Bitcoin Spot ETF Race Heats Up as Hashdex Resubmits Application; What Next? – Coinpedia Fintech News

  • Hashdex has re-entered the ETF arena with an updated bid for a Bitcoin futures ETF.

  • The SEC is streamlining the evaluation process for multiple ETF proposals.

  • Bitcoin’s value surged to $39,000 following remarks from Federal Reserve Chairman Jerome Powell.

In the frenzied competition for ETF supremacy, contenders are leaving no stone unturned, eagerly awaiting the nod from the regulatory giants. The allure of the billion-dollar industry has everyone on their toes as the clock ticks away on crucial deadlines.

Who will win in the end and who will get left behind?

Hashdex Rises Again

On the resubmission list, crypto heavyweight Hashdex has re-entered the ETF arena, presenting an updated bid for a Bitcoin futures ETF to the U.S. SEC. The twist? Tidal Financial Group now oversees the revised application, a result of the October merger of Teucrium Trust and Tidal Trust.

Countdown Begins!

Anticipation is high within the crypto community for the possible approval of spot Bitcoin ETFs. The spotlight intensifies with the SEC handling applications from financial giants Franklin Templeton and resilient Hashdex. The clock is ticking, with the deadline for comments on Hashdex’s filing on January 5. This sets the stage for a potential SEC endorsement, ushering in the era of spot Bitcoin ETFs between January 5-10, 2024.

Also Read: Bitcoin’s Tipping Point: How the Upcoming Halving and ETFs Could Reshape Crypto

ARK Invest in the Mix

In an interesting turn, the SEC is streamlining the evaluation process for multiple ETF proposals. ARK Invest, led by Cathie Wood, plans to submit its Bitcoin ETF application on January 10th, adding suspense to the narrative.

SEC discussions with BlackRock have been in the spotlight, focusing on the iShares spot Bitcoin ETF proposal. Recent meetings on Nov. 20 and Nov. 28 delved into in-kind and cash redemption models, explaining potential cryptocurrency or cash transactions within the ETF.

Analyst Insights and Speculations

ETF analyst James Seyffart from Bloomberg suggests the SEC might approve multiple spot Bitcoin ETF proposals in early January. Respondents have 21 days for feedback, followed by an extra two weeks for rebuttals, concluding in early January.

Finance lawyer Scott Johnsson supports SEC filings hinting at fund approvals around January 10.

Bitcoin Is On the Move 

In parallel, the cryptocurrency market witnessed a surge in Bitcoin’s value, hitting the $39,000 mark, sparked by remarks from Federal Reserve Chairman Jerome Powell signaling a pause on future rate hikes. Adding to the enthusiasm, reports from Matrixport hint at a promising trajectory, projecting Bitcoin’s value to potentially reach $60,000 before the next anticipated halving in April 2024. This surge led Bitcoin’s price to soar by 3% in the last 24 hours, trading at $38,744. 

Read More: Prepare for a Santa Claus Rally as Bitcoin Spot ETF Approval Looms

The increased trading volume indicates a heightened level of interest and engagement among traders.

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