BitcoinBTC, ethereum, XRPXRP and other major cryptocurrencies have bounced back this year after a dire 2022 (despite surprise fears the U.S. government could be about to “kill” bitcoin).
The bitcoin price has surged higher in recent months, boosting ethereum and XRP, as a result of soaring expectations the world’s largest asset manager, BlackRock, could be about to lead a massive Wall Street assault on the crypto market.
Now, just after a $17.7 trillion bitcoin and crypto market “window” has quietly opened, the chief executive of bitcoin and crypto asset manager Grayscale has teased the arrival of the “main event.”
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“It’s been a ten-year dress rehearsal,” Grayscale’s Michael Sonnershein posted to X (Twitter). “We’re ready for the main event.”
Enthusiasm and hype surrounding the long-awaited approval of a bitcoin spot exchange-traded fund (ETF) has helped the bitcoin and crypto market add around $500 billion over the last 12 months, taking its combined market capitalization to $1.4 trillion.
In June, BlackRock surprised the market when it filed for a bitcoin spot ETF, kicking off a rush by its Wall Street rivals—looking after a combined $17.7 trillion on behalf of clients—to bring a bitcoin ETF to market.
Just last week, BlackRock followed up its bitcoin spot ETF filing with an ethereum spot ETF filing, trigging “nuclear winter.” It’s thought BlackRock’s ethereum spot ETF filing, could kick off a similar rush to market as rivals scramble to file for their own crypto ETFs.
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Meanwhile, Grayscale, the world’s largest bitcoin and crypto asset manager, won a legal victory over the U.S. Securities and Exchange Commission in its fight to convert its flagship bitcoin trust into a fully-fledged bitcoin spot ETF.
The crypto market has been primed for news from the SEC this week by an eight-day window has opened until November 17 in which all 12 U.S. bitcoin spot ETFs currently lodged with the SEC could be approved, according to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas.
“Despite a layered sell-wall around the $38,000-$40,000 area on some exchanges and historical bearish trends post-November 8, the market sentiment is cautiously optimistic,” Mathieu Ziaei, portfolio manager at Switzerland-based Criptonite Asset Management, said in emailed comments.
“The impending decision on a bitcoin ETF adds a layer of uncertainty, with scenarios ranging from market boredom if not approved to potential speculative inflows if approved.”
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