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Eric Balchunas thinks that the revised filings indicate a 75% chance of a spot Bitcoin ETF being approved by the end of the year.On October 11, Ark Invest, an investment management company, made changes to its application for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). This update aligns with the efforts of various major financial firms to meet the SEC’s requirements for their filings.
Ark Invest’s Spot Bitcoin ETF Filing Update
This development is a step closer to the eventual approval of a spot Bitcoin ETF. Eric Balchunas, a senior ETF strategist at Bloomberg, was one of the first to report on this. ARK has recently made updates to its spot Bitcoin ETF prospectus, which might address the questions and feedback the SEC provided to issuers a few weeks ago about their S-1 filings.

One of the notable changes in the updated prospectus relates to how they calculate the Net Asset Value (NAV). The new prospectus explains that the NAV calculation is different from Generally Accepted Accounting Principles (GAAP), which addresses a concern the SEC had raised earlier.
There’s also an update stating that the Trust’s assets are held in separate accounts (wallets) on the Bitcoin blockchain when they’re with the Custodian. This setup ensures that the assets are separate from other corporate or customer assets.
The rest of the S-1 form contains a lot of other information, indicating that ARK has comprehensively addressed the SEC’s comments. With all these issues resolved, the final decision on approval now rests with the SEC.
Last week, Eric Balchunas mentioned that given the SEC’s extensive communication with spot Bitcoin issuers regarding their applications, it’s unlikely they’ll reject them. He estimates there’s a 75% chance that they’ll approve them by the end of the year.
Bitcoin Price Movement Ahead
Bitcoin investors are eagerly awaiting the SEC’s approval of a spot Bitcoin ETF, which could inject new liquidity into the market. Factors like current macroeconomic events and expectations of a Fed rate hike by the end of the year have pushed Bitcoin’s price below $27,000. However, just two weeks ago, the SEC postponed its decision on applications from BlackRock, Bitwise, and others.
The updated Bitcoin ETF filing from Ark Invest suggests that there’s positive communication happening between the regulator and major financial firms. This has boosted the confidence of these applicants in bringing their products to the market.
With all these developments regarding a Bitcoin ETF, some analysts believe it’s a good opportunity for long-term investors to start buying Bitcoin from this point onward.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoMarket #Bitcoin #CryptoNews #ArkInvest #BitcoinETF

#Write2Earn Bitcoin surpasses the $50,000 threshold as search interest diverges, indicating a potential new era for the #cryptocurreny 's market dynamicsSubdued curiosity Potential pressure points #BTC has surged past the $50,000 mark, a price point that has historically been both a psychological and financial milestone for the digital currency. This breakthrough comes amidst a period where relative Google search volumes for Bitcoin are at an all-time low. This indicates a divergence in public interest versus the asset's financial performance. This pattern is being hailed by some analysts as the dawn of a "new era" for Bitcoin, indicating a possible shift in the factors driving the cryptocurrency's valuation.Subdued curiosity Cryptocurrency analyst Yassine Elmandjra of #ArkInvest took to X, noting the curious juxtaposition of Bitcoin hitting $50k while its Google search volumes relative to its price are at record lows. A detailed examination of the provided chart reveals that historically, spikes in Google searches have often coincided with sharp increases in Bitcoin's price, as seen during the frenzied bull runs of late 2017 and early 2021. However, the current landscape is markedly different. Despite Bitcoin's price ascent, the relative search volume remains subdued, suggesting that the current price momentum is not being driven by retail hype or broad speculative interest as seen in previous cycles. This decoupling could signify a maturation of the market, where institutional investments and utility-driven adoption begin to take precedence over retail speculation.Potential pressure points According to on-chain data analytics firm Lookonchain, approximately 375,000 addresses purchased about 119.48K $BTC (valued at $6 billion) at an average price of $50,227.81. These positions are currently at a loss, with the potential to create selling pressure should Bitcoin's price return to these levels. This data offers a cautionary perspective, as these "underwater" positions represent a significant volume of Bitcoin that could be sold off as investors look to break even, potentially capping future price gains or contributing to increased volatility.#TrendingTopic

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Cathie Wood’s company, Ark Invest, has made changes to its investments due to Bitcoin’s big jump in value. Even though a court ruled in favor of Grayscale in the Grayscale-SEC lawsuit about Bitcoin ETFs, which helped boost Bitcoin’s price, Ark Invest still sold shares of Coinbase and the Grayscale Bitcoin Trust.Ark Invest Sells Coinbase and Grayscale, Buys Robinhood and Moderna Shares
Ark Invest, led by Cathie Wood, made some notable moves in their portfolio. They sold over 42,000 Coinbase shares, valued at $3.3 million, and more than 100,000 Grayscale Bitcoin Trust shares worth $2.5 million. Despite these sales, Ark Invest is optimistic about Bitcoin’s future, with hopes of it reaching $1.48 million by the end of the decade, especially if spot Bitcoin ETFs are approved.
Additionally, they acquired nearly 260,000 shares of Robinhood, reinforcing their position as the second-largest institutional holder of Robinhood stock. They also bought shares of Moderna while selling some NVIDIA shares. This update also touches on Ark Invest’s history with NVIDIA and makes comparisons to investment strategies of firms like Apple and Tesla.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #ArkInvest #Grayscale