The long-awaited bitcoin (EXANTE: Bitcoin) exchange-traded fund (ETF) would impact the development of bitcoin's price, Bloomberg reports, citing JPMorgan's analysts. The approval of a bitcoin ETF might eventually trigger outflow from the Grayscale Bitcoin Trust (GBTC). JPMorgan's Managing Director, Nikolaos Panigirtzoglou, says collapse of GBTC's premium because of bitcoin ETF "would likely have negative near-term implications" for the cryptocurrency itself.
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As iHodl reported earlier, asset manager VanEck refiled to the US Securities and Exchange Commission (SEC) an application to launch a bitcoin ETF. The decision comes more than a year after the company withdrew its last application (September 2019). VanEck attempted several times to receive regulatory approval for this product, however, it has been unsuccessful so far.
In the meantime, Grayscale Investments says pension funds and endowments are showing interest to continue the recent crypto rally. As of press time, Grayscale's Bitcoin Trust accumulated over 3% of the total bitcoin supply.
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