● Bloomberg analyst: Grayscale has submitted updated documents for GBTC in preparation for conversion to spot ETF
Bloomberg ETF analyst James Seyffart said on X that Grayscale has submitted updated documents for GBTC, "which basically registers the fund under the Securities Act of 1933." Seyffart said that this filing is a necessary step when GBTC is converted to an ETF. There is no timeline, but it is definitely a positive sign.
According to previous news, Grayscale submitted an application for a new Ethereum futures ETF to the U.S. Securities and Exchange Commission (SEC) on September 20. The ETF was registered in accordance with the Securities Act of 1933. At the same time, this Securities Act stipulates the registration of commodity and spot Bitcoin ETFs.
● JPMorgan expects spot Bitcoin ETF to be approved “within a few months”
According to The Block, JPMorgan analysts said that because the U.S. SEC did not appeal Grayscale’s recent litigation ruling, it is expected that the SEC may approve multiple spot Bitcoin ETF applications "within a few months."
Analysts say a spot Bitcoin ETF is most likely to be approved by January 10, 2024, before the final deadline for Ark Invest and 21Shares’ applications.
● Bloomberg analyst: BlackRock updates its spot Bitcoin ETF application
James Seyffart, ETF analyst at Bloomberg, said on X that BlackRock updated its spot Bitcoin ETF application. "This shows that ETF issuers are in talks with the SEC."
● VanEck Ethereum Futures ETF (EFUT) is now open for trading
Asset management company VanEck announced that its Ethereum Futures ETF (EFUT) is now open for trading.
● U.S. SEC Chairman Gary Gensler: SEC is reviewing Bitcoin spot ETF application documents
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said in an interview with Bloomberg that “the SEC currently has 8 to 10 Bitcoin spot ETF filings to review. These applications are not just formalities, they require a lot of consideration from various departments of the SEC, with the Department of Finance providing insights and the Department of Trading and Markets carefully reviewing the submitted materials.”
When asked about the likelihood of the ETF being approved, Gensler responded that he could not comment on an ongoing review and that he personally would not prejudge the outcome of the process.
● Binance Research Q3 Crypto Market Report: Despite Challenging Markets, Institutional Adoption Continues to Gain Attention
According to Binance Research’s recently released “Q3 State of Crypto: Market Pulse” report, the third quarter was quite challenging for the cryptocurrency industry.
First is the cryptocurrency market, where institutional investment has increased despite falling prices. Mainstream companies such as Deutsche Bank, Sony, Grab, and PayPal have publicly participated in Web3 projects. So far this year, BTC prices have risen by 63.1%. Although BTC's market share has declined slightly since the second quarter, investors are still closely watching the 2024 BTC halving event and BTC spot ETF applications.
Secondly, in the Layer 1 area, the balance of Bitcoin on exchanges has decreased slightly from the previous quarter, but it can be interpreted as a positive indicator for long-term self-custodial assets.
In the DeFi field in Q3, due to the low DeFi yields, risk-averse environment and falling ETH prices, the total value locked in DeFi ("TVL") fell 13.1% month-on-month to US$38.5 billion, with a quarterly growth rate of 10.5%.
In the gaming sector, BNB Chain has the most games and is expected to continue to dominate in the fourth quarter.
Google has allowed the integration of NFTs on its Play Store since July, which is expected to bring new vitality to Web3 game development. The report pointed out that despite the decline in overall market capitalization, the total value of DeFi, and NFT trading volume, certain projects and sectors still show growth and innovation, which is worthy of market optimism.
● CryptoRank Platform released the return rate ranking of IEO platforms, Binance ranked first with 12.1 times
CryptoRank Platform announced the return rate rankings of six IEO (Intial Exchange Offering) platforms. The data showed that Binance led the way with a return rate of 12.1 times, better than the second-ranked KuCoin Spotlight's 2.09 times and the third-ranked HTX Primelist's 1.35 times.
● Bitcoin long-term holders hold 76.2% of the circulating supply, a record high
Glassnode data shows that long-term Bitcoin holders (i.e. wallet addresses that have held Bitcoin for at least 155 days) control more than 76.2% of the BTC supply, a record high and breaking the record set in 2015.
● The inversion of US 2-year and 10-year Treasury yields narrowed
According to the Daily Planet, the inversion of the U.S. 2-year and 10-year Treasury yields is the smallest since 2022. Federal Reserve Chairman Powell said that the main reason for the rise in bond yields is not the expectation that the Federal Reserve will take more action.
● ECB Governing Council: Digital euro will be used for payments in about five years
According to Cailianshe, ECB board member Nagel said, “I think we will use digital euro for payments in about five years.”
As previously reported, the European Central Bank (ECB)’s digital euro project is entering the preparatory stage, which could pave the way for a “potential future decision” to issue a digital euro.
