End of Week Recap - Oct. 8th

Bitcoin ETFs on the Horizon

Author

Michael Blake
October 08, 2023

End of Week Recap - Oct. 8th

Top News Headlines

  • Israel Has Declared 'War' On Hamas, Markets Appear Unfazed ... For Now - Read More

  • FTX co-founder Gary Wang agreed to cooperate in Sam Bankman-Fried case in his first meeting with prosecutors: 'I thought I was likely to be charged' - Read More

  • It’s ‘War’—CEO Of ChatGPT Developer OpenAI And AI Pioneer Issues Stark Bitcoin Warning Amid Crypto Price Swings - Read More

Top Crypto Prices by Market Cap.

1. Bitcoin $27,825.47 7D -0.5%
2. Ethereum $1,626.76 7D -6.2%
3. BNB $210.96 7D -3.3%
4. XRP $0.516 7D -1.6%
5. Solana $23.16 7D -3.1%

6. Cardano $0.254 7D -4.2%
7. Dogecoin $0.060 7D -3.8%
8. TRON $0.087 7D -2.5%
9. Toncoin $2.06 7D -3.3%
10. Polygon $0.555 7D -2.3%

Source: Coingecko Price Feed, Oct. 8th 2023, 8:55pm EST. Data excludes Lido Staked Ether, and stablecoins USDC and USDT.

Spotlight: Bitcoin ETFs on the Horizon

The digital asset industry has long been obsessed with the idea of a Bitcoin Spot ETF being approved by the U.S. Securities Exchange Commission. The first ever attempt was made by the Winklevoss twins a decade ago in 2013, and was ultimately rejected in 2017.

Fast forward to Oct. 2023, and the SEC is currently reviewing almost a dozen Bitcoin Spot ETF applications from financial giants like BlackRock, Fidelity, and Cathie Wood’s ARK Invest. Below is the full list of active applications:

So why is the crypto industry so excited about the potential approval of a Bitcoin Spot ETF?

Steven Schoenfield, former managing director at BlackRock and current CEO of MarketVector Indexes, recently said an approval could bring $200 billion to Bitcoin investment products in the short-term. For reference, that represents 36% of Bitcoin’s current total market cap.

Bitcoin is currently up 44% YoY.

A Bitcoin Spot ETF would not only benefit retail investors who are suffering through a 2-year long bear market (myself included) but asset managers also stand to make a killing. If BlackRock or ARK Invest were able to attract $10 billion into their funds (which is only 1/5 the size of the largest Gold ETF), they stand to make a staggering $95 million in management fees per year.

That’s it for the End of Week Update by DAI! If you found this useful, please share and recommend! Thanks for reading!

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