BTC Price Jumps Past $47,000 As VanEck Seeds Its Bitcoin ETF With $72 Million
The world’s largest cryptocurrency Bitcoin (BTC) surged past $47,000 on Monday, as issuers such as BlackRock, Fidelity, and others updated their paperwork with the U.S. Securities and Exchange Commission (SEC).
VanEck Seeds its Bitcoin ETF With $72.5 Million
Those looking to issue spot Bitcoin Exchange-Traded Funds (ETFs) have revealed additional information about their initial funding through amended forms submitted early on Monday.
Leading the pack is investment firm VanEck, which has taken a decisive step by seeding its potential spot Bitcoin ETF with an initial investment of $72.5 million, as revealed in its amended S-1 form.
Bitwise, another contender in the race for a spot Bitcoin ETF, has disclosed seeding its proposed ETF with an initial amount of $500,000, according to its amended S-1 form. Additionally, Pantera Capital has expressed interest in contributing a substantial $200 million to the fund if it secures approval. It’s crucial to note that this expression of interest is stated as non-binding and indicative.
Notably, BlackRock, a significant player in the financial industry, has entered the fray by seeding its potential spot Bitcoin ETF with an initial investment of $10 million, as per details provided in its amended S-1 form.
Earlier this week on January 5th, VanEck committed to allocating 5% of the prospective profits from its spot Bitcoin ETF to support Bitcoin core developers at Brink. Additionally, VanEck initiated its support by making an initial donation of $10,000 to Brink to aid in furthering its crucial work.
Bitcoin Price to Surge $200,000 In Two Years
As the financial sector anticipates regulatory decisions on Bitcoin spot ETF applications, Standard Chartered Bank delivered a forecast on Monday, suggesting that the price of Bitcoin could surpass $200,000 by the conclusion of 2025. Geoffrey Kendrick, the head of financial research at Standard Chartered Bank, conveyed this outlook to investors in a note.
He emphasized that if anticipated inflows related to ETFs materialize, the bank envisions a potential year-end level approaching $200,000. Kendrick noted that this projection aligns with their earlier estimations, which targeted $100,000 by the conclusion of 2024.
BREAKING‼️Global banking giant Standard Chartered says $50-$100 BILLION could flow into #Bitcoin ETFs in 2024 pic.twitter.com/yQobJcs6EA
— Bitcoin Archive (@BTC_Archive) January 8, 2024
Some of the Bitcoin whales seem to be in a profit-taking zone as of now. Lookonchain reported that a strategic whale recently made a significant move, depositing the entirety of their 1,000 BTC (equivalent to $22.47 million) into Binance following a Bitcoin surge above $45,000, reports LookonChain.
Notably, this smart whale has been actively depositing a total of 4,000 BTC (amounting to $178.7 million) into Binance over the past two weeks. The deposits were made at an average price of $44,673, with the whale executing sales at favorable high prices on each occasion.
- Expert Projects HYPE Token Upside as Bitwise Files for Hyperliquid ETF With SEC
- Expert Says Crypto ETFs Could Be ‘Death-Knell’ for Treasury Firms MSTR, MTPLF, BMNR, SBET
- Trump-Linked WLFI Passes 100% Buyback & Burn Proposal, Analyst Eyes Bullish Surge
- Crypto Market Liquidations Top $1 Billion Again With Ethereum Leading, Buy The Dip Opportunity Ahead
- Nasdaq-Listed AlphaTON Kicks Off Treasury Strategy, Buys $30M in Toncoin After $71M Raise
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
