Jay Clayton, the former chairman of the US Securities and Exchange Commission (SEC), has predicted that a spot Bitcoin exchange-traded fund (ETF) will eventually be approved in the United States.
Analysts James Seyffarth and Eric Balchunas of Bloomberg now estimate the likelihood of a spot Bitcoin ETF launching before the end of 2023 to be 75%, after Grayscale’s legal victory over the SEC.
Coinbase’s stock jumped 13.9% yesterday, the trigger for this surge was Grayscale Investments successfully pushing for Coinbase’s Bitcoin trust to become an ETF.
Investment company ARK Invest and cryptocurrency ETP provider 21Shares have applied to the SEC to launch two exchange-traded funds based on Ethereum futures.
Valkyrie Funds has recently filed with the SEC to launch the Valkyrie Ethereum Strategy ETF.
Over the past week, the ProShares Bitcoin Strategy (BITO) fund has seen cumulative inflows of $65.3 million – its highest value since the beginning of the year.
Grayscale Investments’ GBTC has seen a remarkable 400% increase in trading volume, jumping from $16.1 million to $80 million.
