Bitcoin ETF: BlackRock, Hashdex and Pando Asset Updates Spot Bitcoin ETF Filings

We are just days from the tentative approval of the first spot Bitcoin ETF in the US market, as top players like BlackRock and others have been making all efforts to meet SEC requirements. In the latest, BlackRock, Hashdex, and Pando submitted their revised S1 filings to the U.S. SEC after constructive talks between the parties to make required changes.

Bitcoin ETF updated S1 Filings

BlackRock, Hashdex, and Pando Asset have filed updated S-1 filings, as reported by Bloomberg analyst James Seyffart. BlackRock has proposed a $10 million seed funding injection for its spot Bitcoin exchange-traded fund (ETF) scheduled for January 3. While the funding does not assure an instantaneous launch, it signals the ETF’s potential readiness for launch in the coming days.

The world’s largest asset manager BlackRock is planning for a $3 million seed funding next week, for its Bitcoin ETF. Michael Saylor, co-founder of MicroStrategy Inc., anticipates that the approval of the spot Bitcoin ETF, expected around January 10, could trigger a “demand shock” in the market. Saylor emphasized that the endorsement of spot ETFs would serve as a significant catalyst, addressing the current absence of a “high bandwidth, compliant” investment channel for crypto investors.

In a contrarian view, BitMEX founder Arthur Hayes issues a caution to the crypto community, expressing concerns about the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Hayes warns that if traditional finance (TradFi) asset managers, notably BlackRock, achieve excessive success with spot Bitcoin ETFs, it could lead to the complete destruction of Bitcoin.

Key BTC Indicators to Watch

The Bitcoin price has been flirting around $43,500 over the anticipation of Bitcoin ETF arrival. Analysts like Michael van de Poppe expect that the Bitcoin price rally can continue up to $50,000 amid optimism surrounding the Bitcoin ETF approval, however, he expects the rally to peak in January 2024.

According to crypto analyst Ali Martinez, as the price of Bitcoin rises, there is a noticeable decline in the Estimated Leverage Ratio. This trend indicates that traders are actively reducing their leverage risk, signaling a more cautious approach in the cryptocurrency market, despite the upward movement in Bitcoin’s price.