updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The launch of U.S. Spot Bitcoin ETFs has had a significant impact on the total inflows of several major ETF issuers. Moreover, it propelled BlackRock, Fidelity, and Invesco into the top 10 ETF issuers list by year-to-date inflows. Since launch, these ETFs have attracted inflows of a whopping $31.86 billion, excluding Grayscale‘s GBTC outflows.
Since their launch on January 10, 2024, BlackRock’s iShares Bitcoin Trust (IBIT) has garnered an impressive inflow of $16.65 billion, according to Farside UK data. Moreover, it is followed by Fidelity with $8.96 billion. Whilst, Ark 21Shares’ ARKB trails behind with $2.46 billion.
In addition, Invesco Galaxy’s BTCO has also seen an inflow of $317 million since its launch. However, Grayscale’s GBTC ate up a substantial portion of these positive flows with a gigantic $17.9 billion outflow year-to-date.
Whilst, Bloomberg’s Senior ETF analyst, Eric Balchunas, also noted that the launch of Spot Bitcoin ETFs has propelled the total inflows of BlackRock, Fidelity, and Invesco. This led to their emergence in the list of top 10 ETF issuers by year-to-date inflows with such impactful numbers.
“To those asking, $IBIT is 26% of BlackRock’s flows and 56% of Fidelity’s flows, so yes, it’s having a significant impact on the leaderboard,” Balchunas explained. In addition, Balchunas pointed out that if you remove the Bitcoin ETF inflows from the data, Vanguard would be almost triple anyone else in terms of flows.
Additionally, he also noted that Fidelity’s flows are heavily influenced by its Bitcoin ETF. The analyst stated that “FBTC is over half of Fidelity’s flows.” As a result of the strong Bitcoin ETF inflows, BlackRock took the second spot with $65.1 billion in inflows just behind Vanguard that led the list with $102.8 billion inflows. Meanwhile, Invesco took the third spot with $34.7 billion. Fidelity claimed the fifth rank with $15.8 billion in flows.
Also Read: Bitcoin ETF: Wisconsin Investment Board Bets $160M Into BTC, Price Rally Ahead?
According to recent data, on Monday, June 3, Spot Bitcoin ETF flows were positive for $105.1 million, with Fidelity contributing $77 million, Bitwise $14.3 million, and Ark $10.7 million. BlackRock and Grayscale’s GBTC, however, saw zero flows. Nonetheless, the ETF inflow streak continued.
The impact of these inflows on the top 10 ETF issuers list is significant, with BlackRock’s iShares Bitcoin Trust now playing a major role in the company’s overall flows. As Balchunas noted, “IBIT is having a significant impact on the leaderboard,” making it a key player in the ETF industry.
Also Read: Australia’s First Bitcoin ETF Starts Trading Tomorrow, Here’s All
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Following the SEC decision on Bitcoin ETFs and the launch of the market on January 11, the race between asset managers continues to heat up. Invesco, a leading global provider of ETFs, in partnership with Galaxy Asset Management, launched the Invesco Galaxy Bitcoin ETF (BTCO). This move was intended to offer efficient exposure to spot Bitcoin—a different approach to other Bitcoin ETF issuers.
To capture a greater share of the Bitcoin ETF market and climb up the ladder—currently ranked 6th—Invesco and Galaxy said on Monday that they are cutting the sponsor fee. The fund’s fee will be slashed from 0.39% to 0.25%, putting it on par with most rivals.
At the same time, altcoins sharing the spotlight are Immutable (IMX) and InQubeta (QUBE). These top altcoins have been stirring up quite a buzz thanks to their staggering upside potential. Poised to skyrocket, these are the best cryptos to buy now and altcoins plays not to miss out on.
InQubeta (QUBE) is one of the new ICOs quickly gaining investors’ confidence. For starters, it is one of the most bullish narratives, standing at the intersection of AI and blockchain. Additionally, other token features like deflationary tokenomics, governance, and staking further make it stand out.
Given the above, the presale selling outcomes as no surprise. To date, an astounding $8.6 million has been raised in early funding, with the $10 million fundraising milestone eyed next. In the seventh stage of the ICO, a token costs only $0.0224, and analysts tip it for a 6,000% rally after launch.
Positioned as the best new crypto to invest in, other appeals of InQubeta involve the role it is designed to play. It aims to primarily address the fundraising challenge within the burgeoning AI sector. To this end, it will build the first crowdfunding platform that will allow tech startups to raise funds through crypto on its NFT marketplace.
Spot Bitcoin ETFs continue to be the talk of the financial town—a buzz not likely to recede anytime soon. Investor sentiment post BTC ETF has also been on the rise as the market soars, with asset managers competing to get a significant slice.
A piece of exciting news that is stirring up quite a buzz is Invesco and Galaxy deciding to cut the sponsor fee on their Bitcoin ETF, BTCO. On Monday, they announced reducing their fund’s fee from 0.39% to 0.25%, which will put BTCO on par with most rivals.
This move came on the back of the desire to gain a competitive edge. Currently, the spot Bitcoin ETF market is dominated by BlackRock, Grayscale, and Fidelity, with Invesco and Galaxy’s ETF product ranking 6th. Hence, this new rate might see BTCO rank higher, presently boasting about $280 million in trading volume and assets under management (AUM).
Immutable (IMX) is the first layer-2 scaling solution for NFTs on Ethereum. With this, it has been able to carve out a niche and become a pioneer in the dynamic crypto landscape. As a layer-2 scaling solution, it addresses Ethereum’s limitations like illiquidity, low scalability, and poor user experience, among others.
One of its competitive advantages is its massive scalability and zero gas fees for minting and trading NFTs. Remarkably, it does this without compromising asset or user security. Given this, Immutable is primed for massive adoption and staggering growth.
In light of the above, it is clear why Immutable is one of the altcoins to watch for significant growth. Hence, if you wish to position yourself for substantial gains, IMX is among the best altcoins to invest in.
Invesco and Galaxy have decided to reduce their Bitcoin ETF fee from 0.39% to 0.25% as competition heats up.
Meanwhile, aiming to skyrocket are Immutable and InQubeta, making them altcoins to watch and investors’ favourites.
For more information about the InQubeta presale, visit the InQubeta Presale or join the InQubeta Communities.
Amid strong demand and inflows continuing in spot Bitcoin ETFs, issuers have escalated the fee war. On Monday, January 29, Investco and Galaxy Digital announced the reduction in their spot Bitcoin ETF fees by 35% from 39 bps to now at 25 bps.
As per the latest statement, the expense ratio for the Invesco Galaxy Bitcoin ETF (BTCO) will be reduced to 0.25%, down from its previous rate of 0.39%. The fund will waive its fees for the initial six months or until it accumulates $5 billion in assets, whichever comes first.
We have @InvescoUS & @galaxyhq cutting the long term fee on their #Bitcoin ETF from 39 bps to 25 bps.
(Yes they have the fee waiver to 0% for first 6 months or $5 billion in assets). Story from @emily_graffeo & @kgreifeld pic.twitter.com/Erk2NU9kVF
— James Seyffart (@JSeyff) January 29, 2024
This move adds to the existing trend of issuers lowering costs in the emerging industry, even preceding the approval of spot Bitcoin ETFs by US regulators earlier this month. Notable industry players like BlackRock Inc. and Fidelity, leveraging their extensive distribution networks, have surged ahead.
Together, they have amassed around $4 billion in combined investor inflows, constituting approximately 70% of total spot Bitcoin ETF inflows. In comparison, BTCO currently holds the fifth position with an approximate haul of $283 million. These massive inflows in Bitcoin ETF continue while the GBTC registers a drop in net outflows.
Despite the fee reduction on Monday, BTCO doesn’t claim the title of the cheapest spot Bitcoin ETF available. Franklin Templeton’s fund boasts a post-waiver expense ratio of 0.19%, making it the most economical among spot Bitcoin ETFs. On Monday, BTCO’s shares experienced a 2.8% increase, mirroring the surge in Bitcoin price.
The recent developments have served as a catalyst to the Bitcoin price with some analysts predicting a surge to $50,000 before the Bitcoin halving. Some of the market veterans are very bullish for Bitcoin post the halving in April 2024.
Anthony Scaramucci, the founder of SkyBridge Capital, anticipates that the next Bitcoin (BTC) halving will propel the cryptocurrency’s price to $170,000 per coin. This projection is grounded in Bitcoin’s historical pattern of reaching new all-time highs after each halving, which occurs approximately every four years and reduces the rate at which new BTC is generated by half. Speaking on the Scott Melker podcast last week, Scaramucci said:
“Go back and look at Bitcoin halving cycles. The day that Bitcoin halves, multiply it by four [and] 18 months later and it’s been uncanny that that’s been the price of Bitcoin.”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a recent development, another proposed Spot Bitcoin ETF has been listed on the Depository Trust and Clearing Corporation’s (DTCC) website, becoming the second proposed Spot Bitcoin ETF to appear on the corporation’s website.
The Invesco Galaxy Bitcoin ETF under the ticker ‘BTCO’ recently appeared on the DTCC website, joining BlackRock’s spot Bitcoin ETF, which goes under the ticker ‘IBTC’ as uncertainty around a possible approval of these funds continues to heighten.
Source: DTCC website
Many had speculated an approval was imminent when BlackRock’s IBTC was earlier listed. However, the optimism has sort of cooled off following a recent revelation by a spokesperson for the financial services company. The representative clarified that the listing of these ETFs was simply “Standard Practice” and that it doesn’t indicate any potential approval by the SEC.
An ETF expert had also weighed in and stated that DTCC’s listing didn’t mean anything in the grand scheme of things regarding a possible approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Going by this, the DTCC listing only suggests that these asset managers are preparing just in case they get approved by the SEC.
Such preparations also include asset managers BlackRock and VanEck recently revealing their plans to begin seeding for their respective funds. While such a move doesn’t guarantee that the SEC is likely to approve these funds anytime soon, it, however, shows the optimism of these firms that their Spot Bitcoin ETF will launch sooner or later.
In a post shared on his X (formerly Twitter) platform, Bloomberg analyst James Seyffart noted that the asset management firm Valkyrie had joined the “prospectus amendment train” with the latest filing of their revised Spot Bitcoin ETF prospectus. Valkyrie joins the likes of ARK Invest, BlackRock, Fidelity, and Bitwise, who have also filed amendments to their prospectus.
Seyffart happens to be one of those who believe that these amendments could mean something. ARK Invest was the first asset manager to amend its prospectus, which led Seyffart and fellow Bloomberg analyst Eric Balchunas to predict that the US Securities and Exchange Commission (SEC) could approve a fund as early as next year.
Meanwhile, it is worth mentioning that the SEC has so far not said anything regarding Grayscale’s application despite the Commission opting not to file an appeal. But that could change soon as ETF enthusiast and prominent financial lawyer Scott Johnsson said that the Commission is set to have a closed meeting on November 2; its first since the Grayscale deadline expired, and one of the agenda for the meeting includes resolving litigation claims.
BTC price hovering above $34,400 | Source: BTCUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Eric Balchuna claims that by the end of 2024, there is a 95% chance that a spot Bitcoin ETF will be approved, up from a 75% likelihood this year.
The United States Securities and Exchange Commission (SEC) has once again postponed its decision on multiple proposals for spot Bitcoin exchange-traded funds (ETFs). This move, affecting applications from major crypto players such as BlackRock and Invesco, has caused serious discussions among analysts. The unexpected turn of events happened two weeks ahead of schedule.
This delay can be attributed to the looming possibility of a US government shutdown, slated to take effect on October 1, should essential funding bills fail to garner Congressional approval. Such a shutdown would inevitably disrupt the operations of the nation’s financial regulatory bodies and other federal agencies. Its avoidance hinges solely on Congress successfully passing 12 distinct full-year funding bills before the October 1 deadline.
This recent delay marks another chapter in the reoccurring postponements by the SEC, bringing back a previous round of setbacks that occurred in late August after the first deadline.
Financial experts continue to have a positive outlook on the chances of a Bitcoin ETF being approved as well as the future of the market in general, despite the current regulatory uncertainty. Notably, Bloomberg analysts James Seyffart and Eric Balchuna claim that by the end of 2024, there is a 95% chance that a spot Bitcoin ETF will be approved, up from a 75% likelihood this year. A notable court decision in Grayscale’s favor, which hinted at a potential shift in regulatory sentiment, is what led to this optimistic projection.
NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of ’24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w “very little wiggle room” via @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023
Similarly, the respected crypto analyst known as Crypto Rover shares the conviction that the SEC’s approval of the Bitcoin spot ETF is inevitable. He also cites Grayscale’s recent legal victory against the SEC as a pivotal factor supporting his stance. Moreover, he anticipates that despite the official application deadline set for January 10, 2024, approval for the spot BTC ETF may materialize ahead of schedule. In his words:
“It’s likely that they would approve all of them at once. They wouldn’t just accept BlackRock’s and deny the rest.”
Despite the multitude of speculations and beliefs, the ultimate decision still rests in the hands of the SEC. However, a compelling argument can be made that the SEC may find itself with little choice but to grant approval, particularly given that the companies involved have diligently adhered to the commission’s stipulated requirements. Moreover, mounting accusations of being anti-crypto further intensify the pressure.
The cryptocurrency market is eagerly awaiting the SEC’s decision. The ultimate choice may have a significant impact on the market, possibly changing the course of Bitcoin and other digital assets while affecting investor sentiment. One thing is certain as the sector prepares for this critical juncture: the market’s undivided attention is focused on the SEC’s impending decision, which has the potential to reshape the future of the industry completely.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.
Invesco, a prominent investment management company overseeing $1.49 trillion in assets, has submitted a fresh application for a spot Bitcoin (BTC) exchange-traded fund (ETF). This move comes after Invesco initially filed for a Bitcoin ETF in collaboration with Galaxy Digital in 2021, as CoinGape reported.
Invesco has reportedly tossed its hat back into the ring for a spot Bitcoin exchange-traded fund (ETF), according to a new Securities and Exchange Commission (SEC) filing.
After their initial application in 2021, Invesco also applied for Bitcoin Futures ETF bid but pulled off at the last moment. They cited regularly concerns after the SEC has already approved ProShares’s Bitcoin Futures ETF.
Also Read: Wisdom Tree Files for BTC ETF
In its recent filing, Invesco emphasized the urgent need for a spot Bitcoin ETF, asserting that the absence of such a product drives investors toward riskier alternatives. The filing referred to instances of insolvencies involving platforms like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
The reapplication by Invesco for a spot Bitcoin ETF comes in response to growing interest and competition in the cryptocurrency ETF space. Invesco’s decision to reapply was likely influenced by the recent application submitted by BlackRock, a significant player in the investment management industry.
Other prominent names, such as iShares and Bitwise, and WisdomTree, have also submitted filings for spot Bitcoin ETFs since last Thursday.
Coingape also reported Bitcoin Price that experienced a significant surge in its price over the past 24 hours, with a 6.9% increase. In the last seven days, it has seen a notable rise of 10.6%. According to Tradingview, Bitcoin’s market value has reached 51%, indicating its dominance in the cryptocurrency market.
Furthermore, the identification of a significant number of altcoins as securities by the U.S. Securities and Exchange Commission (SEC) could have implications for the market.
In contrast, Bitcoin, being recognized as a commodity by the SEC, may be viewed as a more established and regulated investment option.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Invesco, a $1.6 trillion asset manager surprised many by pulling out of its Bitcoin Futures ETF bid at the last moment. What turned even more heads was the fact that the withdrawal came after the SEC has already approved ProShares’s Bitcoin Futures ETF that created and broke several records on debut. Now the asset manager has come out to reveal the reason behind the unexpected pullback.
Anna Paglia, global head of ETFs and indexed strategies at Invesco balmed the SEC’s strategy to be the main reason behind its surprising move. Paglia said the regulatory constraints put on the fund would have made it a very expensive investment for traders. He particularly showed displeasure towards the SEC’s decision to go with a 100% Futures based product as it typically incurs a loss when it rolls a front-month contract into a longer-dated one.
“We thought that CME futures were going to be a very effective element of the portfolio. We never thought they would be effective when they would be 100 per cent of the product,” said Anna Paglia, global head of ETFs and indexed strategies at Invesco.
SEC chief Gary Gensler made it clear that a spot market-based Bitcoin ETF would not get SEC approval as the regulatory body still believe the market is not mature enough and might fall prey to scams and manipulations. This is the reason a majority of firms either withdrew their spot ETF applications or filed an additional one for the Futures ETF.
Invesco says an ideal portfolio for a Bitcoin investment would be a mix of futures, swaps, physical bitcoin, ETFs, and private funds. Paglia also revealed that Invesco was among the first to file for the Bitcoin Futures ETF but later decided against it as internal surveys and research showed that it would not be as beneficial as they thought it would be. He explained,
“Our view was that a futures-based ETF was going to be imperfect,” Hougan said. “When we filed we thought that it would be worth it, but costs built on costs — the contango, the commission merchants, added costs to work through a Cayman subsidiary — so that we ultimately decided it wasn’t in the interests of long-term investors.”
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Gamestop Corp. (GME) filed a SEC disclosure after Friday’s close, noting the departure of Chief Operating Officer Jenna Owens after just eight months on the job. Owens, a former Amazon.com Inc. (AMZN) and Alphabet Inc. (GOOG) executive, was hired in March as part of GME’s highly-publicized ‘digital transformation’. However, the company has offered few details about the initiative since that time and her departure may be viewed as a setback, encouraging shareholders to jump ship.
Investors have lost patience with Uber Technologies Inc. (UBER) after 2020’s strong run-up, contributing to a 14% year-to-date loss. Driver shortages, escalating ride-share fees, government catfights, and heavy food delivery competition may have taken a toll in the third quarter, raising odds for an aggressive ‘sell-the-news’ reaction after Thursday’s post-close report, when UBER is expected to post a 16-cent per-share loss.
Dogecoin (DOGE) rallied out of a deep basing pattern at 16 cents in August, topping out at 35 cents a few weeks later. It posted a higher low in September and bounced once again, nearly completing a 100% retracement into the prior peak on Thursday. The coin has been pulling back since that time but strong support around 25 cents should ease selling pressure, setting up a potential buying thrust that may complete a cup and handle breakout pattern, with an upside target just above 50 cents.
Watch Invesco Solar ETF (TAN) on Wednesday because the passage of President Biden’s massive infrastructure bill may depend on Tuesday’s hotly-contested gubernatorial election in Virginia. The sector has been trading in tandem with acrimonious negotiations for several months now, rallying 31% in the last 19 trading days. A Republican victory may be viewed as a mandate against big government spending, potentially shifting moderate Democratic votes to the ‘no’ column.
Ford Motor Co. (F) joined the EV bandwagon this year, announcing a series of initiatives to compete with better positioned rivals Tesla Inc. (TSLA) and General Motors Co. (GM). The automaker beat Q3 expectations and raised 2021 guidance last week, adding to an uptick that’s posted an impressive 94% 2021 year-to-date return. However, the stock is now approaching resistance going back to 2011, raising odds for a reversal and decline that could last for weeks or months.
For a look at this week’s economic events, check out our economic calendar.
Disclosure: the author held no positions in aforementioned securities at the time of publication.
This article was originally posted on FX Empire
We are just a few hours away from the launch of the first Bitcoin ETF from ProShares, but there’s a new twist in the tale. Financial giant Invesco has decided to be out of the race while deciding it will not pursue it anymore. In a statement, the firm said:
“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF”.
Invesco had been one of the forerunners in applying for a Bitcoin ETF with the U.S. SEC. Thus, the last-minute decision coming from the financial giant comes as a surprise to the bitcoin community. Along with Invesco, the SEC is facing the deadline for Bitcoin ETF applications from VanEck and Valkyrie this month.
Later today, October 19, the ProShares Bitcoin ETF will debut at the NYSE Arca Exchange. The BTC price has already rallied 40% this month of October amid strong anticipation of the first Bitcoin ETF in the U.S. As of press time, Bitcoin is trading at $62,434 with a market cap of $1.181 billion.
World’s largest digital asset manager Grayscale also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. Grayscale founder and CEO Barry Silbert confirmed the same.
Following a “clear, formal indication” from the U.S. Securities and Exchange Commission (SEC), Grayscale shall be filing for a spot ETF.
Silbert also aired his criticism to the futures-back Bitcoin ETF from ProShares and Valkyrie. It seems that Grayscale won’t be giving up to the SEC’s whims and will continue to aggressively pursue a spot Bitcoin ETF directly tracking the underlying asset.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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