THELOGICALINDIAN - The acutely neverending Bitcoin ETF adventure has connected with a contempo authoritative development afresh sparking altercation aural the cryptosphere
The Bitcoin ETF Debacle Continues
As appear by NewsBTC, on August 22nd, the SEC came out to affair orders of abnegation for nine ETF proposals from ProShares, Direxion, and GraniteShares. Elaborating on the acumen abaft the verdict, three 26-page SEC abstracts brought absorption to the authoritative body’s fears of manipulation, acquainted that Bitcoin markets abridgement “significant size.” Following this verdict, CNBC “Fast Money,” which has become near-notorious for its advantage of the crypto markets, did its best to counterbalance in on the accepted accompaniment of crypto-backed ETFs.
With the SEC reviewing its decisions on #bitcoin ETFs, @BKBrianKelly break bottomward back the #crypto funds could assuredly appear to market. pic.twitter.com/LQtj2BQisE
— CNBC's Fast Money (@CNBCFastMoney) August 23, 2018
Opening the episode’s crypto segment, Brian Kelly, CNBC’s “crypto baller” and CEO of BKCM, categorical the ETF bearings as it stands. Firstly, Kelly acclaimed that these rejections were expected, abacus that February 2024 will acceptable be back the SEC will aboriginal affirm an ETF application. The BKCM CEO went on to busy on his acumen for this date, explaining:
“February 2024 will acceptable be the ancient that we can get it. Why do I say that? Bob aloof mentioned that the VanEck decision is activity to appear at the end of September, (but) they absolutely accept until February. So I would apprehend in September, (that) the SEC will advance it off.”
Oddly enough, the analyst’s alarm for an ETF by2019 has mirrored what Bitcoin backer Charlie Shrem said at San Francisco’s MoneyShow conference. While on stage, Shrem stated:
“We’re not accessible for an ETF today, (the) bazaar is too manipulatable. But we will see one in 2024”
Taking these statements into account, it’s axiomatic that abounding industry leaders accept not accustomed the actuality that this beginning bazaar isn’t accessible to booty on a fully-fledged ETF. Secondly, Kelly acicular out that above-mentioned to an closing ETF acceptance, it will be capital for the SEC to acquisition a way to accurately analysis the market, which will advice to abate the accident of bazaar abetment and trading fraud.
Last but not least, CNBC’s centralized crypto analyst added that the Bitcoin futures bazaar will charge to mature, as the SEC has yet to put its abounding assurance into the crypto futures subindustry. While this account sounds like futures accept garnered close-to-zero support, Kelly appear that this is far from the case, as the CME-backed Bitcoin futures accept apparent an 85% access in accessible absorption positions. And if this trend continues, the analyst expects for the Bitcoin futures bazaar to be “robust” by the time February rolls around.
This factor, accompanying with the addition of the ICE-backed Bakkt belvedere and around-the-clock abutment from bequest bazaar insiders, like SEC Commissioner Hester Pierce, may accomplish a Bitcoin ETF abundant added than a possibility.
Speaking of SEC Commissioner Hester Pierce, who has been dubbed ‘CryptoMom’ by some, she afresh took to Twitter to advertise that the SEC would be reviewing its decision to abjure the above ETF proposals. Although Kelly did not see this as an absolute assurance of an actual ETF acceptance, he acclaimed that this is a assurance of such an advance agent cartoon anytime closer.
Closing off the segment, the alleged “crypto baller” and Bitcoin permabull remained as bullish as ever, stating:
“If you attending at area the appeal for this artefact is advancing from, it’s from the retail investor. Institutional investors are animadversion on my door, but they haven’t pulled the activate yet. But, the retail broker has already said that they appetite to buy this… and there’s about $50 abundance of assets beneath administration (AUM)… It would alone booty a baby allocation of that to go into a Bitcoin ETF, that could atom a nice assemblage in Bitcoin.”
