On The Brink with Castle Island
Weekly Roundup 01/12/24 (BTC ETFs launch, more ETF, even more ETF) (EP.498)
Jan 12, 2024
Bitcoin ETFs are approved and start trading, with discussion on day 1 flows and long-term potentials. The SEC's mistakes and Gensler's questionable logic are highlighted. Prospects for an ETH ETF are explored. The impact of Bitcoin on traditional finance and Fidelity's involvement are discussed. The podcast also covers market structure, Tether's surge, fundraising rounds, correlation analysis in the Grayscale lawsuit, and arguments against Bitcoin ETF approval.
41:30
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- The approval of spot Bitcoin ETFs marks a milestone in the maturation of the Bitcoin market, providing new opportunities for regulated exposure to cryptocurrency.
- The SEC's blunders during the spot Bitcoin ETF approval process raise concerns about their handling of market-moving information and overshadow an otherwise groundbreaking moment in the cryptocurrency industry.
Deep dives
Spot Bitcoin ETFs approved by SEC
The SEC has approved the listing of spot Bitcoin ETFs for the first time. This approval comes after a highly anticipated and long-awaited decision. A total of 11 issuers have been greenlit, with notable sponsors including Bitwise, BlackRock, Fidelity, and Grayscale. While day one price action remained relatively flat, significant flows were observed, with GBTC seeing the largest outflows and several providers enjoying strong volume. The approval marks a milestone in the maturation of the Bitcoin market and opens up new opportunities for investors to gain exposure to cryptocurrency through regulated and liquid products.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
