Anticipated SEC Approval and Market Dynamics of the Upcoming Bitcoin ETFs
Anticipating the approval, from the U.S. Securities and Exchange Commission (SEC) the awaited arrival of spot Bitcoin ETFs in the financial market is finally nearing its conclusion after a decade of efforts. Leading issuers like BlackRock and Fidelity Investments are expected to introduce their offerings in 2024. The approval of these spot ETFs holds potential for shaping the future of the asset market.
The industry has hopes for SECs approval of ARK & 21Shares Bitcoin ETF with a deadline as early as January 10th. Recent revisions made by issuers suggest that the SEC is inclined to greenlight their filings although specific details regarding approvals and release dates remain uncertain. To avoid any allegations of favoritism to what happened autumn during the Ethereum futures ETF launch it is widely speculated that the SEC will strive to approve multiple issuers simultaneously.
Currently it is anticipated that around 11 major physical ETF applicants will gain approval within the week. The introduction of spot ETFs encompasses aspects such as estimated inflows into ETFs competition dynamics, among issuers and Bitcoins well established market structure.
Some companies have already started advertising campaigns while others are aiming to gain an advantage by offering the fees. The outcome of this competition is still uncertain.
The Growing Trend of Bitcoin’s On-Chain Supply and Its Impact on the Market
It is also essential to consider Bitcoins on chain supply dynamics, which might change in the future and Coin Metrics data can provide insights in this regard. Bitcoins supply can be easily. Tracked on chain which makes it a unique financial asset. Anyone who operates a Bitcoin node can monitor all Bitcoin transactions and transfers.
This allows us to understand holder behaviors, supply distribution, active addresses and other on chain metrics that’re difficult to calculate for opaque assets. A notable trend that parallels ETFs is the growth in the proportion of Bitcoin held by long term investors. As depicted in the graph below, over 6 million Bitcoins (representing 30% of todays supply) have not been moved for five years. We believe these inactive Bitcoins are not included in the bitcoin supply.
However we must avoid oversimplifying the factors that determine the price of Bitcoin as it’s a variable influenced by numerous unknown elements. However this increasing lack of liquidity combined with inflows, into ETFs could put pressure on the market leading to supply entering the liquidity market.
AI Token Launch and Sleepless AI’s Innovative Airdrop Strategy
The launch of the AI token took place on Binance yesterday at 6 PM starting at a price of $2 per token which was in line with expectations. Recent coin listings on Binance have not performed overall with ACE experiencing some growth while NFP did not. Given the concerns raised through tweets about large scale airdrops scaring off investors from entering the market it was expected that there would be interest in the AI token launch on Binance.
Sleepless AI recently unveiled its anticipated airdrop strategy providing users with avenues to acquire AI tokens.
All 20 users holding Genesis NFTs along with the 10 bidders and participants in the staking program will receive an airdrop of AI tokens. This serves as a token of appreciation for their support and involvement, in Sleepless AIs project.
If users engage in voting and log in 10 times a day they will have the opportunity to receive an airdrop. The airdrop will be given to the 100 users who have the ranks acknowledging their involvement and contributions, to the community.