{"id":32954,"date":"2023-11-22T08:52:52","date_gmt":"2023-11-22T12:52:52","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32954"},"modified":"2023-11-22T08:52:52","modified_gmt":"2023-11-22T12:52:52","slug":"spot-bitcoin-etf-odds-might-have-increased-to-100-matrixport","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/22\/spot-bitcoin-etf-odds-might-have-increased-to-100-matrixport\/","title":{"rendered":"Spot Bitcoin ETF Odds \u2018Might Have Increased To 100%\u2019: Matrixport"},"content":{"rendered":"

Matrixport, a leading digital finance platform, today, November 22, released a comprehensive research note<\/a> focusing on the significant implications of yesterday\u2019s developments in the crypto industry, particularly regarding the prospects of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.<\/p>\n

Following the guilty plea<\/a> of Binance CEO Changpeng Zhao (CZ) and the substantial financial settlements involved, Matrixport suggests that the path for approving a spot Bitcoin ETF might have become significantly clearer. The note highlights the regulatory crackdowns and compliance upgrades in the crypto sector, indicating a shift towards greater regulatory alignment with traditional financial (TradFi) systems.<\/p>\n

\u201cSome would argue that the US agencies have cleaned up the industry this year by dismantling the US crypto-related banks, as two of them were running an internal ledger that crypto companies could use 24\/7 to transfer fiat. Arguably, few (perceived) major actors are left, and with Bitcoin only declining -3.4% during the last 24 hours, the market is stomaching a major risk-off event,\u201d Matrixport remarks.<\/p>\n

Spot Bitcoin ETF Approval Odds At 100% Now?<\/h2>\n

The company points out that with stringent enforcement actions and enhanced compliance programs becoming the norm among crypto exchanges, the differentiation between regulated and non-regulated cryptocurrency exchanges may become a key metric in 2024. This shift is seen as instrumental in the potential approval of a spot Bitcoin ETF in the US, a development long anticipated by the industry.<\/p>\n

\u201cThe result will likely be that more exchanges will enhance their compliance programs and become part of a surveillance-sharing agreement, which will be instrumental in approving a spot Bitcoin ETF in the US,\u201d the firm stated, adding,\u00a0\u201cWith this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow.\u201d<\/p>\n

The firm believes that this \u201cwhitewashing\u201d of the industry will not only enhance Bitcoin\u2019s adoption by institutional players but also position it as a safe-haven asset in investment portfolios. \u201cMore importantly, this industry\u2019s whitewashing will strengthen the Bitcoin adoption case for institutional players and will likely become a safe-haven asset in investors\u2019 portfolios,\u201d Matrixport predicts.<\/p>\n

The note also touches on the anticipated sale of the FTX exchange and its potential relaunch under a US securities law-compliant management team by Q3 2024. Matrixport speculates that this could lead to significant inflows, estimated between $24-50 billion, into any US-listed Bitcoin ETF.\u00a0They also note the increasing trend of crypto firms making markets on CME-listed crypto derivatives, indicating a shift from retail-focused, unregulated exchanges to those that are fully regulated and cater to institutional clients.<\/p>\n

\u2018Dark Cloud Has Been Removed\u2019 As ETF Makes Progress<\/h2>\n

Analysts and industry experts have echoed Matrixport\u2019s sentiments. Will Clemente, a noted analyst, stated<\/a>, \u201cWith resolution on Binance, just a matter of weeks until Bitcoin ETF approval now.\u201d Tony \u201cThe Bull\u201d Severino, head of research at NewsBTC, commented<\/a>, \u201cA dark cloud has just been removed from the crypto market.\u201d Conversely, Scott Johnsson, a finance lawyer at Davis Polk, offered a more cautious view, suggesting<\/a> that \u201cIt\u2019s far more likely an ETF decision led the Binance resolution than the other way around imo. And I\u2019m not convinced either is that likely.\u201d<\/p>\n

Remarkably, there has been some movement in the spot ETF approval process in the last few days. Ark Invest has kicked off the third round of amendments to the S-1 filings, Grayscale had a meeting<\/a> with the US Securities and Exchange Commission yesterday regarding its \u201cuplisting.\u201d<\/p>\n

At press time, BTC traded at $36,483.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Matrixport, a leading digital finance platform, today, November 22, released a comprehensive research note<\/a> focusing on the significant implications of yesterday\u2019s developments in the crypto industry, particularly regarding the prospects of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.<\/p>\n

Following the guilty plea<\/a> of Binance CEO Changpeng Zhao (CZ) and the substantial financial settlements involved, Matrixport suggests that the path for approving a spot Bitcoin ETF might have become significantly clearer. The note highlights the regulatory crackdowns and compliance upgrades in the crypto sector, indicating a shift towards greater regulatory alignment with traditional financial (TradFi) systems.<\/p>\n

\u201cSome would argue that the US agencies have cleaned up the industry this year by dismantling the US crypto-related banks, as two of them were running an internal ledger that crypto companies could use 24\/7 to transfer fiat. Arguably, few (perceived) major actors are left, and with Bitcoin only declining -3.4% during the last 24 hours, the market is stomaching a major risk-off event,\u201d Matrixport remarks.<\/p>\n

Spot Bitcoin ETF Approval Odds At 100% Now?<\/h2>\n

The company points out that with stringent enforcement actions and enhanced compliance programs becoming the norm among crypto exchanges, the differentiation between regulated and non-regulated cryptocurrency exchanges may become a key metric in 2024. This shift is seen as instrumental in the potential approval of a spot Bitcoin ETF in the US, a development long anticipated by the industry.<\/p>\n

\u201cThe result will likely be that more exchanges will enhance their compliance programs and become part of a surveillance-sharing agreement, which will be instrumental in approving a spot Bitcoin ETF in the US,\u201d the firm stated, adding,\u00a0\u201cWith this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow.\u201d<\/p>\n

The firm believes that this \u201cwhitewashing\u201d of the industry will not only enhance Bitcoin\u2019s adoption by institutional players but also position it as a safe-haven asset in investment portfolios. \u201cMore importantly, this industry\u2019s whitewashing will strengthen the Bitcoin adoption case for institutional players and will likely become a safe-haven asset in investors\u2019 portfolios,\u201d Matrixport predicts.<\/p>\n

The note also touches on the anticipated sale of the FTX exchange and its potential relaunch under a US securities law-compliant management team by Q3 2024. Matrixport speculates that this could lead to significant inflows, estimated between $24-50 billion, into any US-listed Bitcoin ETF.\u00a0They also note the increasing trend of crypto firms making markets on CME-listed crypto derivatives, indicating a shift from retail-focused, unregulated exchanges to those that are fully regulated and cater to institutional clients.<\/p>\n

\u2018Dark Cloud Has Been Removed\u2019 As ETF Makes Progress<\/h2>\n

Analysts and industry experts have echoed Matrixport\u2019s sentiments. Will Clemente, a noted analyst, stated<\/a>, \u201cWith resolution on Binance, just a matter of weeks until Bitcoin ETF approval now.\u201d Tony \u201cThe Bull\u201d Severino, head of research at NewsBTC, commented<\/a>, \u201cA dark cloud has just been removed from the crypto market.\u201d Conversely, Scott Johnsson, a finance lawyer at Davis Polk, offered a more cautious view, suggesting<\/a> that \u201cIt\u2019s far more likely an ETF decision led the Binance resolution than the other way around imo. And I\u2019m not convinced either is that likely.\u201d<\/p>\n

Remarkably, there has been some movement in the spot ETF approval process in the last few days. Ark Invest has kicked off the third round of amendments to the S-1 filings, Grayscale had a meeting<\/a> with the US Securities and Exchange Commission yesterday regarding its \u201cuplisting.\u201d<\/p>\n

At press time, BTC traded at $36,483.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-32954","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=32954"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32954\/revisions"}],"predecessor-version":[{"id":32969,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32954\/revisions\/32969"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32954"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}