Aaryamann Shrivastava
FXStreet
- Coinbase has been pegged as the Surveillance Sharing Agreement (SSA) counterpart for over two weeks now.
- SEC filings show that Wise Origin, WisdomTree, VanEck, Invesco Galaxy and ARK 21Shares applications all were amended on Tuesday.
- Q3 2023 began with a positive note from the institutional investors, with digital assets observing $470 million in inflows.
Coinbase shareholders are having an eventful Tuesday as the cryptocurrency exchange's stock price (COIN) shot up following the news of the Bitcoin ETF. The said development comes amid an ongoing battle between the United States Securities and Exchange Commission (SEC) and multiple companies awaiting their Bitcoin ETF approval. But Coinbase could be the first US-based crypto exchange to realize this dream.
Coinbase up, once again
Coinbase stock price has seen its second major hike in under ten days as the value of the crypto exchange received a boost on Tuesday. Coinbase was expected to be the Surveillance Sharing Agreement (SSA) counterpart for the Chicago Board Options Exchange (CBOE) ETF applications.
The two reached an agreement with their amendments on Tuesday, likely resulting in the successful green candle observed on the charts in the case of COIN. Per the filing,
"On June 21, 2023, the Exchange reached an agreement on terms with Coinbase, Inc., an operator of a United States-based spot trading platform for Bitcoin that represents a substantial portion of US-based spot trading platform for Bitcoin that represents a substantial portion of US-based and USD denominated Bitcoin trading, to enter into a surveillance-sharing agreement ("Spot BTC SSA") and executed an associated term sheet.
CBOE extended the amended filing to all the spot Bitcoin ETFs within the exchange. This included the likes of Wise Origin, WisdomTree, VanEck, Invesco Galaxy and ARK 21Shares. BlackRock is another applicant that announced Coinbase as its SSA counterpart.
Consequently, at the time of writing, COIN could be seen trading at $89.25 post-market close. Up by more than 12% in the last 24 hours, the stock is set to breach the $90 mark soon and potentially continue rallying further.
COIN 1-day chart
Institutional investment in crypto has been the driving factor of any and every major rally on the macro scale, and the third quarter of the year seems to be just holding the institutions' interest pretty well.
As per the recent CoinShares investment report, institutions have been rather optimistic in Q3. The quarter opened with inflows amounting to $136 million, with investment products retaining the institutions' optimism.
Bitcoin itself noted the largest chunk of this inflow registering $132 million being invested into the asset for the week ending July 7. A couple of altcoins, too, enjoyed this bullishness as Ethereum noted inflows of nearly $3 million, along with Solana noting $1.2 million worth of inflows.
Institutional investors' inflows
Thus, institutional investors maintaining their optimism regarding crypto will prove to be a boon for the industry.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.