BTC Surpasses $47000 as VanEck Seeds $72M to Bitcoin ETF

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People wanting to launch spot Bitcoin ETFs shared more details about their initial funding by submitting updated forms on Monday.

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On Monday, the biggest cryptocurrency, Bitcoin (BTC), saw a significant rise, crossing the $47,000 mark. This surge coincided with updates from issuers like BlackRock, Fidelity, and others who submitted revised paperwork to the U.S. Securities and Exchange Commission (SEC).

Spot Bitcoin ETF Issuers Reveal Funding Details

In the pursuit of launching spot Bitcoin Exchange-Traded Funds (ETFs), key players have disclosed additional information about their initial funding through amended forms submitted early this Monday.

VanEck Leads with $72.5 Million Seed: VanEck, an investment firm, has taken a significant lead by seeding its potential spot Bitcoin ETF with an initial investment of $72.5 million, as indicated in its amended S-1 form.

Bitwise and Pantera Capital in the Mix: Bitwise, another contender in the spot Bitcoin ETF race, has revealed seeding its proposed ETF with an initial amount of $500,000, according to its amended S-1 form. Additionally, Pantera Capital has expressed interest in contributing a substantial $200 million to the fund if it obtains approval. It’s essential to note that this expression of interest is stated as non-binding and indicative.

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BlackRock Enters with $10 Million Seed: BlackRock, a major player in the financial industry, has entered the competition by seeding its potential spot Bitcoin ETF with an initial investment of $10 million, as detailed in its amended S-1 form.

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VanEck’s Commitment to Bitcoin Core Developers: On January 5th, VanEck demonstrated its commitment by pledging to allocate 5% of prospective profits from its spot Bitcoin ETF to support Bitcoin core developers at Brink. Alongside this commitment, VanEck initiated its support with an initial donation of $10,000 to Brink, contributing to the advancement of their critical work.

Standard Chartered Predicts Bitcoin Price Surge Beyond $200,000 by 2025

Amid the financial sector’s keen anticipation of regulatory decisions on Bitcoin spot ETF applications, Standard Chartered Bank has unveiled a promising forecast. On Monday, Geoffrey Kendrick, the head of financial research at Standard Chartered Bank, shared insights with investors, suggesting that the price of Bitcoin could potentially surpass $200,000 by the end of 2025.

Kendrick emphasized that if the expected inflows linked to ETFs materialize, the bank envisions a potential year-end level approaching the significant $200,000 mark. This projection aligns with their earlier estimations, which initially targeted a milestone of $100,000 by the conclusion of 2024. Investors and enthusiasts alike are closely watching these predictions as they navigate the evolving landscape of cryptocurrency trends and developments.

Bitcoin Whales Take Profits Amid Surges: Strategic Moves on Binance

Recent reports from Lookonchain suggest that some significant Bitcoin whales are currently capitalizing on profit-taking opportunities. One strategic whale, in particular, caught attention by depositing an entire 1,000 BTC, equivalent to $22.47 million, into Binance following Bitcoin’s surge above $45,000.

What adds to the intrigue is that this savvy whale has been consistently making moves, depositing a total of 4,000 BTC, amounting to a substantial $178.7 million, into Binance over the past two weeks. The deposits were strategically executed at an average price of $44,673, with the whale seizing advantageous high prices for sales on each occasion. This activity raises eyebrows in the crypto community as observers analyze the actions of these influential players in response to market dynamics.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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