Daily News | The SEC May Approve "Multiple" Bitcoin Spot ETF Applications Today; Ethereum Spot ETFs May Go Public This Year; Celsius Will Release the Staking on A Large Number of ETHs

2024-01-05, 07:27

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## Crypto Daily Digest: The SEC may approve "multiple" Bitcoin spot ETF applications today, Ethereum spot ETFs may go public this year
Today, Friday, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs reached a critical time point in market forecasts.

Yesterday, well-known financial institutions such as VanEck, ARK Invest, Valkyrie, Fidelity, etc. submitted their Bitcoin spot ETF securities registration application to the US SEC, using the 8-A12B form, which is the National Exchange Securities Listing Registration Form.

It is reported that Form 8-A is only a securities registration that needs to be completed before the ETF is launched, and it does not mean that the ETF has been approved. In order to go public, ETFs still require 19b-4 approval, and valid, approved, and complete S-1 documents are required.

Regarding this, Bloomberg analyst Eric Balchunas tweeted that the SEC is providing final opinions on Bitcoin spot ETFs, and issuers will soon submit the final 19b-4 and S-1 documents. The approval of Bitcoin spot ETFs is nearing completion, but to his knowledge, official approval has not yet been obtained.

The analyst stated that if the SEC intends to continue delaying or rejecting the Bitcoin spot ETF resolution, it will not hold meetings with major exchanges (NASDAQ, Chicago Options Trading Platform, New York Stock Exchange) to determine comments on the 19b-4s submitted by Bitcoin spot ETF issuers. The SEC has been in close contact with issuers offline to improve its 19b-4s, rather than conducting extensive re filing like the S-1s.

Fox journalist Eleanor Terrett posted on social media that the SEC is currently holding a meeting with the exchange today to finalize the comments on the 19b-4s submitted by issuers of Bitcoin spot ETFs.

Another source of news comes from TechCrunch journalist Jacquelyn Melinek, who tweeted that according to sources very close to the matter, the SEC will approve "multiple" companies' Bitcoin spot ETF applications and is expected to release a notice today (Friday). We will wait and see.

On one hand, the ETF approval notice has arrived in the market, while on the other hand, investment banks have already started negotiating with major ETF funds in advance. Yesterday, after Goldman Sachs, JPMorgan Chase was also in talks with Grayscale to serve as an authorized participant (AP) for its spot Bitcoin ETF.

James Goleman, former CEO of Morgan Stanley, another well-known investment bank, commented yesterday that Bitcoin is a highly volatile and speculative asset and faces regulatory and industry turmoil. Gorman stated that there was no banking crisis last year, only three banks were poorly managed. He expects the Federal Reserve to cut interest rates twice this year to avoid an economic recession. He is optimistic about the outlook for the US economy, pointing out that inflation is rapidly declining, output growth is resilient, and the unemployment rate is at a historic low, believing that the US economy is unlikely to fall into recession.

The <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> futures ETF is also coming soon.

On January 4th, at a private cryptoQuant webinar, Bloomberg ETF analyst James Seyfart stated that the SEC had "implicitly" accepted Ethereum as a commodity when approving Ethereum futures ETFs, which means that Ethereum spot ETFs may be seen listed this year.

Seyfhart stated that if the SEC refers to Ethereum as a security, then it would be in opposition to the CFTC. This is also the reason why it believes that Ethereum spot ETFs will be approved this year. The first batch of Ethereum futures ETFs in the United States were listed for trading on October 2 last year. The deadline for the SEC to make a final decision on VanEck, ARK 21Shares, and Hashdex Ethereum spot ETFs is May 2024.

There is another latest news about Ethereum that is worth paying attention to. On January 4th, according to media reports, Celsius started asset recovery and rebalancing processes in preparation for asset allocation to ensure sufficient liquidity. Celsius will release the staking on ETH, which provides significant pledge return income and can offset certain costs incurred throughout the restructuring process. The unlocking activities in the coming days will release a large amount of ETH to ensure timely allocation to creditors.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1704440082BTC 0105.png)
The market sharply dropped to the $40,750 level this week, liquidating high-leverage positions. The pullback pattern is expected to be driven by volume over time. This week, the market is anticipated to continue a slow upward trend with occasional sharp declines. Key support levels are at $41,500 and $40,450. The mid-term trend is expected to experience a pullback before resuming an upward trajectory, and the long-term outlook remains bullish.

### ETH
![](https://gimg2.gateimg.com/image/article/1704440111ETH 0105.png)
After a expected rebound to the resistance level of $2,260 following a pullback this week, a short-term correction is anticipated. Key support levels are holding at $2,135. Aggressive targets are set at $2,135 and $2,097. Conservative advice suggests entering positions after consolidation.

### WLD
![](https://gimg2.gateimg.com/image/article/1704440153WLD 0105.png)
This week, a substantial sell-off occurred as predicted, touching the $2.505 level and resulting in a 35% decline. Short-term oscillation between $3.350 and $2.785 is expected. The second bottom is likely to hold at the $2.584 support level, with a mid-term expectation to rebound towards the $5.22 and $5.81 target levels.

## Macro: ADP employment data is positive, with the probability of interest rate cuts in February dropping to 6.7%
On Thursday, the unexpectedly strong ADP employment data suppressed market expectations for interest rate cuts, driving the collective increase in US Treasury yields. The 10-year US Treasury yield once again touched 4%, ultimately closing at 4.002%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.38%. The US dollar index briefly rose after the data was released, but ultimately closed slightly lower by 0.062% at 102.4.

Impacted by the impressive performance of ADP employment data, spot gold took back all its gains during the day, falling below the 2040 mark at one point before rebounding and ultimately closing up 0.16% at $2043.42 per ounce. Spot silver fluctuated narrowly around the 23 level and ultimately closed 0.14% lower at $23.02 per ounce.

Due to the unexpected significant increase in fuel inventories in the United States last week, which overshadowed the impact of crude oil inventory consumption exceeding expectations, international crude oil prices turned lower during trading. WTI crude oil fell 0.81% to close at $72.34 per barrel; Brent crude oil closed down 0.99% at $77.62 per barrel.

The US stock market closed on Thursday, with the Dow Jones up slightly, the S&P 500 down 0.3%, and the Nasdaq down 0.56%. Digital currency concept stocks rebounded, with MicroStrategy (MSTR. O) up nearly 4% and Coinbase (COIN. O) up 2.2%.

On Friday evening, the US Department of Labor will release more market-focused non-farm employment data. Due to different statistical methods, there may be significant differences between these two reports. Economists surveyed by foreign media predict that non-farm employment will increase by 170,000 in December.

Federal Reserve officials are closely monitoring the employment report to seek clues about the strength of the labor market and its impact on inflation. According to the minutes of the Federal Reserve's December meeting released early this morning, officials believe that the labor market will better restore balance from the huge supply-demand mismatch of the past few years.

Due to the impact of ADP employment data, according to CME's "Federal Reserve Observation," the probability of the Federal Reserve maintaining interest rates in the 5.25% - 5.50% range in February is 93.3%, and the probability of a 25 basis point rate cut is 6.7%. The probability of maintaining interest rates unchanged by March next year is 35.4%, the probability of a cumulative 25 basis point cut is 60.4%, and the probability of a cumulative 50 basis point cut is 4.2%.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>