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Bitcoin [BTC] ETF will be approved next year, says eToro Senior Analyst

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Bitcoin [BTC] ETF will be approved next year, says eToro Senior Analyst
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During an interview with CNBC Crypto Trader, Mati Greenspan, Senior Analyst at eToro, stated that it is unlikely to get a Bitcoin [BTC] ETF by the end of 2018. However, he is optimistic about an approval of Bitcoin [BTC] ETF in the first quarter of 2019.

Mati said that the reason behind the statement is based on a conversation he had with an attorney on Twitter. According to the attorney, the SEC has several periods that they can actually delay. There are three different periods that they can put on a specific delay. The attorney also states that the final decision would probably be on 4th August 2018.

The Senior Analyst of eToro said:

“They are [SEC] not in the rush to approve this one [VanEck], so most likely they are going to take their time. Which would mean that on August 10th will be a simple delay of the judgment.”

Furthermore, Mati speaks about covering all the points on the checklist for getting approved by the SEC for the next ETF. He said that by Q1 of 2019, the market would be much more mature. There are a lot of over the counter desks coming online, specifically the VanEck products, which are targeted at the institutional investors. The minimum contract size of the VanEck ETF is 25 BTC which is about $200,000 per contract.

Mati considers the fact that VanEck ETF is targeting the institutional investors could give them a better chance with the SEC. The fact that the ETFs are 100% insured is more comforting for the financial regulators, states the analyst. He said that since the Winklevoss ETF was rejected as it was targeted at retail investors, who the SEC considers their specific job to protect.

On the other hand, the SEC considers institutional investors as a “big boys” as they are the big players. Greenspan stated that the SEC believes that they can make their own decision as they have the money and assets under management.



This is the reason the SEC wouldn’t be obliged to step in and protect them. Mati also said that the Bitcoin ETF could be a good for the market as it would lead to fresh money pumping into the market.

He furthermore said:

“New liquidity into the market is a very good thing and very healthy for the ecosystem. I don’t think that it’s the most important thing in the world but if the ETF is approved, what happens to Bitcoin price, most likely it’ll go up … There shouldn’t be any negative factors from the approval of an ETF, it just means that there is new money coming in. It wouldn’t hurt the market in any way, shape or form.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions

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Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
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Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,



“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”





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