BlackRock Inc BLK and VanEck updated their SEC filings for spot Bitcoin BTC/USD ETFs on Tuesday, incorporating changes from SEC feedback on their S-1 filings.
What Happened: These adjustments aim to minimize shareholder risks in case of insolvency and prevent conflicts of interest for the ETF's authorized participants.
Meanwhile, VanEck's CEO Jan F. van Eck, in a CNBC interview, expressed his expectation for their Bitcoin ETF to begin trading on Jan. 11, with the latest S-1 filings revealing strong seed capital.
In related news, Ark21Shares Bitcoin ETF and Grayscale Bitcoin Trust have also submitted their updated filings to the SEC Tuesday morning.
Also Read: Spot Bitcoin ETF Debate Heats Up: 'We Have Heard Nothing To Indicate Anything But Approval'
Why It Matters: Crypto analyst Ali Martinez took to X and stated that if Bitcoin can breach the $48,000 resistance on-chain data suggests a clear path ahead.
#Bitcoin has established a solid support zone at $42,000, backed by 2.48 million addresses holding over 1.12 million $BTC.
— Ali (@ali_charts) January 9, 2024
If #Bitcoin can successfully breach the $48,000 resistance, on-chain data suggests a clear path ahead. With no major supply zones in sight, #BTC could be… pic.twitter.com/xfNHbg3gyy
Bloomberg analyst Eric Balchunas stated on X, “BlackRock just re-filed their S-1 based on last min comments given yesterday. Hard to tell what has changed at first glance, but imp thing is that the unheard of 24hr turnaround time bt filing, comments, and re-filing tells us all parties aiming to get this show on road pronto.”
Entrepreneur and Bitcoin Investor, Lark Davis on his X platform cited Bank of America which indicated that $93 million of fresh cash would move Bitcoin's price by 1%. The post also highlights a possible conservative estimate of new cash inflows into Bitcoin by Galaxy Digital.
Bank of America estimates that 93 million dollars of fresh cash moves the price of Bitcoin by 1%.
— Lark Davis (@TheCryptoLark) January 8, 2024
Galaxy Digital gives (a possibly conservative) an estimate of new cash inflows into Bitcoin thanks to the ETF
14 billion in year 1
26.2 billion year 2
and reaching
38.6 by year 3 pic.twitter.com/DMXMqrRVWC
A long-term crypto and stock investor, Jelle took to the X platform and indicated that there are chances of a “major leverage wipeout tomorrow, in both ways.” He adds, “The #Bitcoin ETF decision will cause volatility levels we haven't seen in a long time. Don't hand your coins to the bankers. Stay off the leverage until the storm clears.”
Price Action: Bitcoin is up 3.7% in the past 24 hours to $46,535. Trading volumes are up 28% in the same timeframe.
Photo: Shutterstock
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