A recently-released set of early Satoshi emails contains some interesting insights into the network and its creator.
Bitcoin Spot ETFs Receive Green Light
The SEC has finally approved spot bitcoin ETFs, opening the doors to many billions of dollars of new investment.
Following ten years of denied applications, BlackRock and ten other financial institutions have used their considerable clout to finally convince the SEC to give spot bitcoin ETFs their approval.
The new ETFs will begin trading tomorrow, meaning there are just a few hours before they go live—hours in which there will doubtless be some torrid market action.
Naysayers Proven Wrong
Approval puts the final nail in the coffin for armchair experts and conspiracy theorists who have been claiming that the SEC would deny the application at the last moment—something practically unthinkable given the level of interaction between providers and SEC staff in recent weeks.
Denial would also have led to costly and embarrassing lawsuits against the agency, especially in the wake of Grayscale's legal victory, in which the regular was called "arbitrary and capricious" for preventing the company converting their product to an ETF on the grounds of the risk of market manipulation.
Now that the ETFs have been approved but not yet launched, there are still some significant uncertainties and questions to be resolved, including:
- What will the initial inflows be for these ETFs?
- What will long-term demand be?
- What effect will this have on the crypto markets and the evolving Bitcoin market cycle?
- How will regular crypto exchanges be impacted?
Rumors suggest that providers may have lined up billions of dollars of day-1 demand, far surpassing the previous record of $1 billion (coincidentally for the BITO bitcoin futures ETF).
The SEC has recently warned investors about FOMO around crypto, one of many hints that the ETFs would be approved. The regulator's educational account posted a "No go to FOMO" message, suggesting that the agency expects significant interest in these new products
Then Gary Gensler himself posted a short thread about the risks of crypto investments, all but confirming the imminent launch of the ETFs.
These warnings were, of course, eclipsed by the regulator's own blunder, when its account was "compromised" due to a lack of two-factor authentication, and a fake ETF approval message posted.
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