SEC may approve ETF options products ProShares submits application for leveraged ETFs

Headlines

▌Bloomberg analyst: SEC may approve spot Bitcoin ETF options products as soon as possible within 60 days< /strong>

Bloomberg analyst James Seyffart said on the X platform that the New York Stock Exchange had previously submitted a 19b-4 application to apply for the listing of options products for spot Bitcoin ETFs. In theory, the SEC could take up the issue and approve it quickly (the first deadline is within 60 days), but it could also be delayed repeatedly and wait until the end of September or early October. But analysts said the SEC could still reject the product.

▌ProShares submitted applications for five leveraged spot Bitcoin ETFs

ProShares submitted Five leveraged spot Bitcoin ETF applications are: ProShares UltraShort Bitcoin ETF (-2x), ProShares ShortPlus Bitcoin ETF (-1.5x), ProShares Short Bitcoin ETF (-1x), ProShares Plus Bitcoin ETF (+1.5x), ProShares Ultra Bitcoin ETF (+2x). The products track the daily performance of the Bloomberg Galaxy Bitcoin Index, with ticker/fee TBD and tentatively scheduled to go into effect on April 1.  

Bloomberg analyst Eric Balchunas said there could be as many as a dozen similar applications on the market within months.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was 43,139.4 US dollars, with fluctuations during the day. Frame-0.28%;

ETH Recent The transaction price was US$2587.61, and the intraday increase or decrease+1.10%;< /p>

BNB’s recent transaction price was US$315.5, with an intraday increase or decrease of -0.50% strong>;

The recent transaction price of strong>%;

The recent transaction price of DOGE was US$0.0814, with intraday changes +0.15%;

ADA’s recent transaction price was US$0.5366, with intraday gains and losses-1.01%;

SOL’s recent transaction price was US$97.82, with intraday changes< span style="color: rgb(0, 176, 80);">+0.65%.

Policy

▌U.S. Department of the Treasury and IRS: Before the regulations are released, companies do not have to Reporting Certain Transactions Involving Digital Assets

The U.S. Department of the Treasury and the Internal Revenue Service issued announcements stating that businesses do not have to report certain transactions involving digital assets, such as reporting $10,000, until the regulations are issued. or more digital asset payments.  

The Treasury Department and the Internal Revenue Service said they intend to issue proposed regulations that would provide more information and procedures for reporting the receipt of digital assets, give the public an opportunity to comment in writing and, if necessary, Hold a public hearing to discuss.

▌Oral arguments regarding Coinbase’s motion to dismiss the SEC lawsuit will begin tomorrow

Oral arguments regarding Coinbase’s motion to dismiss the SEC lawsuit Arguments will begin Wednesday morning ET in a Manhattan courthouse. The hearing gives both sides an opportunity to plead their case to presiding Judge Katherine Polk Failla, who can choose to dismiss the case in whole or in part, send it to a jury trial, or issue summary judgment.  

The US SEC sued Coinbase in June 2023 for operating as an unregistered broker, exchange and clearing agency. A person familiar with the matter said a blanket dismissal was unlikely, but Failla's choice to hold oral arguments suggested there was still some possibility. It could take weeks or months for a judge to issue a ruling, and if the case is not dismissed outright, both sides will move into discovery.

▌SEC v. Terraform Labs trial will be postponed to March 25

The SEC v. Terraform Labs trial will be postponed from later this month to March 25 in anticipation of Do Kwon's potential extradition to the United States from Montenegro, according to a public court filing.

Blockchain Applications

▌Pyth Network becomes an oracle partner of the Blast ecosystem

Pyth Network announced that its Pyth Entropy and Price Feeds have been deployed to the Ethereum layer 2 blockchain Blast. This cooperation makes Pyth Network the preferred oracle partner of the Blast ecosystem. Developers on Blast can now integrate over 400 live price sources and new innovative random number sources.

▌Moonveil Studio will join the Polygon game ecosystem

Moonveil Studio will join soon The partnership with Polygon Labs will allow Moonveil to leverage the Polygon onchain gaming ecosystem, which has developed the immersive tower defense mobile game Astrark: STAGE ONE (in alpha), as well as another stealth game expected to be released in Q1. web3 technology to create a better gaming experience that seamlessly blends casual flexibility with gaming fun and depth.

▌WalletConnect Announces Web3Inbox App

web3 Communication protocol WalletConnect announces the launch of the Web3Inbox app, a new easy-to-use consumer product that provides users and applications with an important communication point that can be flexibly adapted to different applications. WalletConnect previously launched the wallet Notify API and application development toolkit Web3Inbox SDK. The new Web3Inbox product enables developers to lay the foundation for readable web3 messages to work seamlessly at scale.

Cryptocurrency

▌Bloomberg Analyst: BlackRock Spot Bitcoin ETF Transaction The volume exceeds the combined total of 500 new ETFs last year

Bloomberg analyst Eric Balchunas said on the X platform that 500 ETFs were launched in 2023, and their total trading volume today is US$450 million. The top performer was at $45 million, and the BlackRock Spot Bitcoin ETF (IBIT) alone had more volume than those 500 ETFs combined.  

The analyst explained: "Getting volume is difficult, even harder than liquidity, and half of the 500 new ETFs today have less than $1 million in volume. Because volume must be in It is formed naturally in the market and cannot be forged. It gives the ETF the ability to continue to operate."

▌Analyst: Spot Bitcoin ETF may promote short trading by traditional market participants

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Cryptocurrency derivatives trader Gordon Grant said that the approval of spot Bitcoin ETFs may make it easier for traditional market participants to conduct short transactions, and shorting Bitcoin ETF spot may lead to BTC on the spot market. The supply increases and puts downward pressure on the Bitcoin price. Grant noted, however, that borrowing and shorting stocks is a normal part of healthy, well-functioning asset markets. “This is also critical for complementary considerations such as options trading, structured products, directional leverage and more complex instruments,” he said.

▌The Governor of the Reserve Bank of India: There are huge risks in cryptocurrency and blockchain technology needs to be capitalized

The Governor of the Reserve Bank of India Chief Minister Shaktikanta Das said that there are huge risks in cryptocurrency and blockchain technology needs to be capitalized.

▌The trading volume of spot Bitcoin ETF reached US$1 billion on the third day, and the cumulative trading volume was US$8.7 billion

THE BLOCK PRO quoted Yahoo Finance data as saying that the spot Bitcoin ETF trading volume reached US$1 billion on the third day; the current cumulative total trading volume is US$8.7 billion.

▌Ethereum network transaction volume reaches highest level since November 2021

According to The Block’s data dashboard On the board, the seven-day moving average of daily transaction volume on the Ethereum network increased from 1.1 million to 1.3 million over the past week, which is the highest level since November 2021, when Ethereum hit an all-time high of over $4,600.

Important economic developments

▌Fed Governor Waller: If inflation does not rebound, the Fed can Cut interest rates this year

Fed Governor Waller said the Fed could cut interest rates this year if inflation does not rebound. More information is needed to confirm that inflation is falling to target. In addition, interest rate cuts should be carried out cautiously and orderly, without the need to cut interest rates as quickly as in the past.

Golden Encyclopedia

▌Why Bitcoin spot ETFs are so important

ETFs legitimize Bitcoin and allow institutions to hold Bitcoin through their existing services. Financial advisors can now easily include Bitcoin in their investment portfolios. Since Bitcoin has little correlation to many traditional assets and is highly volatile, adding an ETF to your portfolio (say, 1%) will provide you with a better performing Sharpe Ratio. It doesn't take much thinking, adding ETFs to your long-term asset management strategy is a smart move.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.

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