Connect with us
Active Currencies 14795
Market Cap $2,487,037,106,341.80
Bitcoin Share 51.50%
24h Market Cap Change $1.71

Bitcoin: Wall Street giants bet against market FUD with new ETF filings

2min Read

Fidelity, Goldman Sachs, and JPMorgan’s involvement in the Bitcoin ETF narrative intensifies market attention.

Bitcoin: Wall Street giants bet against market FUD with new ETF filings

Share this article

  • Bitcoin faced price dip as ETF uncertainty grew.
  • Fidelity, Goldman Sachs, and JPMorgan showed growing interest in Bitcoin ETFs.

Fidelity Investments, a prominent U.S. asset manager, took a major step on 3rd January by filing for the registration of its spot Bitcoin ETF with the Securities and Exchange Commission (SEC). It filed a Form 8-A with the SEC to register its Fidelity Wise Origin Bitcoin Fund.

The news comes amid a recent report from Matrixport which intensified speculation by asserting that chances of SEC approving any ETF in January is low.

Bitcoin [BTC]  faced a significant downturn in its price as well over the last 24 hours as uncertainty captured the market.

Nevertheless, the SEC’s approval process for Fidelity is underway, with the registration already greenlit by the Cboe exchange under the symbol FBTC.

Despite being in the preliminary stages, analysts anticipate progress in the coming week.

Institutional interest grows

The intrigue in the ETF narrative extended beyond Fidelity Investments. Major banks such as Goldman Sachs and JPMorgan Chase has also reportedly entered the ETF scene, drawing considerable attention.

Media reports indicated that Grayscale Investments, a crypto asset manager, was in discussions with financial giants, including JPMorgan and Goldman Sachs, for potential involvement in its proposed spot Bitcoin ETF.

At press time, Grayscale’s SEC filing lacked the listing of authorized participants, indicating ongoing negotiations.

Goldman Sachs, which has been aiming to serve as an “authorized participant” (AP) in these ETFs, plays a pivotal role in managing ETFs by facilitating the creation and redemption of shares in the fund.


Read Bitcoin’s [BTC] Price Prediction 2023-24


ETF issuers can designate multiple financial firms as authorized participants. While Goldman Sachs has expressed its intent, other financial firms still have an opportunity to join.

The collective influence of these Wall Street giants is expected to shape Bitcoin’s trajectory. The cryptocurrency, trading at $42,544.09 at press time, experienced a 4.9% decline in the last 24 hours.

Source: Santiment

Share

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.