On Wednesday (May 15), Bitcoin rebounded to $61,845 in the short term, and bulls held on to the $61,000 mark. The Wisconsin Investment Board (SWIB) reported that it holds a large amount of Bitcoin through spot ETFs, eliminating the negative news that the U.S. Securities and Exchange Commission refused to approve the Ethereum spot ETF.
According to a filing with the U.S. Securities and Exchange Commission on Tuesday, the government entity said it purchased about $100 million worth of the BlackRock iShares Bitcoin Spot ETF (IBIT) and $64 million of Grayscale Bitcoin. The filing suggests that the Wisconsin Retirement System may also have exposure to digital assets.
Despite the large numbers, investments in Bitcoin ETFs represent only a small portion of SWIB’s $156 billion in assets under management.
Bloomberg ETF analysts said SWIB’s investment demonstrates the broad appeal of spot bitcoin funds, which are growing faster than typical ETFs.
No threshold, no fees, no exchanges, no transaction links
“Typically these big-fish institutions don’t show up in 13Fs for a year or so, but as we’ve seen, these are not run-of-the-mill offerings,” he said. “Good sign, expect more, as institutions tend to act en masse.”
In a May 13 post, Davis Polk & Wardwell partner Scott Johnsson reviewed the filing BlackRock made on March 4 regarding its application to list and trade an Ethereum spot ETF on Nasdaq. The filing pushed back the deadline for the commission to decide on BlackRock’s Ethereum spot ETF until June, but also called for public feedback on whether the investment vehicle could be filed as a commodity.
“The obvious purpose is to potentially deny that these spot filings are improperly filed as commodity-based trust stock filings and, if they hold securities, are ineligible,” he said.
Bloomberg ETF analyst Eric Balchunas said the SEC filing was “buried 50 feet deep in a pile of legalese,” but that didn’t change his guess that the chances of regulators approving an ether spot ETF were “extremely slim.”
The SEC must decide by May 23 whether to approve or reject the VanEck Ethereum spot ETF, the first of multiple applications pending.
If the SEC rejects VanEck’s application, the commission could reject Ethereum spot ETFs from ARK 21Shares, Hashdex, Invesco Galaxy, BlackRock, and Fidelity. Grayscale withdrew its Ethereum spot ETF application on May 7 without giving any explanation. VanEck CEO Jan van Eck reportedly doubted the SEC’s potential to approve his company’s May offering.
At the heart of the SEC’s decision is whether the commission considers Ethereum a “security” or a “commodity.” Despite SEC Chairman Gary Gensler’s previous public statements that Ethereum is not a security, there are reports that the commission has launched an investigation into Ethereum. Gensler will speak at the Investment Company Institute Summit in Washington, D.C. on May 23.
China's super positive news remains a key factor in supporting the price of the currency. Han Tongli, CEO of Harvest Fund Management, released a strong signal that after the company issues a Bitcoin spot ETF in Hong Kong, it may promote the opening of trading for mainland investors on the Shanghai-Hong Kong Stock Connect within two years.
Han said at the Bitcoin Asia conference in Hong Kong that as long as everything goes well, he does not rule out applying for a Bitcoin and Ethereum spot ETF on the Shanghai-Hong Kong Stock Connect program. Harvest Fund is one of the issuers of the first virtual currency spot ETFs in Hong Kong. ETF Connect was launched in May 2022, allowing mainland investors to invest in a range of selected ETFs listed in Hong Kong. It is part of the larger Shanghai-Hong Kong Stock Connect program launched in 2014, which first connected the Hong Kong and Shanghai stock exchanges.
Bitcoin Technical Analysis
CMTrade said that Bitcoin RSI is below the neutral zone of 50, MACD is above the signal line and negative, and the configuration is mixed.
Moreover, the price is trading above the 20-period moving average at $61,543 but below the 50-period moving average at $61,920.
“Our pivot point is at $60,500.”
“Our preference is for a rebound to $63,940.”
“The other scenario is below $60,500, with projections for $59,170 and $58,380.”
If you feel helpless, confused, or unclear about the direction of trading, you can click on my avatar or the link at the end of the article, and let's make progress together! 煮叶---
