SEC Leak Reveals Sudden $17.7 Trillion Bitcoin ETF ‘Update’—Sparking Crypto Price Surge

is tightly coiled after having risen in the last two months (with Coinbase this week revealing a new multi-billion dollar opportunity).

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The price of bitcoin has more than doubled in the last 12 months, putting bitcoin and cryptocurrencies back in the spotlight.Despite surprising fears, the US government and BlackRock's potential bitcoin exchange-traded fund (ETF) could be about to "kill" bitcoin..

Now, As bitcoin and cryptocurrency traders weigh a BlackRock “breakthrough,” A high-profile ETF analyst claimed that leaked chats from the US Securities and Exchange Commission (SEC) reveal that the agency is negotiating with crypto exchanges over ETF applications.

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"Listening to the SEC's Trading and Markets talk involving exchanges this week about 19b-4 bitcoin spot ETFs, they are warned that they would like the ETFs to generate cash (rather than in-kind), and they has called for amendments in the next couple of weeks," Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, aware to X (Twitter). "This is not unexpected, but [a] Good sign anyway."

Cash or in-kind refers to the method of repayment of funds, where in-kind funds offer investors who leave the fund a payment other than cash.

“Immediate update on the bitcoin ETF saga,” said another Bloomberg Intelligence ETF analyst, James Seyffart, commented in Balchunas' post, adding that it does not change the pair's 90% probability prediction of a bitcoin spot ETF being approved this year. "Nothing groundbreaking. Nothing changes. But it shows that progress is still happening and things are moving forward."

However, Gabor Gurbacs, founder of rewards app PointsVille and advisor to investment manager VanEck, warned that the SEC's bid for bitcoin cash spot ETFs is a "sign that regulators are not [or are] they are not willing to understand or accept the best aspects of ETFs and bitcoin. In-kind creations are simply much more efficient. Anyone who manages an ETF knows this," says Gurbacs. aware to X.

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Balchunas' post caused the price of bitcoin to skyrocket, rising from $36,000 per bitcoin to nearly $37,000, as nervous traders jumped on signs that the SEC could be about to approve Bitcoin's spot ETF applications. bitcoin from Wall Street giants managing a combined total of $17.7 trillion. as a closely watched "window" closed.

The price of bitcoin accelerated in June after BlackRock, the world's largest asset manager that manages about $10 trillion on behalf of clients, filed to create a bitcoin spot ETF with Coinbase as a custodian.

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