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Entering the finale — crypto braces for Bitcoin ETF approval in two days

Jan. 8, 2024

Leading asset managers are jockeying to offer the lowest fees on proposed spot Bitcoin ETFs in filings with the SEC. BlackRock, Ark Invest, VanEck, and Bitwise have put forth competitive rates, while Grayscale’s higher 1.5% charge stands out. This frenzy to undercut each other signals confidence approval is imminent. However, SEC Chair Gary Gensler issued a warning on crypto investments that lack protections and are “replete with fraud.” His remarks cast doubt, just as hopeful issuers submitted amendments.

In other news, the long-dormant Bitcoin wallet associated with mysterious creator Satoshi Nakamoto suddenly received over $1 million worth of BTC. Speculation flew that the unusual transfer could be connected to the impending ETF decision. However, theories about the crypto pioneers’ identity or involvement remain highly speculative. Still, the return of such an iconic wallet has sparked excitement as the industry awaits the SEC’s ruling.

With fees falling, criticism swirling, and Satoshi stirring, tensions are high leading up to the critical January 10th ETF deadline. While optimism justifiably runs high, uncertainty persists with regulators able to deny or defer decisions. Gensler’s comments clearly show that risks remain either way. But the locks are off Pandora’s box – these coming days will define Bitcoin’s mainstream investment status for years.

Today’s Newsletter

BlackRock, ARK Invest, and Bitwise compete to offer low-cost access to Bitcoin
Gary Gensler issues warning on crypto ahead of potential spot Bitcoin ETF approval
Satoshi’s wallet receives $1 million in Bitcoin as ETF approval nears

Markets

Ticker

24hr

Bitcoin

8.3%

3.6%

Ethereum

– 6%

– 2.9%

L1s

6.1%

2.5%

L2s

4.7%

– 12.5%

DeFi

4.2%

– 6.2%

Fear & Greed Index

Greed (76)

Greed (71)

Data powered by CoinGecko.

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Top Stories

BITCOIN

BlackRock, ARK Invest, and Bitwise compete to offer low-cost access to Bitcoin

Top asset managers are battling to offer the most competitive fee structures on proposed Bitcoin ETFs in filings with the SEC. BlackRock, Ark Invest, VanEck, and Bitwise have put forth rates between 0-0.25%, with promotional waivers or tapering models. More expensive outliers include Grayscale’s 1.5% charge. This race to undercut each other signals issuers are confident approval is imminent and aims to attract the most investment inflows.

However, while amendment activity and falling fees suggest smooth sailing, SEC Chair Gary Gensler muddied the waters with a thread warning crypto investments can deprive investors of protections, be “exceptionally risky,” and that the space still abounds with fraud. His sharp critique casts some doubt just as hopeful ETF issuers submitted updates. Yet whether saber-rattling or sincere concern, regulators still have discretion to approve or deny Bitcoin ETF applications by January 10th. [cryptobriefing]

BITCOIN

Gary Gensler issues warning on crypto ahead of potential spot Bitcoin ETF approval

SEC Chair Gary Gensler posted a warning about the risks of crypto investments on Twitter just hours before the deadline for spot Bitcoin ETF applicants to file amendments. In his social media thread, Gensler stated that crypto offerings often do not comply with laws, can deprive investors of key protections, and are prone to volatility, fraud, and scams. Gensler advised investors that promoters frequently disappear with money amid bogus coin deals and Ponzi schemes.

The remarks seemed intended to temper high hopes around the pending ETF decision deadline on January 10th. While applications are now fully updated, the SEC retains full discretion to deny or defer any approvals. Gensler’s comments clearly signal crypto’s risks, but his motives in posting remain unclear. [cointelegraph]

BITCOIN

Satoshi’s wallet receives $1 million in Bitcoin as ETF approval nears

The long-dormant Bitcoin wallet tied to mysterious creator Satoshi Nakamoto suddenly received over $1 million worth of BTC after lying untouched since 2011. Speculation exploded about why the iconic “genesis” address associated with Bitcoin’s founder(s) was reactivated. Some claim the transfer could be an effort to drum up interest around the imminent ETF decision or spark theories about Nakamoto’s identity.

While cryptic, the unexpected transaction has fueled excitement and chatter as the industry eagerly awaits the SEC’s ruling on several proposed Bitcoin ETFs. But any links to ETF hype or clues about Satoshi remain speculative. Still, the return of such a seminal wallet has sparked curiosity during a pivotal moment. [cryptobriefing]