Netcoins Insider??: Spot ETFs, The Grayscale BTC Trust, and More!
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?? Market Movers
BTC and ETH have experienced a downtrend this week, with BTC declining by 2.09% today for a total decrease of 6.85% over the past 7 days, while ETH is down by 2.42% today and 6.52% for the week.
Despite this, specific tokens have surged today, showcasing resilience. AAVE climbed by 6.14%, AVAX rose by 5.78%, SOL increased by 3.48%, and CRV marked a 1.86% increase.
Looking at the weekly performance, AVAX has surged impressively by 38.86%, ADA is up by 11.31%, and AAVE demonstrated an increase of 11.22%.
What do you think of the market movement within the past week? Share your thoughts with us on X!
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??Evolution of Spot ETFs in Crypto
Spot ETFs are at the center of a monumental shift in the crypto realm, with the Grayscale Investments court ruling signaling a breakthrough. Understanding the nuances of the development, especially the SEC's stance and market manipulation concerns, sheds light on the evolving regulatory landscape. The District of Columbia Court's ruling in August challenged the SEC's rationale, suggesting future shifts and broader acceptance of spot ETFs. Insights from JP Morgan hint at the SEC's potential approval of multiple spot Bitcoin ETFs, meaning increased competition and regulatory shifts. With significant implications for accessibility and market dynamics, the Grayscale ruling opens doors to wider crypto investment opportunities.
?? What Is The Grayscale Bitcoin Trust?
The Grayscale Bitcoin Trust (GBTC) offers investors an avenue to gain exposure to Bitcoin without directly owning the cryptocurrency. Launched in 2013, GBTC holds Bitcoin for investors and provides tradable shares on public stock markets, serving as one of the largest Bitcoin investment options for US investors. Although it offers security measures and accessibility in tax-advantaged accounts, potential downsides like high premiums, annual fees, and market volatility should be taken into account before investing.
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???OTC Desk Insights
We’re finishing the week on a lull in the crypto markets for the majors, with some strong rallies seeing in a select few alt-coins. Notable alt-coins to follow are AVAX up 42.01%, ADA up 15.72% and AAVE up 14.45% today. BTC and ETH both look and feel well supported right now going into the latter half of December.
News in the US markets regulatory landscape came this week with the confirmation of the Financial Accounting Standards Board (FASB) with regard to how companies should report assets on their balance sheet. The change in accounting rulebook will allow corporations to recognize “fair value” changes in crypto holdings. This change will benefit corporations like MicroStategy (MSTR) in that they will report the fair value, cost-basis and types of assets they’re holding. The previous rulebook stated that companies will have to report a loss if the crypto they hold is worth less than the purchase price, even if they haven’t sold the assets. This is a major step forward, check more information here in this article from Coindesk.
?A report from JP Morgan this week has predicted that ethereum will outperform bitcoin in 2024, stating that network efficiency upgrades will bring ETH to a level of operational superiority compared to all other cryptocurrencies. Ethereum is up approximately 92% on the year, and BTC is up roughly 160% on the year.
Happy trading.
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Andrew Bulman
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