HomeContributorsFundamental AnalysisFinally! The SEC Approves all 11 Applications for Bitcoin ETFs

Finally! The SEC Approves all 11 Applications for Bitcoin ETFs

The following ETFs can start operating today:

  • Blackrock’s iShares Bitcoin Trust (IBIT)
  • ARK 21Shares Bitcoin ETF (ARKB)
  • WisdomTree Bitcoin Fund (BTCW)
  • Invesco Galaxy Bitcoin ETF (BTCO)
  • Bitwise Bitcoin ETF (BITB)
  • VanEck Bitcoin Trust (HODL)
  • Franklin Bitcoin ETF (EZBC)
  • Fidelity Wise Origin Bitcoin Trust (FBTC)
  • Valkyrie Bitcoin Fund (BRRR)
  • Grayscale Bitcoin Trust (GBTC)
  • Hashdex Bitcoin ETF (DEFI)

Despite the regulatory approval of the first spot Bitcoin ETFs in US history, the head of the US Securities and Exchange Commission (SEC) Gary Gensler has not changed his critical attitude towards cryptocurrencies. Thus, the regulator sees signs of illegally issued securities in many cryptocurrencies that operate on the Proof-of-Stake (PoS) algorithm.

According to Gensler, the regulator was forced to approve the applications due to “changed circumstances.” This is likely a reference to the recent litigation where Grayscale filed a request with the Commission to transform its Bitcoin fund into a spot ETF. The judge then concluded that the regulator had wrongfully rejected the company’s application.

Gensler also warned investors about the numerous risks associated with Bitcoin.


→ Funds whose applications have been approved are reducing fees one after another, trying to win the competition for investors.

→ Bank of England (BOE) Governor Andrew Bailey, speaking before the Treasury Committee of the United Kingdom Parliament, called Bitcoin ineffective.

→ Cryptocurrency exchange apps have become unavailable in India due to the introduction of stricter legislation governing cryptocurrencies.

The chart shows that the price of BTC/USD did not change much after the official SEC decision. This highlights that the price of Bitcoin on exchanges has already taken into account the high probability of ETF approval.

We wrote earlier that Bitcoin is starting the year with bullish sentiment.

Note that:

→ The price of Bitcoin has reached the upper limit of the long-term channel (shown in blue, it is shown more fully in the post at the link above). Technically, resistance to growth should be expected from the upper border, which is, in principle, observed on the chart.

→ On January 2, the bulls tried to break through the A-B consolidation zone, but failed.

→ On January 3, there was an attempt at a bearish breakout (shown by an arrow), and it also turned out to be unsuccessful.

→ Recent price action shows that line A (44,400) is now acting as support.

Fundamentally, the price could be pushed higher by news that demand for new ETFs is exceeding expectations. But even if the price continues to rise on the new impulse, it will face the psychological mark of 50k per coin — it is possible that a false bullish breakout of the round figure will occur.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Learn Forex Trading