The Future of Bitcoin ETFs: What's Next for the Cryptocurrency Space?

The Future of Bitcoin ETFs: What's Next for the Cryptocurrency Space?
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Nasdaq Refiles Bitcoin ETF Application, Coinbase Named Partner

The Nasdaq exchange has refiled its application to list BlackRock's proposed bitcoin exchange-traded fund (ETF). This move follows feedback from U.S. securities regulators that earlier filings were deemed "inadequate" due to the lack of a named partner in the surveillance-sharing agreement. Now, Coinbase, a prominent U.S. exchange, has been named as the partner for the surveillance-sharing agreement. This agreement aims to guard against market manipulation and is a requirement for ETF approval. Other applications, including one from Fidelity, have also updated their filings to include Coinbase as their partner.

BlackRock CEO Larry Fink Expresses Optimism About Bitcoin

Larry Fink, CEO of BlackRock, recently expressed optimism about the potential of bitcoin to revolutionize the financial system. In an interview with Fox Business, Fink highlighted the role of tokenization and referred to bitcoin as an international asset that could serve as an alternative investment to hedge against inflation and currency devaluation. BlackRock's iShares unit has filed paperwork for a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC), although a decision on its approval is yet to be determined.

A pile of Bitcoin coins.
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Valkyrie Funds Joins the Race to Launch a Spot Bitcoin ETF

Valkyrie Funds, a venture capital firm, has joined the race to launch a spot bitcoin ETF. Valkyrie aims to partner with Coinbase and has filed a proposal with Nasdaq. The firm believes that the SEC's approach to Bitcoin Futures ETFs could extend to Spot Bitcoin ETP proposals. Despite recent rejections by the SEC, Valkyrie remains confident in its proposal and the potential for approval based on the regulated size of the Bitcoin Futures market.

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Binance CEO Predicts Next Bitcoin Bull Run in 2025

Binance CEO Changpeng Zhao, better known as CZ, recently predicted that the next Bitcoin bull run is most likely to happen in 2025.

CZ cited the halving event, which is scheduled to happen in 2024, as a reason for his prediction. The halving event is a scheduled reduction in the reward that miners receive for verifying transactions on the Bitcoin network.

This reduction in rewards typically leads to a decrease in the supply of Bitcoin on the market, which can drive up prices.

CZ's comments come after Coin Metrics found that Bitcoin miners made $184 million in mining fees in the second quarter of 2023.

The crypto analytics firm said that the jump in fees was due to Bitcoin's recent price surge, as well as the advent of BRC-20, a new token standard on Bitcoin that uses Ordinals inscriptions to mint and transfer fungible tokens on the network.

So, there you have it. According to Binance CEO CZ, the next Bitcoin bull run is most likely to happen in 2025. I’m not sure I entirely agree though, but let’s see.

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The news that Nasdaq has refiled its bitcoin ETF application with Coinbase as a partner is a positive development for the cryptocurrency space. It suggests that the SEC is taking the issue of market manipulation seriously and that it is open to approving spot bitcoin ETFs if the appropriate safeguards are in place. The optimism expressed by BlackRock CEO Larry Fink is also encouraging, as it suggests that a major institutional investor is taking bitcoin seriously. Finally, the entry of Valkyrie Funds into the race to launch a spot bitcoin ETF is another sign that the demand for these products is growing.

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