Jake Chervinksy, GC for Compound Finance, tweeted this morning about his pessimistic sentiment towards the Wilshire Phoenix Bitcoin ETF approval. The SEC has denied various prior ETF applications, and has voiced underlying concerns about Bitcoin market manipulation, despite commissioner Hester Pierce’s dissention with the agency’s recent decisions.
A Bitcoin ETF is probably not happening in 2020
Hopes are not high for the SEC’s approval of Wilshire Phoenix’s ETF application. Especially since the US regulatory agency has previously denied every other ETF application put in front of them.
The SEC has until Wednesday, February 26th to make a decision on the applicant. Exactly one week from today.
The SEC's final deadline to approve or deny the Wilshire Phoenix bitcoin ETF is next Wednesday, February 26.
Despite the crazy premium on GBTC, denial is all but certain.
This is the only bitcoin ETF proposal pending, as Bitwise & VanEck take a break. I'd guess no ETF in 2020. https://t.co/oiAukjioBo
— Jake Chervinsky (@jchervinsky) February 19, 2020
The agency has expressed a series of underlying concerns regarding the nascent Bitcoin and cryptocurrency markets, in a statement made public in January of 2018. None of these concerns have been met by any applicant to the agency’s satisfaction, so far. Chervinksy believes the Wilshire Phoenix application will almost certainly be denied.
The SEC’s main concerns are as follows:
Valuation. The SEC wants to see ETFs track multiple exchanges to keep pricing fair. Arbitrage opportunities prevent the valuation from being gamed on any one exchange.
Liquidity. Even though Bitcoin’s daily trading volumes are in the billions, the SEC still has concerns about liquidity in Bitcoin markets.
Custody. Thankfully Bitcoin and crypto custodial solutions have come a long way since two years ago, when the SEC issued their statement. We may see this aspect become less of a barrier, in future rulings.
Arbitrage. There are many crypto exchanges, but most volume takes place on ten or so regulated/reputable exchanges. Any single exchange shutdown should not prevent arbitrage, or affect price.
Market manipulation. The SEC believes Bitcoin stands the same risk as other asset trading classes for market manipulation.
If an ETF were approved it would be massively bullish
The original tweet that Chervinsky was responding to was a Tweet by Eric Ervin, CEO of Blockforce Capital. Ervin was pointing out the incredible 41% premium that institutional investors are paying to trade shares of Grayscale’s GBTC Bitcoin Trust.
$GBTC premium now up to 41%. People want exposure to cryptocurrency and are willing to pay a significant premium to get it. Dear SEC, it is time for an #ETF. Give investors the opportunity to make their own decisions. cc @GrayscaleInvest @BitwiseInvest @Gemini @vaneck_us pic.twitter.com/TaMr1fgKqn
— Eric Ervin (@eervin1) February 19, 2020
Hester Pierce, an SEC commissioner, publicly expressed her disagreement with SEC denials of prior Bitcoin ETF applicants. This earned her the nickname “Crypto Mom” and made her popular with crypto investors.
Another SEC commissioner, Robert J. Jackson Jr., has also expressed positive sentiments towards a Bitcoin ETF, with one caveat, that the ETF meets the standards set forth by the agency.
If the Wilshire Phoenix proposal meets the guidelines set forth by the SEC and is able to get approval as the first Bitcoin ETF, it would be extremely bullish for Bitcoin and the overall crypto market.
It would offer institutional investors a way to trade Bitcoin in a regulated setting. This, combined with the recent Bitcoin golden cross, could lead to a significant spike in Bitcoin price.
Judging from the SEC’s recent denials of other ETF applicants, however, this is probably just wishful thinking for now.
Will the SEC deny this latest ETF application as well? Let us know in the comments!
Images via Shutterstock, Twitter @eervin1 @jchervinsky origin »
2025 was a challenging year for the cryptocurrency market and industry, and it did not spare the spot Bitcoin exchange-traded funds (ETFs). The US-based Bitcoin ETF market experienced wet and dry spells in equal proportions over the course of the year.
Bitcoin’s ETF data is doing that annoying thing where it looks terrifying if you only read the headline. Big chunks of ETF buyers are sitting on losses, and every red flow day gets framed as the start of a stampede.
A new ETF proposal has surfaced in the U.S., aiming to buy Bitcoin only when American markets close and sell it when they open.
If approved, the product would represent one of the most unusual tiThe post Bitcoin “After Dark” ETF filing aims to capture overnight gains appeared first on AMBCrypto.
Key Takeaways
Why are Bitcoin ETFs seeing persistent outflows?
Institutions reduced exposure, Coinbase Premium Gap stayed negative, and heavy redemptions pushed ETF products into their longest Q4 ouThe post Here's what Bitcoin ETF flows in Q4 2025 mean for its price in 2026 appeared first on AMBCrypto.
Bitcoin price traded near $110,000 today as ETF flow streaks and the $107,000 support take focus. Spot ETF demand remains the pivot. BlackRock’s IBIT is approaching $100 billion in assets, roughly 799,000 BTC, as the largest U.
Bitcoin price consolidates at $115,000 as BlackRock ETF demand fuels optimism, with Kalshi bettors predicting a $125,000 rally before December 2025.
The post Bitcoin Price Analysis: Kalshi Bettors Predict 69% Chance of $125K Rally as BlackRock ETF Absorbs $3.1B appeared first on Coinspeaker.
NYSE Arca has filed with the SEC to list Truth Social’s Bitcoin and Ethereum ETF, aiming to provide a regulated way for investors to gain exposure to the two largest cryptocurrencies.
The post Trump Media Eyes SEC Approval For Dual Bitcoin and Ethereum ETF appeared first on BeInCrypto.
Bitcoin ETF inflows dropped sharply as BTC slid below $104,000, signaling waning investor confidence. Reduced trading activity and bearish sentiment highlight a cautious outlook.
The post ETF Inflows Nearly Halve as Bitcoin Slides Amid Market Caution | ETF News appeared first on BeInCrypto.
Bitcoin's recent price stagnation has caused a dip in institutional ETF flows, but the derivatives market remains bullish, with traders positioning for a potential breakout.
The post Bitcoin ETFs Hit 3-Day Outflow Streak Amid Sideways Action | ETF News appeared first on BeInCrypto.
After a brief setback, Bitcoin ETFs experienced a strong recovery, with over $100M in inflows, though mixed signals from the futures market suggest cautious optimism.
The post ETF Buyers Step Back In, But Bitcoin’s Underlying Metrics Stay Mixed | ETF News appeared first on BeInCrypto.
BlackRock's Bitcoin ETF has provided unexpected stability in the crypto market amid tariff turmoil. However, Bitcoin's stability now hinges on the confidence of major ETF issuers, which could be impacted by macroeconomic challenges.
Grayscale, a popular crypto asset manager, launched a new ETF that offers exposure to Bitcoin mining, known as Grayscale Bitcoin Miners ETF (MNRS). This is the world’s first such ETF. It offers an alternative to investors who are looking for alternatives to direct investments in BTC.
Bitcoin may see a sharp decline before rallying, Grayscale expands its ETF push, and Ripple’s lawsuit status remains unclear after SEC website changes.
The post This Week in Crypto: Arthur Hayes’ Bitcoin Warning, Litcoin ETF, DeepSeek Sell-Off, and More appeared first on BeInCrypto.
Grayscale Bitcoin Miners ETF (MNRS) launched on the New York Stock Exchange on Jan. 30, 2025. The ETF provides exposure to global Bitcoin mining companies, including Marathon Holdings, Riot Platforms and Core Scientific.
The in-kind redemption model is seen as a more efficient option for the spot Bitcoin ETF and should have been allowed from “the get-go,” says an ETF analyst.
Bitcoin's Spot ETF segment is heating up, with Bitwise’s latest application the most recent example
Post-festive season flows look to be adopting a positive shift after recent ETF outflows
The post Bitwise's 'Bitcoin company' ETF could set the trend for 2025 - Details appeared first on AMBCrypto.
BlackRock, the world’s largest asset manager, has officially launched options trading for its Bitcoin ETF, the iShares Bitcoin Trust (IBIT). This debut comes after the ETF received regulatory approval in January and has since attracted significant inflows.
The shift from gold to Bitcoin ETFs highlights changing investor preferences, signaling a potential redefinition of safe-haven assets.
The post BlackRock’s Bitcoin ETF overtakes its Gold ETF in size appeared first on Crypto Briefing.
Ark Invest sold 44,609 shares of its ARKB Spot Bitcoin ETF for $2. 8 million as part of a rebalancing strategy. The firm retains $139. 7 million in ARKB, making it the second-largest holding in ARKW.
Australia's Monochrome Bitcoin ETF is partnering with Hoseki to implement proof-of-reserves, becoming the first Australian spot Bitcoin ETF to provide daily verification of holdings.
Bitcoin has entered the $69,000 price zone.
The new price zone could impact the week's ETF flow.
The latest Bitcoin ETF update revealed that most ETF firms experienced positive capital infThe post Bitcoin ETF update: Rising interest with weekly net inflows of $535M appeared first on AMBCrypto.
UFC Champion Alex Pereira Throws a $58. 9M Presale Knockout with BlockDAG Sponsorship Amidst Bitcoin and Ethereum ETF Excitement Bitcoin and Ethereum have shown resilience after a rocky phase, with Bitcoin reclaiming the $58,000 mark and Ethereum buoyed by anticipated ETF approvals.
A new player has emerged in the US market by introducing a new Bitcoin ETF (exchange-traded fund) by T-Rex, an asset manager founded by Benjamin Cohen in 2012. This move puts T-Rex directly competing with ProShares Bitcoin Strategy ETF (BITO) and VolShares BITX ETF.
Australia is set to make an entry into the crypto investment landscape with the launch of its first spot Bitcoin exchange-traded fund (ETF) tomorrow. Monochrome Asset Management’s Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on June 4th, pending any last-minute delays.
Australia’s first spot Bitcoin exchange-traded fund (ETF), which directly holds the asset, is set to launch for trading on Tuesday. The Monochrome Bitcoin ETF (IBTC) will commence trading on the Cboe Australia exchange on June 4.
ETF buzz focuses on Ethereum and Bitcoin, with BlackRock challenging Grayscale's dominance.
Bitcoin's price fluctuates amid ETF excitement, with analysts eyeing potential market shifts.
ETFsThe post Bitcoin: Will BlackRock overtake Grayscale as top BTC ETF? appeared first on AMBCrypto.
The Bitcoin ETF market has witnessed a notable inflow streak, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) leading the race. Since gaining approval from the US Securities and Exchange Commission (SEC) on January 10, the ETF market has experienced over three months of trading.
Asset manager Blackrock has emerged as the frontrunner in the Bitcoin ETF race in terms of inflows with its IBIT ETF, which is increasingly attracting institutions’ attention as a key development showing its success.
Despite a hopeful outlook from some, the likelihood of an Ether ETF faces skepticism, with a strong market preference for Bitcoin and regulatory hurdles suggesting a challenging path ahead.
The post Senior Analyst Who Predicted Bitcoin ETF Says Ethereum ETF Has No Chance appeared first on BeInCrypto.
After months of anticipation, the fate of the First Trust SkyBridge Bitcoin [BTC] ETF has taken a surprising turn as the United States Securities and Exchange Commission (SEC) has declared it “abandThe post This Bitcoin ETF is now 'abandoned': Are your holdings safe? appeared first on AMBCrypto.
BlackRock, the world's largest asset manager, saw its Bitcoin ETF reach $10 billion in assets under management (AUM) quicker than any other ETF in U.S. history.
Ark Invest and 21Shares have integrated Chainlink Proof of Reserve on the Ethereum mainnet to bolster transparency of the ARK 21Shares Bitcoin ETF (ARKB), according to a Feb. 28 statement. With this move, investors in ARKB can verify that the ETF’s Bitcoin holdings completely support its value.
Инвесторы переходят от канадских биткойн-ETF к американским аналогам, при этом в Purpose Bitcoin ETF наблюдается значительное сокращение активов. Последние данные показывают , что канадские держатели биржевых фондов биткойнов (ETF) перемещают свои инвестиции, при этом зафиксирован значительный отток средств из Purpose Bitcoin ETF.
Markets have always been forward-looking, and the Bitcoin (BTC) Spot ETF was a classic example. Most of the highest gaining coins after the ETF approval had nothing to do with Bitcoin. Observing altcoins like Xai (XAI), Ethereum Classic (ETC), Ethereum Name Service (ENS), and Galaxy Fox (GFOX) may offer some insights as to where the … Continued
The post Some New Coins After ETF Approval Had Nothing to Do With Bitcoin appeared first on BeInCrypto.
Bitcoin Magazine
SEC Charges Bitcoin Miner for Duping Investors Out of $48. 5 Million
A solo bitcoin miner was charged by the SEC for misappropriating $48. 5 million from investors by selling bogus mining hosting agreements that promised passive income.
The SEC ends another investigation... this time it's Aave. Cases involving crypto firms like Coinbase, Kraken, and Uniswap Labs have either been dismissed or dropped.
The SEC’s Office of Investor Education and Assistance issued a bulletin warning retail investors about crypto asset custody risks. The guidance covers how investors can store and access digital assets through crypto wallets, which hold private keys rather than the…
The SEC’s Caroline Crenshaw renews criticism of crypto in her final weeks, while traders change focus to DeepSnitch AI and the Bitcoin Hyper launch date as uncertainty around regulation grows.
Комиссия по ценным бумагам и биржам США (SEC) разрешила американской Депозитарной трастовой и клиринговой корпорации (Depository Trust Company, DTCC) тестировать блокчейн-систему учета ценных бумаг.
BlackRock has set up a new Delaware trust that could open the door to a staking-based Ethereum exchange-traded fund. BlackRock has taken another step into Ethereum’s staking ecosystem by registering the iShares Staked Ethereum Trust ETF as a new statutory…
