Sarah Tran
Independent Analyst
- VanEck has filed for a new Bitcoin Strategy ETF that is tied to BTC futures products.
- The investment manager’s Bitcoin ETF approval has been stalled by the SEC.
- This move comes after Gary Gensler stated that he is more open to ETFs based on BTC futures traded on the CME.
Global investment manager VanEck has filed for a new exchange-traded fund (ETF) tied to Bitcoin after its BTC ETF has been under review and delayed by the US Securities & Exchange Commission (SEC).
VanEck changes Bitcoin ETF direction
VanEck filed for a new Bitcoin Strategy ETF earlier this week that would provide investors with exposure to BTC future contracts.
According to the asset manager, the Bitcoin Strategy ETF would allow exposure to cryptocurrency ETFs traded in Canada, including the crypto products from Purpose Investments and Evolve Funds Group.
VanEck previously was unsuccessful in listing a similar fund with the SEC in 2017, and the investment company has amended the application, and it has been resubmitted given the recent developments with the regulator.
SEC chair Gary Gensler recently stated that he would be more open to accepting Bitcoin-related ETFs if they are based on BTC futures rather than direct exposure to the new asset class. Gensler may have given the strongest sign of support for crypto ETFs so far.
In response to Gensler’s statement, Invesco also announced its intention to launch a Bitcoin ETF without direct exposure to the leading cryptocurrency.
So far, the SEC has not accepted any Bitcoin ETF proposals and has delayed decisions and extended the window for deliberation on the matter.
Bitcoin price awaits golden cross to continue its rally
Bitcoin price has been able to secure a 22% gain since its swing low on August 5 at $37,261. Although the rally appears to have slowed down, BTC may consolidate in the near term before its next rally.
The Momentum Reversal Indicator (MRI) has printed an MRI top signal, suggesting that Bitcoin price expects a trend reversal toward the downside.
However, the Relative Strength Index (RSI) indicates that BTC is less overbought than the rally to the previous swing high on July 31 at $42,553, hinting that the bull run is not over.
On the 12-hour chart, Bitcoin price is expecting a golden cross in the coming days, which could act as an incentive for the bulls.
BTC/USDT 12-hour chart
A spike in buying pressure may see BTC test the diagonal resistance level, and a break above the trend line could encourage Bitcoin price to tag the breakout line given by the MRI at $48,053.
Bitcoin price may find support at the 50% Fibonacci extension level at $42,961 should BTC consolidate. Further selling pressure could take the leading cryptocurrency lower toward the 38.2% Fibonacci extension level at $39,608.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.