BlackRock’s Potential Ethereum ETF, BTC Gains Ahead Key SEC Window

Name: FS Insight
Price range: $$$

Nov 9, 2023

BTC -4.73% ETH 0.93%

Market Update Bitcoin's ($BTC) price has increased 2.7% in the last day to $36.3k due to positive expectations that the SEC may soon approve a spot Bitcoin ETF, causing short sellers to cover their positions. Bloomberg analysts said the SEC's first window of opportunity to approve all spot Bitcoin ETF applications together, without waiting for public comments, starts today and ends on November 17th. There are also reports that the SEC has begun discussions with Grayscale about converting the Grayscale Bitcoin Trust (GBTC) into a spot ETF. The price rally has been amplified by over $122 million worth of Bitcoin short positions being liquidated in the last 24 hours. $ETH is outperforming, gaining 6.2% and crossing $2k after reports that BlackRock is preparing to file for an ETH spot ETF (more below). Equities are slightly higher today as investors await Chair Powell's appearance on a panel discussion at 2 p.m. ET today. According to analysts at Bloomberg, the SEC has an 8-day window from November 9th to November 17th where they could potentially approve all 12 pending spot Bitcoin ETF applications simultaneously. This window exists because November 8th was the end of the public comment period for several ETF applications. While the analysts emphasize that this simultaneous approv

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