Bitcoin emerges victorious in the chaos, while altcoins struggle as BTC soars, Bitcoin remains resilient amidst global uncertainty!
However, the same cannot be said for the currently struggling altcoins. This decline has caused Bitcoin's dominance in the market to surge to previous highs.
Bitcoin's dominance is gradually approaching previous highs. Any short-term pullback could lead to higher lows once Bitcoin's dominance clearly breaks through the 52% threshold. There are signs indicating that the launch of a Bitcoin spot ETF is getting closer.
Fidelity has updated its application for a Bitcoin spot ETF (exchange-traded fund). It is evident that this is the result of constructive repeated discussions with the U.S. Securities and Exchange Commission (SEC). The fact that both parties are working together to adjust the details is a positive sign, indicating that the SEC is keen on ensuring a correct and smooth application process.
The active involvement of the U.S. Securities and Exchange Commission in ensuring the detailed specifics of the application is optimistic. If the SEC were inclined to reject the ETF, they would not bother with the details of the paperwork.
The following are significant modifications to Fidelity's application for a Bitcoin spot ETF:
1. Custody arrangement: The application now provides a more detailed description of how Bitcoin is securely stored.
2. Hard fork mechanism: Procedures related to potential Bitcoin hard forks (events where the blockchain splits into two independent chains) are clearer.
3. Valuation protocol: Fidelity emphasizes the sources of its Bitcoin valuation and pricing, ensuring compliance with GAAP (Generally Accepted Accounting Principles).
4. Risk disclosure: An enhanced section delves into various risks, with particular emphasis on regulatory uncertainty.
5. Environmental impact: Acknowledgment of the energy-intensive nature of Bitcoin mining, a topic of discussion in recent years.
Meanwhile, the discount on the Grayscale Bitcoin Trust (GBTC) has risen to -13.54%, a level notably low. Last December, it was at -48%!
Crypto Quant, a technical analysis company, recently tweeted. They view a Bitcoin spot ETF as the future path for institutional adoption of Bitcoin. They believe that the approval of such ETFs could increase Bitcoin's market value by $1 trillion.
Macro perspective:
Latest news: According to data from Reventure Consulting, the 10-year Treasury yield has officially exceeded the upper limit median rate for the first time since 2008.
In short, the return on investment in real estate is currently lower than the 10-year Treasury yield. It's no surprise that investor purchases have dropped significantly by 45% this year. As interest rates continue to rise, investors will continue to scale back their investments. This week, we expect mortgage rates to reach 8%, and by early 2024, mortgage rates will reach 9% to 10%.
Note: All content represents the author's personal views and is not investment advice. It should not be interpreted in any way as tax, accounting, legal, business, financial, or regulatory advice. Before making any investment decisions, you should seek independent legal and financial advice, including advice on tax consequences.
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