Topic: ***BREAKING *** Bitcoin ETF is approved (Read 492 times)

lucky are those who still believe in the future of bitcoin and those who still hold on to it today, all the hard struggle of almost 10 years bitcoin exists and this is not the culmination of all goals, but i think there will be more surprises after this

essentially..
person A in a different market/company. is buying futures contracts where they want to buy bitcoin at X price in Y weeks. whereby at week Y deadline.. that coin for them 0.2 seconds are owned by person A. and is then sold. leaving person A with a profit or loss depending on what the price is then.
^ thats futures

the ETF is creating seperate contracts and letting person B buy these.. which the B contract pays person A at week Y. meaning person A never loses any fiat because the fiat risk is shifted to person B

person B never even gets the bitcoin for 0.2 seconds. he is just hedging, gambling person A's fiat

We have been waiting for this good news for a long time and finally, our long wait is over. After a long wait, it was approved. Maybe that's why the price of Bitcoin is rising so fast. Now many new investors will invest in this good news. I think this approval will go a long way in moving Bitcoin forward.

If I am not mistaken, this particular ETF will be using CME's bitcoin derivative as an underlying asset to calculate the price of the EFT. If that is true, no real value will be added in bitcoin market because no physical bitcoins will be transacted during the process and also no money will be pumped into the bitcoin market. This ETF is essentially a bug fraud of the banking system where they create money out of thin air.

Such ETFs can only bring positively into the market but not money!

True that. However looking at the involvement of huge number of investors after this news broke out, SEC might wanna think twice before they say no to the  approval. The SEC will see enormous communication after this because any listing company would want to showcase the instrument performance and as far as I read after ETF news bitcoin got a billion dollar trade volume in just 20 minutes of period. Also the drive continues for it. I assume this is the missing train guys who would be in que to buy further. Not sure how far this will go but with the sturdy news like this, bitcoin has got whole new milestone ahead. I imagine many billionaires and millionaires would start supporting bitcoin henceforth because they seeing a whole new era for it. Sooner or later SEC will jump in so that they can regularize it and keep an eye on who invests with the intention of laundering. lolz.

"fund does not invest directly in bitcoin"

..
translation..
its a FIAT ETF that gambles but never holds an asset that it pretends to be involved in its title

its in short like a gambling website offering 'shares' in fiat, of other peoples gambling slips.. based on horse racing without the website owning any horses, or race courses


a proper bitcoin ETF collateral trust has not yet been approved

So, for all the friends who replied saying 'It is still not approved' -- SEC usually just keeps quiet when they approve something. If dead line passes and SEC is silent, it means it is approved!.

Anyway ETF  IS NOW OFFICIALLY trading   

Source: https://edition.cnn.com/2021/10/19/investing/bitcoin-etf-proshares-bito/index.html

What would have happened if it's not approved? I mean will they withdraw those bitcoins they already invested or we will see another price decline again?

When they see this approved for the first time, then it would make sense for the price of bitcoins to reached another ATH.

If they see some positive impact with this news, they won't hesitate to push the price up to the newest record this year.

New update From SEC: 



Source: https://www.sec.gov/Archives/edgar/data/1174610/000168386321006060/f10047d1.htm

If you cast Bitcoin and Bitcoin ETFs aside then the future is going into the digital age.
It's pushed in a certain direction but who knows if there's going to be a plan for oneworld government, Banks already owns most of the power.

There was a documentary I posted somewhere but it was removed for being off topic so let me see if i can find it.

This is a futures ETF, so while it is a positive, it isn't a true ETF holding bitcoin.  Barring something crazy, it should start trading tomorrow, but a futures based ETF is more expensive and less positive than a true one.  This has been going on for 8 years - since 2013 - so it took them long enough to even get to this point.

So much for a free country.  In the US today, it is more regulated and taxed than many authoritarian's wildest dreams.

Is this still effective? I mean, yes, lots of people here expect ETF way back years ago, yet it didn't happened until people doesn't care anymore of every news regarding ETF. And there are lots of reasons why bitcoin still increasing despite of those ETF getting disapproved. Private companies and even government recognized/accepting bitcoin, proving that it's more important than what ETF could do. But I guess this still bring hype, and that's not bad at all.

since the day they talked about a possible bitcoin ETF approval the price has risen in a very scary way, so scary that it's hard to predict what would happen if any bitcoin ETF were not approved, and people from what I can see are very confident that approval is something guaranteed, but they forget that they are dealing with the SEC that has already postponed and rejected bitcoin ETF several times

Yes to above comment,,, I wish somehow we can also upvote the reply that is the most relevant so we can see the most useful response and OP can even pin the update or something but anyway this forces us all to read the whole thing

It seems approval or not,,, people are confident something is finally going right for Bitcoin ETFs. But yes, the worry also is if it does not get approved then will it spell bad news for price?

Back in the days when the market was still bearish, we were easily affected with the "ETF news", and mostly it's negative news and that's the reason why the market is down, but this time when we are not expecting it anymore but it's approved already, so it's understandable that the market will pump and it must probably the reason why bitcoin has a bounce-back close to its ATH.

In terms of effect, it will have a long-term positive effect while the hype is normal today.

Yes and no. Many were probably misled, also "buy the rumor" probably works greatly, but overall I was surprised by this topic. If this (Bitcoin ETF approved) would have been for real, the media and twitter would have had many many more news on this.

Since I am just drinking my coffee, I didn't even try to read what the paper tells, instead I've scrolled down to see what a few Legendary members tell about it. And your other post, which I've merited, tells simply and clearly the story. My only regret is that the forum doesn't rearrange the replies and makes that one the first to save people from reading/scrolling too much 

The impact hasn't even been felt yet. I believe it's this news that will expectedly drive price to the projected $100,000 new ATH this current bull season. Fundamentals drive technical analysis and I've that feeling this could be it. Again, about China; more people aren't taking them serious anymore on whatever ban they come up this day. China is going to be the big loser in this Bitcoin story. She's shooting herself in the foot.

I guess they saw through this that without the ETF Bitcoin will soar to great height and that's why they're now throwing their weight behind Bitcoin.

OP,do you even read the posts above yours or do you want to just boost your post count?
The ETF wasn't approved and even if it gets approved,the ETF cannot eliminate volatility completely.
Bitcoin will remain volatile forever,perhaps mass adoption could lower the price volatility,but no ETF or other financial derivatives will help for lowering price volatility.It's actually quite the opposite.Such financial instruments exist because of the price volatility of an asset.
I assume that 90% of the Bitcoiners still don't understand what an ETF actually means that how it is used by the investors.
Anyway,an ETF being approved won't be the bullish news that will pump the Bitcoin price to 100K USD.

People should not be too optimistic about anything being approved by the SEC, because we know what happened with the previous applicants in the past. https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html

There are always a big hype before these announcements and the market react positively and then the SEC come in and spoil the party. In any way, if it gets approved... the market will spike for a short while and it will drop back to $50 000+ and stabilize there. 

Agreed, as antagonistic it may sound. I hope I am wrong on this, however, this might be the market doing a move similar to buy the rumor, sell the news. Also, I asked this but no one answers, will Gary Gensler approve an ETF for bitcoin if we base the decision on his latest comments on the cryptospace?

Right, many jump on the bandwagon again, pushing it to almost to $63k.

But the market has settled this weekend, it's down to $60k++, so probably the news about it getting approved is already price in. Nevertheless, there's a lot in line this October, whether rejected or not, I think the price will remain above $60k for some time. Until there is another good news to bolster the market again.

And that's the "problem" for me. It's not actually greenlighted, but I believe everyone and their trading mom is pricing it in, the eventual go ahead shouldn't really do much. Unless the SEC itself makes a big deal out of it or provide commentary on why they approved it and actually said something nice about Bitcoin (but that's just my non-technical reasoning).

Not so many hours left to a possible decision.

It has not been approved by the SEC as other have mentioned. This is only Nasdaq’s public announcement that they are ready to list. These are the real dates for the approval or rejection.



Wait for Sunday if it pumps, if it does not pump and appears to he waiting for news, I speculate there will be sell on news dump.

Also, from Gary Gensler’s latest statements on bitcoin and the cryptospace, would anyone say that there will be an approval for an ETF?

After so many years of trying, it was finally approved. This is indeed a good news and of adoption everyone is waiting for but nobody is actually actually talking about the base side of ETF. We all know real btc trade 24 hours a day and 7 days a week continuesly but ETF trade only Monday to Friday, this will continue to open gap during the weekends and even eliminate volatility completely.

We will slowly see more and more ETFs in the Crypto space. Most will start trading companies investing in BTC and mining BTC (i.e. avoid direct exposure to get around regulation issues).

This is happening in Australia with Betashares launching their CRYPT ETF (https://www.betashares.com.au/news/betashares-crypto-innovators-etf-cryp-coming-soon-to-the-asx/).

Once there is direct exposure to BTC we will see a significant price jump as industry funds can begin to get involved.

ETF companies are seeing the interest and money to be made. Every ETF survey I've been sent over the past 12 months has asked about my interesting in investing in a range of new "trends" e.g. Ethical investing, etc. Crypto Currency has always been listed.

Personally I prefer to hold directly as there's no fees (bar purchase) but I can see why there is a need for ETFs in the crypto space.

Remember - we're still early in the adoption phase!

its not approved. the nasdaq just confirming they received an application. and WHEN aprroved they will list it.

i can personally create a whole new financial tool requiring like 5 years of SEC debate and to-and-through. yet i can get a nasdaq listing offer in weeks. it means nothing by itself

meaning there will be no listing on the 18th(monday first business day after the letter)

its just a letter saying they WANT to hurry up the approval process,
NOT a letter saying the approval process has been accellorated
NOT a letter saying the approval is confirmed

calm down guys.

..
once a ETF is actually approved. the excitement will not be in that first company. but on a fact that there is a template that other companies can copy to get their own companies approved by following the leaders policies. then you will see hundreds of ETF get default approved in fast succession

but that time is not now. the company named in the letter has not been approved by the SEC. and no information has been shown to say when/if they will be successful.

these letters are not confirming the ETF is approved. instead its like a notice of intention or a notice that the business is more then just vapourware. businesses use these letter not to start running the business but just to show off to investors that something is coming. basically its a way to sway investors to start handing them money before the business even begins

It won't stablize the market volatility too much if there is no thresholds for upper and lower bands of price intra-day. If there is no circuit break for crypto market, Bitcoin ETF can not stabilize the market.

If you look back at what happened in the market in March 2020, with the announcement of WHO about the pandemic, all the market on Earth crashed too the hell. Do we have Gold ETFs, so how did the price of Gold perform back in 2020? At some points, crude oil even was traded with negative price.

• On April 20, 2020, the front-month May 2020 WTI crude contract dropped 306%, or $55.90, for the session, to settle at negative $37.63 a barrel on the New York Mercantile Exchange.

seems like correct as we are nearing 63k to break and any moment another ATH will come .
but what i found odd is the timing . why all of a sudden the approval happens when China's acting very aggressive towards bitcoin?
is there any connection behind those?
hope this is correct and valid .

Breaking. ETF green light is already priced in.

Not to be a wet blanket but OP proves that the market is already reacting or has already executed all the actions as if the ETF is active and go. So when it eventually does (we're all in agreement right?) trade, most of that good feeling and sentiment would have been set in. Not that this won't be the trigger to many more new ATHs!

Yea, lots of people have definitely been mislead with these kinds of headlines on social media, and it definitely helped the upward price pressure. But to be fair, apparently the chances of the futures ETF being approved is really high.

+1. I also saw this,  so probably this is one of the reason of recent pumps on Bitcoin, about ETF.
But this thing OP posted, it seems may some people misunderstand it. As I understand about this is, only NASDAQ approved it for now.

Overall it's good for me, I don't find any bearish as if it is expected to happen. But even SEC will not approve this, I believe the reaction of it in the market will be normal as we  experienced these past few years.

Finally, what we were waiting for a long time ago was approved. Maybe this is why bitcoin directly jumps and breaks to $61k and is stable at this price. I am sure this can positively give the investors and make them the confidence to invest in bitcoin. So we can expect to see the next ATH from this month or the rest 3 months of this year and if that can happen, it will open many people's eyes out there who do not believe that bitcoin has its value and will be good for their investment.

The main reason for the ongoing Bitcoin uptrend is the anticipation of the ETF approval. We are still waiting for the final clearance from the SEC though and we have to notice that under the new SEC chief seems to me that the agency is adopting a more concerned and less friendly look at cryptocurrency and its related businesses. Now, some may remember how the Bitcoin futures instead pushed back the price of Bitcoin below so I am really hoping that this will not be the case with ETF.

Wait what? The SEC haven't approved lol. It literally says in the paper: "have been approved by the Exchange for listing and registration upon official notice of issuance."

It just says that they had the go signal from Nasdaq for listing, but they'll still be waiting for the decision from the SEC.

It's definitely going to attract investors, it's been too long for the ETF to be approved though it's always better to be late than never, a lot of people are likely to invest now that Bitcoin ETF is approved, because of this news, I'm also expecting that the bull run will definitely continue at least until October ends.

I really hope so as a fellow Bitcoin holder but the real effect of ETF IMHO is to stabilized the volatility of crypto market due to the increased of liquidity in Bitcoin coming from ETF money, The only thing that will drive the price up in an incredible rate is speculation that already happened before the approval. I was expecting the approval to be on December as they delayed the ruling on SEC previous announcement. I don't know why SEC approved it for a short notice. People don't have time to speculate more.

It will officially start next week, so expect that this bull run will continue up to $63k or even a new all time high.

Yes, I know that this is long overdue and people might say that we don't need this. But at least with this stamp of approval coming from SEC, I'm sure BTC will gain more traction to more whales and institutions. So I would say that this is very welcoming news to the crypto market in general. A good sign indeed, and very positive in the long term.

Well, The point is that certain institutions that cannot buy Bitcoin directly due to regulatory issues or have difficulty doing so, have it much easier with the Bitcoin ETF, which is expected to bring a wall of money to the Bitcoin market.

Although it is a futures ETF, but with this a pure Bitcoin-based ETF is closer. These is a previous small step.


We may not need it but we'll get there much faster.

Bloomberg posted an article about this. Although we may not need ETF to go up to $64K, the institutions are positive about it. They needed this ETF for it to be part of their portfolio asset.  There are many investment management fund management are positive for BTC ETF to be approved which I guess they are very right about it. If we have to cement BTC as a legal asset, BTC ETF would be good.

On that side of the story, we should be grateful for what Bitcoin has achieved right now. This could probably attract more upcoming investors as well as holders to keep their strong faith towards cryptocurrency.
Our community has been doing great, and I believed someday we will be experiencing more profitable gains that we never expected in our whole life. Let's keep going and don't ever give up with our determination to meet our goals.

Finally, after a long time of repeating and waiting SEC finally approved.

Look at the positive impact of this news despite of china's attempt to continue to release their FUD dogs. It's just right about time that this bull run might seems to make its own way to $70k before the end of the year. I think we needed more adoption before we get to see that $70k before the correction hits.

Anyway, I don't know if SEC saw something in Bitcoin but with or without them Bitcoin can stand alone with enough support of us people of course. It's just a bonus that they finally approved this after a long time of waiting.

True.

Way back then we're all optimistic about it but when we saw that bitcoin can stand alone and can rise even without these ETFs, we're not anticipating it anymore.

However since the market has pumped a lot today, maybe it's due to this approval.

I believe this is a Futures Backed ETF?

So can't see it becoming very popular - as will effectively have a 12-15% annual fee due to the cost of the futures rolls.
And if it gets to any size will hit the CME position limits (2000 contracts - 10k BTC - $600m).
https://www.cmegroup.com/market-regulation/position-limits.html

See:
https://bitcointalksearch.org/topic/why-would-anyone-buy-an-etf-that-yielded-btc-minus-12-per-year-5365787
for my logic for the 12%.

The markets seem to be reacting positively, its looking like we could have a nATH over
the weekend.

The "Bitcoin isnt backed by anything" brigade will definitely not be able to play
that card anymore.

The ETF is positive but its another Wall Street tool as far as I understand it will be FIAT
based or settled in FIAT not Bitcoin

The anticipation on the approval of bitcoin ETFs had long been gone for the community. 2 or 3 years back, people are pushing for bitcoin ETFs as they believed that this is to get bitcoin into the main stage of the world's economy. We don't need it now, as companies and governments themselves realized that bitcoin is really worth something, and that people are also looking to join the free market which bitcoin currently has. Bitcoin ETFs, in today's time, is like a gift that we prayed so hard that we received so late, after receiving something better. It's still a nice thing, but I don't think that its impact would be that big now.

Here we go! Finally bitcoin ETF is approved.  We still don't know what it will bring to Bitcoin, but we hope for the best.  

Finger crossed




Source: https://twitter.com/julianhosp/status/1449026319388495874