CEOs of Spot Bitcoin ETF Hopefuls Expect Trading to Begin Thursday
Two CEOs of spot Bitcoin ETF applicants have come forward to state that they believe their firms’ ETFs should start trading on Thursday, according to recent media appearances made by the crypto executives.
Thursday morning trading for spot Bitcoin ETFs?
When asked whether he believed trading would start for his firm’s spot Bitcoin ETF on Thursday during a Tuesday morning appearance on CNBC, VanEck CEO, Jan van Eck, replied “yeah.”
Similarly, Valkyrie co-founder and CIO Steven McClurg told The Block that he expects “the SEC will deem the ETFs effective at close of business Wednesday and the trading to begin on Thursday morning.”
Gensler’s warnings about spot Bitcoin ETFs
McClurg and van Eck’s comments come amidst recent statements posted on X by SEC chair Gary Gensler related to cryptocurrency investments.
On January 8th, Gensler published an original post on X featuring details about “things to keep in mind if you’re considering investing in crypto assets.”
“If you’re considering an investment involving crypto assets, be cautious,” wrote Gensler in an additional post on January 9th. “Crypto asset securities may be marketed as new opportunities but there are serious risks involved.”
Moreover, Gensler’s post linked to a post on investor.gov about buying and investing cryptocurrency with a stringent warning about the SEC’s role in regards to recovering cryptocurrency.
“You should understand if you lose money there is a real chance the SEC and other regulators won’t be able to help you recover your investment, even in cases of fraud,” the post reads in part. Numerous social media users replied to Gensler’s posts, taking them as a nod to potential upcoming spot Bitcoin ETF approval.
“Tell me you’re about to approve the Bitcoin ETFs without telling me you’re about to approve Bitcoin ETFs,” wrote one user. “Sounds like the ETF is a done deal,” wrote another.
If you're considering an investment involving crypto assets, be cautious.
Crypto asset securities may be marketed as new opportunities but there are serious risks involved.
Read @SEC_Investor_Ed's Director Take:
— Gary Gensler (@GaryGensler) January 9, 2024
“Knocking the door of SEC approval”
On Tuesday morning, Bitcoin’s 50-week moving average crossed above its 200-week moving average, creating the bullish indicator called a “golden cross” amidst spot Bitcoin ETF approvals.
Meanwhile, a number of spot Bitcoin ETF hopefuls significantly dropped their proposed management fees in hopes of beating out their competitors, yet another sign of imminent approval.
“I know there’s been a lot of noise but just in case anyone has been living under a rock — we’re in that Jan 8th-10th window that many of us have had our eyes on,” stated senior ETF analyst James Seyffart. “Bitcoin ETFs are knocking on the door of SEC approval.”
