.6 trillion). The growing interest in crypto assets among institutional investors is crucial, and the spot BTC ETF has acted as a catalyst and has the potential to move some funds into crypto assets. BTC will remain favored in institutional investment portfolios in the first half of 2024. The arrow is on the string. Media revealed that the U.S. Securities and Exchange Commission (SEC) has met with at least 7 BTC spot ETF issuers and will decide whether to approve or reject it before January 10. The SEC requires issuers to submit the final revised application form before December 29. Publishers who can submit will be among the first batch of potential candidates in early January. CNBC reported that if the U.S. Securities and Exchange Commission approves spot BTC ETFs, many companies may decide to offer BTC ETFs in their 401k (U.S. pension fund) plans. Fox News stated that large money management companies are increasingly confident that the US Securities and Exchange Commission will approve the first spot BTC ETF in early January, thereby creating cryptocurrency history. BlackRock expects to inject $10 million in seed funding for its spot BTC ETF (ticker IBIT) on January 3. BlackRock has chosen to appoint a principal execution agent (PEA) to handle BTC purchases and sales for its upcoming ETF. Both arrows fired in unison.
In the past three months, the annualized growth rate of the US overall and core price index was 1.4% and 2.1% respectively, and in the past six months it was 2.0% and 1.9% respectively. The Fed's inflation target is being achieved. Analysts believe that if market expectations that the Federal Reserve will cut interest rates in March next year come true, all risk assets will inevitably hit record highs, including gold, stocks, and oil. Investors holding large amounts of cash may be seeking to enter the market this week because of their "fear of missing out" on the stock market rally, often referred to as "FOMO." Bank of America customers bought a net $6.4 billion in stocks in the latest week, the largest weekly net inflow since October 2022. After the big-ticket spot ETF is approved, BTC will receive continued capital inflows, and Galaxy researcher Alex Thorn believes that capital accumulation will exceed $14 billion in the first year. VanEck analysts said the capital pool will increase by $40.4 billion within two years, with $2.4 billion in short-term inflows. It can also be seen from the recent performance of the currency market that funds on the market have become abundant and capital inflows have surged (in a bull market, the pain of waiting for a decline is often greater than the pain of waiting for a rise). From top (big pie) to bottom (copycat), we are experiencing The first "flood" of funds passed. After the spot ETF is approved, it will strive to experience a second general doubling of growth by March next year. In the second half of the year, interest rates will drop to around 4%. It will experience the third and fourth "floods" of capital flows. By the end of the year, the traditional The pie reached a record high. Under the influence of interest rate cuts, the current bull market process is progressing in an orderly manner. #BTC
