BITCOIN Buying Frenzy!! Here’s What Institutions Are Doing!

Former British prime minister Harold Wilson once said A week is a long time In politics Well I'm not sure what he would have Made of crypto in that case where Sometimes A month's worth of news seems To happen in a single day seeing as he Died in 1995 I guess we'll never know Anyway luckily for you I'm here to help Make sense of what has been a truly Tumultuous few weeks in crypto we saw The U.S Securities and Exchange Commission under its anti-crypto Chairman Gary Gensler Sue two of the Biggest crypto exchanges coinbase and Binance Us in early June Then on the 15th of June BlackRock the World's largest asset manager shocked Crypto and Wall Street by filing for a Spot Bitcoin ETF talk about a mood shift Since then six other institutions have Followed suit and two more have refiled Previous applications several big Trad Fire players have launched a new crypto Exchange and the world's leading Derivatives exchange plans to introduce New crypto Futures contracts And all of the above is just in the United States Now this surge in institutional interest Drove btc's price north of 30k and 80 Increase from yearly lows never one to Let Spirits get too high the SEC Temporarily dampened investor optimism

On the 30th of June by claiming those ETF applications lacked Clarity causing Another flurry of activity as said Applications were clarified and Resubmitted hopefully to the Satisfaction of the powers that be at Castle Dracula I mean SEC headquarters So in this video we'll help you make Sense of this Fortnight of institutional Frenzy I'll clarify what happened and Attempt to shed some light on what it Means in terms of regulations and for The price of Bitcoin First Welcome aboard the crypto Express where We aim to educate entertain and pass Through the mess I'll give you news updates and insights Galore but note Financial advice is not What's in store if you like what we say Write a comment I implore ring the bell Visit our website feel free to explore And now back to the story As we heard earlier the all-powerful BlackRock with nine trillion dollars in Assets under management or AUM filed a Request to the SEC for a spot Bitcoin ETF two weeks ago if you want to know All the ins and outs of ETFs and Blackrock's application I'll leave a Video in the description below here's The tldavo if BlackRock spot Bitcoin ETF Is approved it will offer investors an Easy relatively cheap and safe way to

Invest in Bitcoin To date the SEC has rejected every such Filing around 30 in total and has been a Huge thorn in the side for crypto in the United States and that is putting it Mildly in each instance the regulator Said the filings did not meet standards Intended to prevent fraudulent and Manipulative practices or protect Investors and the public interest However BlackRock is in a league of its Own a third of all U.S ETFs are under Its management and it has an outstanding Track record of successful filings 575 approvals versus one rejection and It has its ear to the ground the Consensus on Wall Street seemed to be That BlackRock would only apply for Refiling if it was fairly confident that It would get the sec's approval in other Words it must know something that other Firms and the rest of us don't if the SEC approves blackrock's filing it will Be hard-pressed to reject other similar Applications and whoever gets approval First will of course have first mover Advantage and other traditional and Crypto asset managers don't want to be Far behind and so over the last two Weeks institutions have been jumping Over one another to get to the front of The queue either filing for the first Time or refiling previous applications Using blackrocks as a benchmark in

Chronological order these institutions Were bitwise Invesco Wisdom Tree Valkyrie Vanek and most significantly Fidelity another giant asset manager With four and a half trillion dollars AUM In addition Arc investment management And 21 shares refiled previous Applications This flurry of institutional interest Helped Drive the price of Bitcoin above 30k for the first time since April a Remarkable 84 rise so far this year It also no doubt contributed to the Largest weekly inflow of funds in a year A tidy 199 million dollars in fact which Has reversed almost half of the previous Nine weeks of outflows Then on Friday the 30th of June the Wall Street Journal published a story titled Quote SEC says spot Bitcoin ETF filings Are inadequate this spooked investors And BTC dropped five percent to below 30k as they say though the devil is in The details experts Talking Heads and Analysts soon clarified that the SEC was Not saying that the provisions didn't Meet the 1933 Securities and Exchange Act but less concerningly that the Paperwork itself needed to be clearer And more comprehensive the sec's main Point of concern was a lack of Specification that the spot Bitcoin Exchange would be part of the

Surveillance sharing agreement for the ETFs now this surveillance sharing Agreement or SSA is pretty important so Let me take a second to explain it When evaluating Bitcoin ETF proposals The SEC assesses the ability of the Listing exchange such as NASDAQ or the New York Stock Exchange to meet Obligations Under The Exchange act that Prevent fraud and manipulation These include the requirement for quote A comprehensive surveillance sharing Agreement with a regulated market of Significant size related to the Underlying or reference Bitcoin assets As stated in the sec's June 2022 order Rejecting bitwise's spot Bitcoin ETF Application Unhelfully the SEC did not specify what A market of significant size entails but Let's not get into that here Now many believe that the special Source In blackrock's original filing is the Inclusion of a surveillance sharing Agreement in cooperation with NASDAQ That would assist in monitoring trading Activity clearing activity and customer Information in the flurry of filings or Refilings that followed blackrock's Application other exchanges also Stipulated they too would enter into Ssas And now fast forward to the sec's hang Up on the 30th of June

This time the regulator wanted Clarification that the spot Bitcoin Exchange which is to my knowledge Coinbase in every instance was included As part of the ssas and so the exchange Network CBOE Global markets resubmitted Spot Bitcoin ETF applications on behalf Of fidelity Invesco Vanek 21 shares and Wisdom Tree affirming the coinbase Global Incorporated will provide Market Surveillance in support of their funds Three days later on the 3rd of July NASDAQ followed suit on behalf of BlackRock note coinbase is also believed To provide custody and surveillance Services for valkyrie and bitwise And leaving aside the fact that it's Being sued by the SEC 2023 has Nevertheless been a pretty good year for Coinbase the company's shares closed up 11.7 at 79.93 on the 3rd of July after The CBOE said it was working with the Exchange in its efforts to launch a spot Bitcoin exchange traded fund coinbase Shares have more than doubled this year Bravo Brian Anyhow let's now take a break from ETFs In the US and look at some of the other Examples of institutional interest in Crypto over the past two weeks on the 20th of June just days after the BlackRock filing edx markets went live Now edx markets is a crypto exchange Backed by Financial Giants Charles

Schwab Fidelity digital assets Sequoia Capital Citadel Securities and others A platform for institutional investors Only edx supports the trading of just Four cryptocurrencies Bitcoin ether Litecoin and Bitcoin cash well you've Got to start somewhere I suppose Now edx had initially planned to launch In November last year but then delayed Going live that month as you might Recall was when FTX imploded and Sentiment towards crypto turned rather Sour The fact that edx is launching now is Arguably further indication of a more Optimistic view of crypto among Institutional investors and in the Coming months edx plans to introduce edx Clearing this system will enable trades To be conducted with a central Counterparty offering participants Notable advantages such as improved Price competition minimize settlement Risks and improved operational Efficiencies Meanwhile by the end of July the Chicago Mercantile Exchange CME Group the World's leading derivatives exchange is Expected to launch cash settled futures For the eth BTC ratio subject to Regulatory approval of course this new Product will reference the final Settlement prices of Bitcoin and Ethereum Futures listed on the CME as

Giovanni vickioso CME groups Global head Of cryptocurrency products said in a Statement quote historically ether and Bitcoin have been highly correlated However as the two assets have grown Over time market dynamics may affect the Performance of one more than the other Creating relative value trading Opportunities now ether Bitcoin ratio Futures allow investors to gain exposure To the eth price in terms of Bitcoin I.E To take a directional view on the price Of eth relative to the price of BTC eth BTC pairs are available on most Exchange Changes but this is the First Institutional investment product which Allows large asset managers to take These directional views of the two the Introduction of such Futures contracts Demonstrates ongoing Innovation and Diversification within the Cryptocurrency market But it's not just in the United States Where institutions are fluttering their Eyelashes at crypto Let's now pack our bags and take a look At institutional developments further Afield For starters HSBC the largest bank in Hong Kong has started offering its Customers their trading Services via its App for cryptolinked ETFs this move Aligns with Hong Kong's Ambitions to Become a digital asset Hub on the 1st of

June the city rolled out a new crypto Regulatory regime that allows crypto Exchanges to offer trading services to Individuals and institutions if and That's a big if they secure and comply With licenses designed to Shield Investors from the risky practices Exposed in the 2022 crash then on the 28th of June Ledger The prominent Provider of cryptocurrency wallets That's headquartered in France Introduced a secure regulation-friendly Trading platform for institutional Investors the platform enables Enterprise level investors to create a Secure network of custodians and Exchanges promoting enhanced security And transparency to date a number of Crypto exchanges and broker Partners Including crypto.com bitstamp and huobi Have signed up So then a week maybe a long time in Politics but a fortnight feels like an Eternity in crypto and the last two Weeks have seen a surge of institutional Involvement in cryptocurrencies they've Also seen an increase in frustration Towards Gary Gensler an AI bot recently Sparked a news story on a website called Crypto alert alleging that the SEC Chairman had quote submitted his Resignation following an internal Investigation citing an anonymous Official this rumor set crypto Twitter

Ablaze but alas it was too good to be True Gensler remains at the Helm of the SEC much as we'd all appreciate it if he Just Jack it all in and take up deep sea Fishing the SEC also felt the ire of the Winklevoss twins who co-founded crypto Exchange Gemini in a long tweet a Frustrated Cameron Winklevoss reminded Readers that it had been 10 years since They first filed for a spot Bitcoin ETF For a decade and Counting the US has not Approved a spot Bitcoin ETF meanwhile Regulators in other countries including Canada Germany Sweden and Brazil have All given the green light for spot Bitcoin ETFs the stench of missed Opportunity hangs heavy in the air my Words not Cameron's Cameron wrote that The sec's refusal to approve of these Products to date has been quote a Complete and utter disaster for U.S Investors and demonstrates how the SEC Is a failed regulator he accused the SEC Of protecting investors from the best Performing asset of the last decade Pushing them to the expensive and quote Toxic grayscale Bitcoin trust gbtc Driving spot Bitcoin activity offshore To unlicensed and unregulated entities And thereby exposing investors to one of The largest financial frauds in modern History via FTX bold words from Winklevoss1 And Cameron's frustration is clearly

Shared by many institutional players in The United States never forget Institutions like BlackRock and all the Others exist to do one thing make money And they know that being able to issue Spot Bitcoin ETFs and in the future Other such crypto products will allow Them to do just that If they didn't see enormous potential in Digital assets they wouldn't be wasting Their time with these applications and Building these products so remember that Next time you hear someone pronouncing That crypto is dead And that is about it from me for today Folks but I want to hear your thoughts Do you think the tide is turning against The SEC will they finally cave and allow Spot Bitcoin ETFs is institutional Interest in crypto to be welcomed or Should we be wary I look forward to Reading your comments below Before I go though I just want to say Thank you for watching this video if you Liked it I urge you to click the bell And subscribe it really helps the Channel and don't forget our deals page Where you can get the biggest discounts On the best crypto wallets and up to Forty thousand dollars of bonus airdrops On offer at the best crypto exchanges The link to that is in the description Thank you all for watching and I'll see You again soon

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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