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News/Bitcoin 2024: Brace for the ETF Bonanza (or Bust)!

Bitcoin 2024: Brace for the ETF Bonanza (or Bust)!

Van Thanh Le

Dec 14 2023

5 months ago4 minutes read
Robot discussing Bitcoin ETFs with a group of traditional Wall Street bankers

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BlackRock, Fidelity, Grayscale: All Eyes on Bitcoin ETF Showdown

BlackRock, Fidelity, and Grayscale have all thrown down the gauntlet, holding three tense meetings with the SEC to wrestle approval for spot Bitcoin ETFs. The air crackles with anticipation – will January see the birth of these long-awaited funds?

BlackRock, the industry behemoth, champions the "in-kind" creation model, while the SEC leans towards a cautious "cash" approach. But Bloomberg's oracles whisper a 90% chance of January approval, with Trading & Markets leading the charge and Corporate Finance poised to follow for the final S-1 stamp.

One thing's clear: the SEC's early engagement and the S-1 filings paint a promising picture. Lawyer Scott Johnsson agrees, predicting minimal delays in the approval process. So buckle up, crypto fans – January might just be the month the Bitcoin ETF revolution explodes.

Bitcoin ETF: The SEC Talks Get Hot and Heavy

Get ready, Bitcoin enthusiasts, because the SEC is deep in the trenches with major players like BlackRock, Valkyrie, and Fidelity, actively discussing the launch of spot Bitcoin ETFs. It's not just a chat, though; these are detailed, structural talks diving into the nitty-gritty of how these ETFs would actually work, from creating and redeeming shares to ensuring smooth market operations.

Think of it like building a Bitcoin bridge. Valkyrie's CIO, Steven McClurg, says they're close to finalizing the blueprints, suggesting a resolution to key structural issues is within reach. And it's not just Valkyrie. 

BlackRock, the financial behemoth with $9 trillion under its belt, has rolled up its sleeves and joined the conversation, showcasing the serious weight behind this push. Fidelity, Grayscale, and Franklin Templeton are also in the mix, making this a high-powered poker game for Bitcoin's future.

A high-stakes meeting room scene, with representatives from BlackRock, Fidelity, and Grayscale in a heated discussion with SEC officials.webp

But who's dealing the cards? The SEC's Division of Trading and Markets and Division of Corporate Finance hold the reins, carefully weighing the risks and rewards. One key concern: how will broker-dealers handle Bitcoin? 

New creation-redemption models are on the table, with initial approval for cash-based workflows likely, followed by a potential shift towards a more efficient "in-kind" model. Imagine seamlessly swapping your Bitcoin for ETF shares and vice versa, a dream for market makers and investors alike.

The air crackles with anticipation. Will the SEC greenlight these Bitcoin ETFs? The discussions are intense, the stakes are high, and the outcome could reshape the financial landscape for years to come. So, buckle up, Bitcoin fans, because this rollercoaster is just getting started.

Bitcoin ETFs: Cash is King, BlackRock Takes a Jab

Forget your Bitcoin baskets, the SEC wants cold, hard cash. The US regulator's love affair with the cash redemption model for Bitcoin ETFs is on full display, sending shivers down the spines of in-kind enthusiasts. 

Invesco, a major player in the Bitcoin ETF game, just filed a revised S-1, ditching its in-kind dreams and bowing to the SEC's cashy demands. This move signals a potential industry-wide surrender, leaving BlackRock, the financial behemoth, standing alone in its fight for a more efficient in-kind or hybrid model.

But why the cash obsession? It boils down to flexibility. Cash creation is like a blank canvas, letting issuers paint their ETF masterpieces without the hassle of sourcing specific Bitcoin. 

But the in-kind model, with its basket of pre-chosen securities, is like a pre-colored picture – cheaper, faster, but limiting creative freedom. The SEC, ever the cautious chaperone, seems to prefer the control and transparency of cash, even if it means sacrificing some efficiency.

An imaginative rollercoaster, with carts shaped like Bitcoins.webp

BlackRock, however, is throwing haymakers in the ring. Their revised hybrid model aims to find a middle ground, but the SEC's unwavering stance on cash creation makes it an uphill battle. Industry insiders whisper of a regulator with a poker face, unfazed by BlackRock's pleas.

So, will Bitcoin ETFs become a cash-only club? Or will BlackRock's jab land a knockout blow for the in-kind model? Buckle up, folks, because this fight is just getting started. The fate of Bitcoin ETFs hangs in the balance, and every ounce of cash and creativity will be on the line.

Bitcoin ETF Takes a Giant Leap: Bitwise Lands on DTCC, Eyes SEC Approval

Bitwise just dropped a bomb on Wall Street. Their spot Bitcoin ETF, sporting the snazzy ticker $BITB, has officially landed on the Depository Trust & Clearing Corporation (DTCC) – a move that sent shockwaves through the financial world. 

dtcc bitwise.png
Source: DTCC website on December 14, 2023.

Why the fuss? This ain't your average listing, folks. It's a neon sign flashing "Bitcoin's here to stay" in the heart of the financial establishment. Think of it as a handshake between the crypto upstart and the old guard, a tacit acknowledgment that the future of finance is about to get a whole lot more digital.

But wait, there's more! This listing isn't just a fancy trophy on Bitwise's shelf. It's a major step towards the Holy Grail of crypto: a U.S. spot Bitcoin ETF. Imagine: buying and selling Bitcoin with the same ease as your morning latte, all within the cozy confines of your brokerage account. Talk about mainstream adoption!

A festive scene at the Depository Trust & Clearing Corporation (DTCC) with Bitwise representatives celebrating their listing.webp

Bitwise isn't just sitting back and hoping for the SEC's blessing, though. They're full-court pressing, actively engaging in talks with the regulators, pulling out all the marketing stops, and even popping into regular meetings to make their case. Their confidence is infectious – they're already predicting this ETF to be a runaway success once it hits the market.

So, what does this mean for you? Well, if you're a crypto curious soul, it's a signal that the winds of change are blowing. Bitcoin's no longer a fringe asset lurking in the shadows – it's knocking on the door of Wall Street, and it's looking like they might just let it in. As for the seasoned investors, this is your chance to dip your toes into the crypto waters without getting your suit soaked.

Buckle Up, Crypto Cravers: 2024's Bitcoin Rollercoaster Awaits

Prepare for a wild ride, crypto adventurers, because 2024 promises to be a Bitcoin rollercoaster. While some analysts like Bloomberg's James Seyffart temper expectations, advising against a $100 billion Bitcoin ETF bonanza anytime soon, others, like VanEck Associates, paint a picture of skyrocketing prices and a regulatory landscape sculpted by Donald Trump's potential re-election. Let's navigate the choppy waters of these predictions, armed with specific numbers and insights:

Bitcoin ETFs: Anticipation, Not Explosion

Seyffart throws cold water on the ETF hype, comparing them to gold ETFs' slow and steady $95 billion climb since 2004. He suggests Bitcoin ETFs reaching similar levels by 2024 would be an outlier, but hey, the SEC is actively reviewing multiple applications, so a green light could be coming.

Liquidity Doldrums and Price Swings

Brace yourselves for thin markets and volatile swings, courtesy of Caroline Mauron from Orbital Markets. The collapse of Alameda Research and holiday cheer are predicted to drain Bitcoin's liquidity, making it as volatile as a fruitcake recipe in the hands of an overzealous baker. Remember, in January, 1,400 BTC barely tickled the price, but by November, just 752 could send shockwaves.

VanEck's Vision: Trump, Bitcoin, and Time Magazine

Buckle up for a bold prediction: VanEck Associates sees Bitcoin reaching new highs in 2024, potentially fueled by Donald Trump's re-election and a friendlier regulatory environment for crypto. They even envision a $100K Bitcoin and Satoshi Nakamoto gracing the cover of Time Magazine as "Man of the Year." Talk about a plot twist!

Source: VanEck

Bitwise Bets Big: $80K ATH and Stablecoin Supremacy

Ryan Rasmussen from Bitwise Invest is all about facts, not fantasies. They're betting on a Bitcoin price of $80,000, driven by the dual engines of the Spot Bitcoin ETF launch and the next Bitcoin Halving. 

But their vision doesn't stop there. They predict stablecoin transactions exceeding even Visa's, Ethereum's revenue doubling to $5 billion, and Coinbase joining the party with a doubled revenue.

JPMorgan: Cautious Optimism and Ether's Edge

JPMorgan, the cautious cousin at the party, sees Ether stealing the spotlight from Bitcoin. They believe Ethereum's EIP-4844 upgrade will make it the star, potentially outperforming Bitcoin. They also warn of a "buy-the-rumor/sell-the-fact" scenario when those pesky Bitcoin ETFs finally get approved.

A dynamic scene showing Ethereum and Bitcoin as personified characters in a friendly yet competitive race.webp

Oh, and the plot twist? The SEC has postponed the decision on the Invesco Galaxy Ethereum ETF to February 6, 2024. More time for them to ponder and for you to grab popcorn. This ETF race is hotter than a blockchain in August, with BlackRock and ARK Invest also vying for a piece of the pie.

So, are you ready to ride the Bitcoin wave in 2024? Hold tight, it's gonna be a wild one.

Bitcoin ETFs: SEC Cracks Open the Door Amidst Legal Gales

Storm clouds are parting over the SEC's Bitcoin ETF stance, thanks to a legal thunderclap. Years of rejections have left industry giants like BlackRock and Fidelity battered, their spot ETF dreams dashed against regulatory walls. But a recent court ruling has the winds shifting, and the SEC, under Gary Gensler, is taking notice.

The gavel has spoken. The D.C. Circuit Court's decision on Grayscale's spot ETF bid exposed a glaring inconsistency in the SEC's approach. Futures-based funds sailed through, while spot offerings were left stranded. Grayscale, unwilling to take a "no" for an answer, challenged the SEC in court, and the tide is turning.

SEC Revisits Bitcoin ETF Stance Following Court Decisions.webp

Gensler acknowledges the courtroom nudge. In a CNBC interview, he confirmed that the SEC is "reassessing" its stance, with a fleet of other Bitcoin ETF filings under active review. However, one anchor remains firmly in place: investor protection. Gensler emphasizes the need for "stringent standards" to combat fraud and money laundering, echoing concerns from Congress and the Treasury Department.

Crypto enthusiasts are on the edge of their seats. Will the SEC crack open the ETF door, or will the storm of regulatory concerns slam it shut again? 


2024 gleams like a Bitcoin rollercoaster on the horizon, promising exhilarating climbs and stomach-churning drops. Analysts paint contrasting landscapes: VanEck's Trump-fueled moon shot versus JPMorgan's cautious inclines. 

Spot ETFs, once a mirage, shimmer closer to reality, with Bitwise's DTCC listing a neon sign of mainstream adoption. BlackRock's fight for the in-kind model adds intrigue, while Ethereum's EIP-4844 upgrade might steal the show. Buckle up, crypto cravers – 2024's Bitcoin ride is about to begin. Hold on tight, it'll be a wild one.


1. When will Bitcoin ETFs be approved?

January is a likely target, but delays are possible. Stay tuned for updates from the SEC.

2. Will Bitcoin ETFs be cash-only?

The cash model is favored now, but BlackRock's in-kind push might influence the future.

3. What are the risks of Bitcoin ETFs?

Increased volatility, liquidity concerns, and potential regulatory changes are all factors to consider.

4. Will Bitcoin reach $100K in 2024?

VanEck's prediction hinges on Trump's re-election and a friendly regulatory environment. Other analysts remain cautious.

5. Should I invest in Bitcoin now?

Do your research, understand the risks, and invest responsibly. Bitcoin is a volatile asset, not a guaranteed path to riches.

This article has been refined and enhanced by ChatGPT.

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