Closing the BTC Signal After the Surge to $49,000 on the First Day of ETF Trading
Yesterday the Securities and Exchange Commission (SEC) approved the Bitcoin ETF, which was widely anticipated. It was a 22 page document published on the SEC webpage, which went down for some time after this, as many people flocked their website to look it up for themselves, since the day before there was a hack of SEC’s Twitter/X page which posted a false announcement for the BTC ETF approval.
SEC BTC ETF Approval Document
“IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Exchange Act,87 that the Proposals (SR-NYSEARCA-2021-90; SR-NYSEARCA-2023-44; SR-NYSEARCA2023-58; SR-NASDAQ-2023-016; SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SRCboeBZX-2023-038; SR-CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023- 044; SR-CboeBZX-2023-072) be, and hereby are, approved on an accelerated basis”
The biggest surprise was that Bitcoin did nothing following the approval of 11 spot ETFs. However, all the drama unfolded in the days leading to the approval. The ETF started trading today though and although the market isn’t exactly booming, we are seeing some decent price action, with BTC surging to $49,000 earlier, but retreating back below $46,000 in the next couple of hours.
The buyers had their moment, with the price increasing around 7% on the first day of trading. However, we will be looking at how much money flows into each of the Bitcoin ETFs and how much remains in the Grayscale GBTC Trust now that it has been converted into a real ETF.
Bitcoin BTC Live Chart
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