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binary expert trader
Prop trader since 1975. Author. Featured in Market Wizard Series. Chartist. Swing trader in futures
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kunaldesai said: ๐Ÿฆ **Earn $200,000 at Binance: Verified Method** ๐Ÿฆ #kunaldesai ๐Ÿ›‘ Don't miss the chance! Follow the steps in this post and earn free money. Binance Futures brings an exciting opportunity with the Futures Grand Tournament, happening from November 27 to December 24, 2023. Engage in various activities and compete for a share of the dynamic $2 million USDT token voucher prize pool and exclusive rewards. ๐ŸŒ 1. Early Bird Challenge: - Period: November 27 - December 3 - Tasks: Earn stars by completing tasks for a chance to claim rewards from a $35,000 USDT futures bonus voucher prize pool. - Categories: Stars unlock rewards, with a maximum of 16 USDT futures bonus vouchers per participant. - Claim Deadline: December 4, 23:59 (UTC) ๐ŸŒ 2. Team Competition: - Period: December 4 - December 24 - Objective: Form or join teams, trade COIN-M or USDโ“ˆ-M contracts, and compete for a share of $1,250,000 USDT based on Team Daily PnL. - Team Formation: Apply as a Team Leader, recruit members, and aim for a daily futures trading volume of at least 20,000 USDT equivalent. ๐ŸŒ 3. Copy Trading Competition: - Objective: Become a Lead Trader or predict the top Lead Trader of the week. - Reward Pool: $350,000 USDT. ๐ŸŒ 4. Battle of the Bots: - Objective: Create a Futures Grid Trading Bot and climb the ROI leaderboard. - Reward Pool: Up to $200,000 USDT. ๐Ÿ›ž Welcome Rewards: - Period: November 27 - December 24 - Eligibility: New futures users can share up to $200,000 USDT and 1 BNB in rewards. โœ๏ธ How to Participate: 1. Log in to your Binance Futures account. 2. Register for the tournament on the promotion page. 3. Comment ๐Ÿ‘ (like) symbol in the comment box on this post. 4. Ensure eligibility with a total futures trading volume of at least 500 USDT equivalent in 2023. ๐Ÿ“… Key Dates: - Early Bird Challenge: November 27 - December 3 - Team Competition, Copy Trading Competition, Battle of the Bots: December 4 - December 24 - Welcome Rewards: November 27 - December 24 #BinanceTournament
kunaldesai said:

๐Ÿฆ **Earn $200,000 at Binance: Verified Method** ๐Ÿฆ
#kunaldesai
๐Ÿ›‘ Don't miss the chance! Follow the steps in this post and earn free money.

Binance Futures brings an exciting opportunity with the Futures Grand Tournament, happening from November 27 to December 24, 2023. Engage in various activities and compete for a share of the dynamic $2 million USDT token voucher prize pool and exclusive rewards.

๐ŸŒ 1. Early Bird Challenge:
- Period: November 27 - December 3
- Tasks: Earn stars by completing tasks for a chance to claim rewards from a $35,000 USDT futures bonus voucher prize pool.
- Categories: Stars unlock rewards, with a maximum of 16 USDT futures bonus vouchers per participant.
- Claim Deadline: December 4, 23:59 (UTC)

๐ŸŒ 2. Team Competition:
- Period: December 4 - December 24
- Objective: Form or join teams, trade COIN-M or USDโ“ˆ-M contracts, and compete for a share of $1,250,000 USDT based on Team Daily PnL.
- Team Formation: Apply as a Team Leader, recruit members, and aim for a daily futures trading volume of at least 20,000 USDT equivalent.

๐ŸŒ 3. Copy Trading Competition:
- Objective: Become a Lead Trader or predict the top Lead Trader of the week.
- Reward Pool: $350,000 USDT.

๐ŸŒ 4. Battle of the Bots:
- Objective: Create a Futures Grid Trading Bot and climb the ROI leaderboard.
- Reward Pool: Up to $200,000 USDT.

๐Ÿ›ž Welcome Rewards:
- Period: November 27 - December 24
- Eligibility: New futures users can share up to $200,000 USDT and 1 BNB in rewards.

โœ๏ธ How to Participate:
1. Log in to your Binance Futures account.
2. Register for the tournament on the promotion page.
3. Comment ๐Ÿ‘ (like) symbol in the comment box on this post.
4. Ensure eligibility with a total futures trading volume of at least 500 USDT equivalent in 2023.

๐Ÿ“… Key Dates:
- Early Bird Challenge: November 27 - December 3
- Team Competition, Copy Trading Competition, Battle of the Bots: December 4 - December 24
- Welcome Rewards: November 27 - December 24

#BinanceTournament
In 260 Days, This Crypto Wallet Went From $1,007 To $1,558,504 8:13 AMใƒปDec 1, 2023 He was making $Millions on EVERY hyped Meme coin.. Let's explore how he skyrocketed so high. ๐Ÿ‘‡ In 260 Days, This Crypto Wallet Went From $1,007 To $1,636,932 2/โžฎ I proudly present to you the King of meme coin trading โ˜ฉ His story, along with one of the biggest profits, begins with $PEPE. โ˜ฉ Only thanks to this token, he turned into a crypto Millionaire. โ˜ฉ PnL: +$1,208,588.72 Pepe 3/โžฎ Recently, he uncovered a new Hyped coin $GROK. โ˜ฉ In under a month, his initial investment of just $14,564 rose to a jaw-dropping 6 figures. โ˜ฉ Profit and Loss: +$714,620.15 GROK 4/โžฎ Gig Brain used a profitable strategy of transferring one asset to another. โ˜ฉ After noticing that all the hype was leaving one coin & a new one appeared on the radar โ˜ฉ Without holding onto the past, he instantly traded the old token for the new one. IMAGE SOURCE: ZERION 5/โžฎ Whale also made HUGE profit on $UNIBOT. โ˜ฉ He bought the coin shortly after its launch for a small amount and simply held the position as it steadily grew. โ˜ฉ PnL: +$499,250.53 Unibot 6/โžฎ It seems that he pursued the goal of not missing a single ultra-profitable coin. โ˜ฉ Next triumph was on $HarryPotterObamaSonic10Inu. โ˜ฉ Smart wallet also clearly saw the token's immense potential in advance and undoubtedly invested in it. โ˜ฉ PnL: +$311,257.38 HarryPotterObamaSonic10Inu. 7/โžฎ Despite the fantastic success of this smart wallet โ˜ฉ Mindless copying of trades ALWAYS, ALWAYS leads to REKT โ˜ฉ Remember about DYOR 8/โžฎ Thousands of people are making millions of dollars of Crypto every day โ˜ฉ Simply following 1% club, you'll swiftly become a part of it. โ˜ฉ Stay with me, I will present every club member to you. โ˜ฉ His Address: 0x4fd0121c31fBBE3FFa6e8400dd26Bde7d54EDaB1
In 260 Days, This Crypto Wallet Went From $1,007 To $1,558,504
8:13 AMใƒปDec 1, 2023

He was making $Millions on EVERY hyped Meme coin..

Let's explore how he skyrocketed so high. ๐Ÿ‘‡

In 260 Days, This Crypto Wallet Went From $1,007 To $1,636,932
2/โžฎ I proudly present to you the King of meme coin trading

โ˜ฉ His story, along with one of the biggest profits, begins with $PEPE .

โ˜ฉ Only thanks to this token, he turned into a crypto Millionaire.

โ˜ฉ PnL: +$1,208,588.72

Pepe
3/โžฎ Recently, he uncovered a new Hyped coin $GROK.

โ˜ฉ In under a month, his initial investment of just $14,564 rose to a jaw-dropping 6 figures.

โ˜ฉ Profit and Loss: +$714,620.15

GROK
4/โžฎ Gig Brain used a profitable strategy of transferring one asset to another.

โ˜ฉ After noticing that all the hype was leaving one coin & a new one appeared on the radar

โ˜ฉ Without holding onto the past, he instantly traded the old token for the new one.

IMAGE SOURCE: ZERION
5/โžฎ Whale also made HUGE profit on $UNIBOT.

โ˜ฉ He bought the coin shortly after its launch for a small amount and simply held the position as it steadily grew.

โ˜ฉ PnL: +$499,250.53

Unibot
6/โžฎ It seems that he pursued the goal of not missing a single ultra-profitable coin.

โ˜ฉ Next triumph was on $HarryPotterObamaSonic10Inu.

โ˜ฉ Smart wallet also clearly saw the token's immense potential in advance and undoubtedly invested in it.

โ˜ฉ PnL: +$311,257.38

HarryPotterObamaSonic10Inu.
7/โžฎ Despite the fantastic success of this smart wallet

โ˜ฉ Mindless copying of trades ALWAYS, ALWAYS leads to REKT

โ˜ฉ Remember about DYOR

8/โžฎ Thousands of people are making millions of dollars of Crypto every day

โ˜ฉ Simply following 1% club, you'll swiftly become a part of it.

โ˜ฉ Stay with me, I will present every club
member to you.

โ˜ฉ His Address:
0x4fd0121c31fBBE3FFa6e8400dd26Bde7d54EDaB1
See original
I Kunaldesai once said that the bitcoin will be raising upto $100k and itโ€™s almost $70k now What do everyone think about what I said?? $BTC #Write2Earnโ€ฌ
I Kunaldesai once said that the bitcoin will be raising upto $100k and itโ€™s almost $70k now
What do everyone think about what I said??
$BTC
#Write2Earnโ€ฌ
Gm my pre-rich friends. 1 day closer to $100k+ BTC 1 day closer to altseason 1 day closer to life-changing gains 1 day closer to total freedom 1 day closer to some of you round-tripping their gains and calling it a scam. Good morning ๐Ÿ˜Ž #BullRun๐Ÿ‚ #BTC #BitEagleNews
Gm my pre-rich friends.

1 day closer to $100k+ BTC

1 day closer to altseason

1 day closer to life-changing gains

1 day closer to total freedom

1 day closer to some of you round-tripping their gains and calling it a scam.

Good morning ๐Ÿ˜Ž
#BullRun๐Ÿ‚ #BTC #BitEagleNews
binary expert trader
--
https://www.binance.com/en/feed/profile/peterbrandt?utm_campaign=app_share_link
Cryptocurrency trading platform Binance has made the decision to remove the Nigerian currency, the naira, from its peer-to-peer (P2P) service, prompting discontent and concern among Binance users in Nigeria. This development coincides with reports that two Binance executives have been detained in Nigeria, with their passports confiscated. The executives had traveled to Nigeria to address the countryโ€™s ban on crypto exchange websites. ๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡ FOLLOW FOR MORE #Write2Earn #Write2Earn #Write2Earnโ€ฌ $BNB $ETH $BTC
Cryptocurrency trading platform Binance has made the decision to remove the Nigerian currency, the naira, from its peer-to-peer (P2P) service, prompting discontent and concern among Binance users in Nigeria.
This development coincides with reports that two Binance executives have been detained in Nigeria, with their passports confiscated. The executives had traveled to Nigeria to address the countryโ€™s ban on crypto exchange websites.

๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡๐Ÿ‘‡
FOLLOW FOR MORE
#Write2Earn #Write2Earn #Write2Earnโ€ฌ
$BNB $ETH $BTC
Do you think #Bitcoin โ€ฏโ€ฏโ€ฏ can hit new all time high before halving ? NO YES ๐Ÿ‘‡ ๐Ÿ‘‡ Follow | Like โค๏ธ | Quote ๐Ÿ”„ | Comment #TrendingTopic #poll #Portal
Do you think #Bitcoin โ€ฏโ€ฏโ€ฏ can hit new
all time high before halving ?

NO YES
๐Ÿ‘‡ ๐Ÿ‘‡

Follow | Like โค๏ธ | Quote ๐Ÿ”„ | Comment
#TrendingTopic #poll #Portal
Yes
65%
No
22%
Not sure
13%
23 votes โ€ข Voting closed
Bitcoin yearly returns (2011 - 2023): โ–ช2011: 1,473%โœ… โ–ช2012: 186% โœ… โ–ช2013: 5,507%โœ… โ–ช2014: -58%. ๐Ÿ”ด โ–ช2015: 35%. โœ… โ–ช2016: 125% โœ… โ–ช2017: 1,331%โœ… โ–ช2018: -73% ๐Ÿ”ด โ–ช2019: 95% โœ… โ–ช2020: 301% โœ… โ–ช2021: 90% โœ… โ–ช2022: -81% ๐Ÿ”ด โ–ช2023: ___%? โœ… ๐Ÿ‘‡โฌ…๏ธโฌ…๏ธโ†™๏ธ #Bitcoinโ€ฆ #BTC #BinanceWish #BinanceChristmas๏ฟผ
Bitcoin yearly returns (2011 - 2023):

โ–ช2011: 1,473%โœ…
โ–ช2012: 186% โœ…
โ–ช2013: 5,507%โœ…
โ–ช2014: -58%. ๐Ÿ”ด
โ–ช2015: 35%. โœ…
โ–ช2016: 125% โœ…
โ–ช2017: 1,331%โœ…
โ–ช2018: -73% ๐Ÿ”ด
โ–ช2019: 95% โœ…
โ–ช2020: 301% โœ…
โ–ช2021: 90% โœ…
โ–ช2022: -81% ๐Ÿ”ด
โ–ช2023: ___%? โœ…

๐Ÿ‘‡โฌ…๏ธโฌ…๏ธโ†™๏ธ

#Bitcoinโ€ฆ #BTC #BinanceWish #BinanceChristmas๏ฟผ
Do successful traders share their strategy?๐Ÿ“Š
Do successful traders share their strategy?๐Ÿ“Š
๐Ÿšง Turn $10 into a Potential $280! ๐Ÿ’ธ ๐Ÿ‘‰ Deposit $10 Now, Get $280 in a Day ๐Ÿ‘‰ Hey Crypto Enthusiasts! ๐ŸŒ Exciting news! Start with just $1 and potentially earn up to $280! ๐Ÿš€โœจ Here's how: ๐Ÿ’ก *Deposit $10 - Begin your journey with a minimal $10 deposit into the platform. ๐Ÿ’ผ Explore Opportunities - Discover various earning possibilities, from staking to low-cap gems and more! ๐Ÿ“ˆ Multiply Your Investment - Explore high-potential investments and watch your $10 grow exponentially. ๐Ÿš€ Diversify Your Portfolio - Spread your earnings across different assets for a balanced and sustainable approach. ๐Ÿ”„ Reinvest and Compound Gains - Reinvest your profits to compound your earnings over time. ๐Ÿ‘ฅ Share Your Success - Join the community and share your success stories! Let's grow together. ๐ŸŒ Disclaimer: Remember, all investments carry risks. Only invest what you can afford to lose, and do your research before diving in. Ready to turn that $10 into something exciting? Start your journey now! ๐ŸŒŸ๐Ÿ’ธ #BTC #ETH
๐Ÿšง Turn $10 into a Potential $280! ๐Ÿ’ธ

๐Ÿ‘‰ Deposit $10 Now, Get $280 in a Day

๐Ÿ‘‰ Hey Crypto Enthusiasts! ๐ŸŒ

Exciting news! Start with just $1 and potentially earn up to $280! ๐Ÿš€โœจ Here's how:

๐Ÿ’ก *Deposit $10
- Begin your journey with a minimal $10 deposit into the platform.

๐Ÿ’ผ Explore Opportunities
- Discover various earning possibilities, from staking to low-cap gems and more!

๐Ÿ“ˆ Multiply Your Investment
- Explore high-potential investments and watch your $10 grow exponentially.

๐Ÿš€ Diversify Your Portfolio
- Spread your earnings across different assets for a balanced and sustainable approach.

๐Ÿ”„ Reinvest and Compound Gains
- Reinvest your profits to compound your earnings over time.

๐Ÿ‘ฅ Share Your Success
- Join the community and share your success stories! Let's grow together.

๐ŸŒ Disclaimer:
Remember, all investments carry risks. Only invest what you can afford to lose, and do your research before diving in.

Ready to turn that $10 into something exciting? Start your journey now! ๐ŸŒŸ๐Ÿ’ธ

#BTC #ETH
Don't Let This Golden Opportunity Slip Away! Unlock a Reward of $700 for Free - No Investment Needed! ๐Ÿ’ฐPrizes Awaiting: ๐Ÿฅ‡ 1st Winner: 500 USDT ๐Ÿฅˆ 2nd Winner: 200 USDT ๐Ÿš€ Immerse yourself in the holiday spirit for a chance to win $700 in USDT and exclusive Binance Swag prizes! ๐ŸŽ„ ๐ŸŽ Engage in the Cryptmas Emoji Challenge by deciphering the daily emoji code to unveil an English word phrase. ๐Ÿ’ฐ USDT Rewards: - Successfully decode 5 out of 7 to share in the $700 USDT prize pool! ๐Ÿค‘ - - Make your daily guess count, as only one attempt is allowed! ๐Ÿ‘• Binance Swag Giveaway: - Secure stylish Binance Swag prizes by having one of the top 5 posts with the most 'likes๐Ÿ‘' and the #CryptmasEmojiChallenge hashtag. Showcase your crypto fashion in 2023! ๐Ÿ“Œ How to Participate: 1. ๐Ÿ”„ Follow our account. 2. โค๏ธ Like and share this post. 3. ๐Ÿ—ฃ๏ธ Respond with your guess in the comments within the next 8 hours. ๐Ÿ† Uncover your rewards and share the crypto cheer! ๐ŸŽ‰ For terms and conditions visit binance activity page. Good luck ๐Ÿ€ ๐Ÿซ‚Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice. #BinanceTournament #sol #NFP #BinanceWish
Don't Let This Golden Opportunity Slip Away!

Unlock a Reward of $700 for Free - No Investment Needed!

๐Ÿ’ฐPrizes Awaiting:
๐Ÿฅ‡ 1st Winner: 500 USDT
๐Ÿฅˆ 2nd Winner: 200 USDT

๐Ÿš€ Immerse yourself in the holiday spirit for a chance to win $700 in USDT and exclusive Binance Swag prizes! ๐ŸŽ„

๐ŸŽ Engage in the Cryptmas Emoji Challenge by deciphering the daily emoji code to unveil an English word phrase.

๐Ÿ’ฐ USDT Rewards:
- Successfully decode 5 out of 7 to share in the $700 USDT prize pool! ๐Ÿค‘
-
- Make your daily guess count, as only one attempt is allowed!

๐Ÿ‘• Binance Swag Giveaway:
- Secure stylish Binance Swag prizes by having one of the top 5 posts with the most 'likes๐Ÿ‘' and the #CryptmasEmojiChallenge hashtag.

Showcase your crypto fashion in 2023!

๐Ÿ“Œ How to Participate:
1. ๐Ÿ”„ Follow our account.
2. โค๏ธ Like and share this post.
3. ๐Ÿ—ฃ๏ธ Respond with your guess in the comments within the next 8 hours.

๐Ÿ† Uncover your rewards and share the crypto cheer! ๐ŸŽ‰

For terms and conditions visit binance activity page. Good luck ๐Ÿ€

๐Ÿซ‚Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice.
#BinanceTournament #sol #NFP #BinanceWish
Trade $1 on Binance Convert and Win 500 USDT Daily ๐Ÿ˜ฑ ๐Ÿ”ด Don't miss the Mega Jackpot Opportunity! ๐Ÿ—“๏ธ Promotion Period: Dec 4, 2023, 00:00 (UTC) - Jan 3, 2024, 23:59 (UTC) ๐Ÿ’ต Rewards Pool: 20,000 USDT in token vouchers ๐Ÿ“ข How to Join: - Click [Register Now] on the activity page. - Convert a minimum of 1 USDT equivalent to any of Binance Convert's top-performing tokens. ๐ŸŽ„ Promotion A - Daily Rewards (500 USDT): - Convert to the next day's top-performing token. - Qualify for a daily rewards pool of 500 USDT in token vouchers. ๐ŸŽ„ Promotion B - Overall Rewards (4,500 USDT): - Make at least one trade on Binance Convert during the Promotion Period. - Eligible users ranked by days trading the next day's top-performing token. - Top user(s) share the 4,500 USDT token voucher rewards pool equally. ๐ŸŽ… Notes: - Trade on Binance Convert during the Promotion Period to qualify. - Only Market mode trades count toward rewards. - Excluded trades: Limit orders, API trades, and trades on old tokens with specific events. โœจ๏ธSeize the opportunity and trade for a chance to win exciting rewards! ๐Ÿซ‚Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice. #BinanceTournament #CryptmasEmojiChallenge
Trade $1 on Binance Convert and Win 500 USDT Daily ๐Ÿ˜ฑ

๐Ÿ”ด Don't miss the Mega Jackpot Opportunity!

๐Ÿ—“๏ธ Promotion Period: Dec 4, 2023, 00:00 (UTC) - Jan 3, 2024, 23:59 (UTC)

๐Ÿ’ต Rewards Pool: 20,000 USDT in token vouchers

๐Ÿ“ข How to Join:
- Click [Register Now] on the activity page.
- Convert a minimum of 1 USDT equivalent to any of Binance Convert's top-performing tokens.

๐ŸŽ„ Promotion A - Daily Rewards (500 USDT):
- Convert to the next day's top-performing token.
- Qualify for a daily rewards pool of 500 USDT in token vouchers.

๐ŸŽ„ Promotion B - Overall Rewards (4,500 USDT):
- Make at least one trade on Binance Convert during the Promotion Period.
- Eligible users ranked by days trading the next day's top-performing token.
- Top user(s) share the 4,500 USDT token voucher rewards pool equally.

๐ŸŽ… Notes:
- Trade on Binance Convert during the Promotion Period to qualify.
- Only Market mode trades count toward rewards.
- Excluded trades: Limit orders, API trades, and trades on old tokens with specific events.

โœจ๏ธSeize the opportunity and trade for a chance to win exciting rewards!

๐Ÿซ‚Remember: A lot of Hardwork goes into for providing you Best Investment Articles.Your Generous Tips would Empower our Mission and help us to work even Harder for you to give Best Investment Advice.
#BinanceTournament #CryptmasEmojiChallenge
SEC Will Likely Force Cash-Create Bitcoin ETFs: Hereโ€™s Why That Matters Itโ€™s nearly guaranteed that regulators will force Bitcoin (BTC) ETF applicants to adopt a โ€œcash-createโ€ model before launching their highly anticipated investment products, according to Bloomberg ETF analyst Eric Balchunas. The decision, if true, would have major implications for the cost of managing each fund โ€“ and by extension, the fees passed down to customers. In-Kind VS In-Cash Since last month, BlackRock and other applicants have held multiple meetings with the Securities and Exchange Commission (SEC) concerning their โ€œredemption modelโ€ โ€“ the process by which their ETF shares will be kept in tandem with the value of the fundโ€™s underlying BTC. Sponsors like BlackRock have pushed for an โ€˜In-Kindโ€™ redemption model, by which a registered intermediary transfers Bitcoin (BTC) to the ETF issuer whenever it must issue new fund shares to meet market demand. By contrast, the SEC seeks a cash-create model, which would require intermediaries to send an ETF issuer cash, which is then used to buy the BTC they need. The added step prevents intermediary broker-dealers from needing to personally handle real BTC, which is a no-no for the regulator. Yet thereโ€™s a cost. As explained by Balchunas in a Thursday post to X: โ€œCash creates are worse for taxes bc cash changes hands vs in-kind is simply trade and no cash exchanges hands. Thus, cash create only bitcoin ETFs are not ideal and screw up one major advantage of ETF structure.โ€ Early Capital Gains Tax By executing cash-to-BTC conversions on its own, ETF issuers would be subject to capital gains taxes whenever they need to sell their fundโ€™s BTC. According to fellow Bloomberg analyst James Seyffart, this could make ETF holders forced to recognize gains when they otherwise wouldnโ€™t have needed to yet. โ€œThis is how *all* Mutual Funds work because mutual funds operate on cash create and redeem,โ€ he elaborated. โ€œShould be more of an inconvenience. BTC 42982.87 +0.19% PEOPLE 0.01373 +3.16% #Bitcoin
SEC Will Likely Force Cash-Create Bitcoin ETFs: Hereโ€™s Why That Matters

Itโ€™s nearly guaranteed that regulators will force Bitcoin (BTC) ETF applicants to adopt a โ€œcash-createโ€ model before launching their highly anticipated investment products, according to Bloomberg ETF analyst Eric Balchunas.

The decision, if true, would have major implications for the cost of managing each fund โ€“ and by extension, the fees passed down to customers.

In-Kind VS In-Cash

Since last month, BlackRock and other applicants have held multiple meetings with the Securities and Exchange Commission (SEC) concerning their โ€œredemption modelโ€ โ€“ the process by which their ETF shares will be kept in tandem with the value of the fundโ€™s underlying BTC.

Sponsors like BlackRock have pushed for an โ€˜In-Kindโ€™ redemption model, by which a registered intermediary transfers Bitcoin (BTC) to the ETF issuer whenever it must issue new fund shares to meet market demand.

By contrast, the SEC seeks a cash-create model, which would require intermediaries to send an ETF issuer cash, which is then used to buy the BTC they need. The added step prevents intermediary broker-dealers from needing to personally handle real BTC, which is a no-no for the regulator.

Yet thereโ€™s a cost. As explained by Balchunas in a Thursday post to X:

โ€œCash creates are worse for taxes bc cash changes hands vs in-kind is simply trade and no cash exchanges hands. Thus, cash create only bitcoin ETFs are not ideal and screw up one major advantage of ETF structure.โ€

Early Capital Gains Tax

By executing cash-to-BTC conversions on its own, ETF issuers would be subject to capital gains taxes whenever they need to sell their fundโ€™s BTC.

According to fellow Bloomberg analyst James Seyffart, this could make ETF holders forced to recognize gains when they otherwise wouldnโ€™t have needed to yet.

โ€œThis is how *all* Mutual Funds work because mutual funds operate on cash create and redeem,โ€ he elaborated. โ€œShould be more of an inconvenience.
BTC
42982.87
+0.19%
PEOPLE
0.01373
+3.16%
#Bitcoin
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