- In a recent update, Bloomberg analyst James Seyffart revealed that BlackRock has filed a regulated and revised S-1 for its Bitcoin
exchange-traded fund (ETF). - The asset management giant announced plans to allocate a $10 million seed fund for the spot Bitcoin ETF on January 3.
- Bitcoin whale wallets returned to accumulation earlier this week. On-chain data indicates that Bitcoin whales returned to the market on December 20, 2023.
Bloomberg analyst James Seyffart uncovered a crucial detail in the recent update of BlackRock’s spot Bitcoin ETF filing.
Details from BlackRock’s Spot ETF Update
In a recent update, Bloomberg analyst James Seyffart revealed that BlackRock has filed a regulated and revised S-1 for its Bitcoin exchange-traded fund (ETF). This move indicates BlackRock’s ongoing engagement with regulatory issues for the potential approval of its Bitcoin ETF.
According to Bloomberg analyst James Seyffart, BlackRock has filed regulated S-1 applications along with Hashdex and Pando Asset. The asset management giant announced plans to allocate a $10 million seed fund for the spot Bitcoin ETF on January 3. While this fund injection does not guarantee an immediate launch, it suggests the possibility of the ETF being launched in the near future.
Pre-launch funding for a financial product demonstrates pre-launch confidence among applicants. Alongside BlackRock, VancEck is also working on seeding its ETF product. Currently, market analysts expect the approval of spot Bitcoin ETFs by January 10. However, Bloomberg analyst Seyffart had previously suggested that approval could come earlier, possibly within the next week.
On the other hand, Bitcoin whale wallets returned to accumulation earlier this week. On-chain data indicates that Bitcoin whales returned to the market on December 20, 2023, and this catalyst could trigger BTC’s rise to the $44,000 level. The data reveals that 22 whale wallets opened positions, ending the continuous decline observed in the number of Bitcoin wallets holding more than 100 BTC in the previous two weeks.
Institutions to Make a Strong Push
Leading players like Bitwise Asset Management have already begun marketing Bitcoin ETF products. The advertisement features actor Jonathan Goldsmith, known as the ‘Most Interesting Man in the World.’ In a short 15-second clip, the 85-year-old Goldsmith also draws attention to Bitcoin, asking, ‘What is interesting these days?’
Popular Bitcoin supporter Anthony Pompliano predicts that the approval of a Bitcoin spot ETF will trigger the most extensive marketing campaign in financial history. He anticipates that institutions will invest millions of dollars in promotional efforts, especially towards Bitcoin.
Source: https://en.coinotag.com/blackrock-highlights-critical-detail-in-latest-spot-bitcoin-etf-update/