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Grayscale Bitcoin Trust

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 <p class="is-style-lead">Grayscale’s Bitcoin Trust conversion into an ETF seems <a rel="noopener noreferrer nofollow" title="imminent" href="https://thebittimes.com/tag/imminent.html">imminent</a> as the SEC’s attempt to block fails, paving the way for possible broader Bitcoin spot ETF approvals in the US.</p>
 <p class="is-style-default">The long-awaited conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin (BTC) exchange-traded fund (ETF) appears close at hand following a failed appeal by the Securities and Exchange Commission (SEC) to block the move.</p>
 <p>According to an Oct. 16 video by famous cryptocurrency <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> CryptosRUs, the deadline for the SEC to appeal a recent court ruling in favor of Grayscale has passed. The order struck down the SEC’s reasons for previously denying conversion of the Trust into a spot Bitcoin ETF.</p>
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 <p>With no valid objections left after declining to appeal, he suggests Grayscale can now reapply for conversion with high chances of approval. The SEC would have to provide a new rationale to deny the application, which it is unlikely to do after losing in court.</p>
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 <p>Many industry experts have long predicted the conversion of GBTC into an ETF as the most viable route for approval of a Bitcoin spot ETF in the US. Other high-profile asset managers like ARK Invest have spot Bitcoin ETF proposals pending, but experts believe the SEC’s approval for Grayscale could open the floodgates for others.</p>
 <p>The apparent <a rel="noopener noreferrer nofollow" title="imminent" href="https://thebittimes.com/tag/imminent.html">imminent</a> ETF conversion comes at an opportune time. As CryptosRUs points out, Bitcoin appears oversold based on the relative strength index (RSI). With bullish sentiment drained after FTX’s implosion, the <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> suggests it now represents an ideal accumulation phase.</p>
 <p>CryptosRUs compares the current period to the 2018-2020 bear market, which paved the way for Bitcoin’s meteoric rise from under $4,000 to nearly $70,000. The YouTuber argues the recent FTX-induced crash from $69,000 to $28,000 may have curtailed an even more parabolic 2021 bull run.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> ARK Invest and 21Shares refine Bitcoin ETF filing, hint at progress
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/grayscale-etf-to-bring-imminent-change-to-crypto-analyst-says-tbt66550.html">https://thebittimes.com/grayscale-etf-to-bring-imminent-change-to-crypto-analyst-says-tbt66550.html</a></p>

Grayscale ETF to bring imminent change to crypto, analyst says

TheBitTimes

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