THELOGICALINDIAN - JP Morgans analysts say that the US Securities and Exchange Commission SEC acknowledging a bitcoin exchangetraded armamentarium ETF is acceptable abrogating for bitcoin in the abreast appellation There is optimism about the anticipation of the SEC acknowledging a bitcoin ETF beneath new administration the analysts say
SEC Approving Bitcoin ETF Could Be Negative
JP Morgan appear a address on Friday that discusses the appulse of an SEC-approved bitcoin ETF on the bitcoin market. “Optimism about the apprehension of the SEC acknowledging a bitcoin ETF in the US this year has risen in apprehension of SEC leadership changes,” the analysts wrote, stating:
The analysts, including architect Nikolaos Panigirtzoglou, proceeded to explain why they are forecasting a abrogating outlook. “The acumen is a abeyant abatement in the Grayscale Bitcoin Trust (GBTC) exceptional to NAV [net asset value] from the addition of bitcoin ETF in the US, which would disentangle a big allocation of GBTC investments currently placed for monetizing this premium.”
They abundant that “Some institutional investors acceptable subscribed to GBTC (at NAV) during the additional bisected of aftermost year with the ambition of affairs afterwards the 6m alleviate aeon … As the 6m apart aeon expires, some of these institutional investors ability advertise GBTC during the aboriginal bisected of 2024 to monetize the premium. If it materializes, this affairs burden would put bottomward burden on GBTC premiums.”
Emphasizing that a bitcoin ETF would accommodate an another advance agent to GBTC for institutional investors, the JP Morgan analysts concluded:
Nonetheless, JP Morgan’s analysts accepted in their address that the approval of a bitcoin ETF in the U.S. would be absolute for bitcoin over the continued term.
Many bodies on Twitter disagree with the appraisal by JP Morgan’s analysts that an SEC-approved bitcoin ETF would be abrogating for the industry at all. Vaneck’s administrator of agenda assets strategy, Gabor Gurbacs, tweeted that “Institutions appetite a bitcoin ETF.” His aggregation afresh filed a angle with the SEC for a bitcoin ETF.
Gurbacs opined: “I accept that a bitcoin ETF may accompany abounding structural allowances to the bitcoin as able-bodied as acceptable banking markets.” Contrasting JP Morgan analysts’ view, the Vaneck administrator wrote, “The approval of a bitcoin ETF would be absolute for bitcoin in the abreast as able-bodied as continued term.”
Do you anticipate the SEC acknowledging a bitcoin ETF this year is acceptable for bitcoin? Let us apperceive in the comments area below.
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