This Week on Unchained: Bitcoin ETFs Approved and Launched!
Don't miss this week's content!
Unless you’ve been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
The Chopping Block: Unraveling the SEC Hack, Futarchy, and Twitter Trolls
Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely to be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Opinion 🖊️
Why Spot Bitcoin ETFs Are (But Mostly Aren’t) a Big Deal for Crypto
by Laura Shin
Spot Bitcoin ETFs are launching to much fanfare. But the reason has little to do with the original cryptocurrency’s actual accomplishments, which is why in the long run, this day will be a minor footnote in Bitcoin history.
The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand
by David Z. Morris
Hacks and communication failures were the only appropriate ending to the regulators’ many years of wrongheaded misbehavior.
In Case You Missed It 👀
Here are some of the most important news of this week:
Spot Bitcoin ETFs Record $4.6 Billion First Day Trading Volume
Grayscale’s GBTC and iShares IBIT accounted for more than 70% of the $4.6 billion in volume recorded on the first day of trading.
Vanguard Isn’t Allowing Customers to Buy Spot Bitcoin ETFs
The global investment manager said the newly SEC-approved exchange-traded funds “don’t align” with its broader investment offerings.
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
The agency ended its longstanding objections to the product that is based primarily on the price of bitcoin. BTC prices did not move dramatically on the news.
What Officials, ETF Issuers, and Others Are Saying About the SEC’s Spot Bitcoin ETF Approvals
Within the U.S. Securities and Exchange Commission and outside of it, central players in the spot Bitcoin ETF approval process did not hold back their strong opinions for and against the agency’s order.
SEC’s X Account Compromised; Fake Tweet Announces Approval of Spot BTC ETFs
The fake announcement sent the price of Bitcoin down 2% within minutes.
USDC Stablecoin Issuer Circle Files to Go Public in US
The company previously attempted to go public in 2022 through a SPAC merger but that deal fell through.
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