Jan 19, 2024

The Suits Are Coming 💼⏳🇭🇰


The Suits Are Coming 💼⏳🇭🇰 Valko

Top News

  • 💼 BlackRock and Fidelity each hold over $1B each in their ETFs

  • SEC delays decision on Fidelity’s spot Ether ETF to March

  • 🇭🇰 Hong Kong firm VSFG aims for spot BTC ETF within Q1 2024

💬 Join Specs Chat

Specs’ Insights

⌐◪-◪ → I’ve said this before, and I’ll say it again — there’s a dark side to the spot Bitcoin ETF approvals.

BlackRock and Fidelity each hold over $1B worth of Bitcoin in their newly approved spot Bitcoin ETFs. That’s not a lot in the grand scheme of things, with Bitcoin’s market cap at $804B; however, we’re only 1 week in.

More likely than not, Wall Street’s cumulative position will continue to grow — taking Bitcoin from the hands of individuals and putting it in the hands of suits/banks/institutions — back to the status quo.

This really begs the question: Do the newly approved ETFs mean Bitcoin is taking over Wall Street, or is Wall Street taking over Bitcoin?

Let us know what you think in Specs Chat!

💬 Join Specs Chat

SEC delays decision on Fidelity's proposed spot Ethereum ETF to March

The SEC has delayed making a decision on Fidelity's proposal for a spot Ethereum ETF until March 5, according to a Thursday filing.

⌐◪-◪ → Looks like the SEC is slow-rolling us, yet again, on the approval of a potential spot Ether ETF.

The SEC’s deadline to make a decision was today, but they are demanding more time to think it all over.

The folks over at JPMorgan give the spot Ether ETF a less than 50% chance of approval by May.

Meanwhile, Ethereum’s correlation with Bitcoin has dropped to its lowest levels since 2021 as the market bets on an eventual spot Ether ETF approval.

Personally, all I can think of is: if Gary hates Bitcoin, then he must really hate Ethereum.

If you want to dig into this more, check out Bankless’ thread.

💬 Join Specs Chat

Hong Kong finance firm VSFG aims for spot bitcoin ETF launch in Q1: Bloomberg

Hong Kong-based VSFG is planning to launch its spot bitcoin exchange-traded fund in the first quarter of this year.

⌐◪-◪ → Most people don't realize this yet, but there's a race happening between global superpowers over who will be the dominant force in crypto.

It's like the industrial revolution, the nuclear arms race, or the dawn of the internet all over again. Everybody wants to use the technology to propel their country to first place in the global economy.

Hong Kong's focus on fast-tracking the approval of its own spot Bitcoin ETF is — in my opinion — a clear acknowledgment of what I'm dubbing The Great Crypto Race (if you have a better idea, LMK in Specs Chat).

Similarly, the Office of the President in South Korea has urged regulators to reconsider spot Bitcoin ETFs — likely for fear of being left behind.

💬 Join Specs Chat

Everything Else

⛓️ Crypto & DeFi

  • BTC correlation with ETH hits lowest levels since 2021

  • Crypto crime down 29% in 2023 says Chainalysis

  • HTX restored after exchange was hit with DDoS attack

  • Conflux adds EVM-compatible solution to interact with BTC

  • UMA teases MEV-focused solution Oval, token surges 90%

  • Manta Network hit with DDoS attack amid token issuance

🏦 Wallstreet & VC

  • Fidelity is 2nd spot BTC ETF to hit $1B inflows, after BlackRock

  • BlackRock takes lead on Robinhood as most traded spot BTC ETF

  • ARK continues to sell BITO, buys $15M of its own BTC ETF

  • BlackRock has no plans for spot XRP ETF

  • Grayscale CEO says most of the 11 BTC ETFs won’t survive

  • Root Protocol raises $10M seed round for digital identity service

🏛️ Legal & Regulatory

🌎 Rest of the World

  • China forms metaverse group with Huawei, Tencent, Ant Group

  • South Korean President’s Office urges regulators to reconsider ETF

  • China’s illegal crypto activities happening in laundromats and cafes

🖼️ NFTs & Metaverse

Dive into the world of Specs and unlock its full potential.

Join our exclusive group chat, expertly moderated by Valko, designed to elevate your skills as a crypto investor, operator, and collector

Join the conversation now to discuss today’s news!

💬 Join Specs Chat


Share this post