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Europe’s eagerly anticipated Bitcoin Exchange-Traded Fund (ETF) is finally on the horizon, following a long delay, The Financial Times reports.
The news comes after Jacobi Asset Management, the platform behind the launch of this ETF, secured approval from the Guernsey Financial Services Commission (GFSC).
BREAKING: 🇪🇺 Europe's first #Bitcoin ETF to launch this month – Financial Times
USA Protek Investors… 🤡 pic.twitter.com/R3L9AvvBad
— Bitcoin Archive (@BTC_Archive) July 13, 2023
The development is long overdue, considering approval came in October 2021, kickstarting plans for a debut on Euronext Amsterdam Exchange come July 2022. The delay is attributed to different turbulences in the cryptosphere, including the Terra and FTX ecosystems collapse that continues to taunt the market.
The GFSC told Cointelegraph that the decision to launch now comes amid a “gradual shift in demand compared with 2022” and committed to sharing the exact date soon.
Based on the announcement, the Spot Bitcoin ETF will premiere on the Euronext Amsterdam exchange later in the year. The introduction of this spot Bitcoin ETF in Europe highlights the growing institutional acceptance and recognition of Bitcoin as a legitimate investment asset.
💥BREAKING: Europe's first #Bitcoin ETF is set to launch this month by Jacobi Asset Management pic.twitter.com/g7RLHv91HC
— Mind Math Money (@MindMathMoney) July 13, 2023
Europe Beats US To File Spot Bitcoin ETF
It is important to note that the Jacobi Bitcoin ETF has received approval from European regulators. Elsewhere, other institutional players are still racing for approval. Specifically, the likes of BlackRock asset manager, Fidelity, WisdomTree, Ark Invest, and others have applied for consideration by the US Securities and Exchange Commission (SEC).
With the filings pending approval, American investors cannot access this investment opportunity. However, for those in Europe, this ETF provides a regulated and straightforward option to participate in the benefits of Bitcoin within a diverse investment portfolio.
Former chair of the SEC, Jay Clayton, recently counseled on getting the filings approved. Based on his interview with Fox Business, certain criteria must be met for the regulatory body to approve these ETFs in the US. One crucial factor is ensuring proper surveillance and protections are in place to safeguard investors in the market.
Former SEC Chairman Jay Clayton outlines arguments for why spot #Bitcoin ETFs should be approved. pic.twitter.com/4uSOyPwmnh
— Cameron Winklevoss (@cameron) July 10, 2023
Benefits of Jacobi Bitcoin ETF for European Investors
The Jacobi Bitcoin ETF is an “open-ended” ETF, which means it does not have a set limit on the number of shares that can be issued. This flexibility allows investors to buy or sell shares at any time based on their investment needs. It offers a convenient and regulated platform for investors to add Bitcoin to their investment portfolios. One of the key advantages of investing in this ETF is that it eliminates complexities associated with directly sourcing, securing, and storing BTC.
For many investors, dealing with the technical aspects of Bitcoin ownership can be quite daunting. However, investors can gain exposure to Bitcoin’s potential growth without worrying about the operational aspects by investing in the Jacobi Bitcoin ETF.
🔥The delay in the listing of the first Bitcoin ETF in Europe is indicative of the cautious approach taken by Jacobi Asset Management.
⚡️It appears that they have taken into consideration the market conditions and external factors such as the LUNA crash and the FTX bankruptcy…
— OliveX Exchange (@OliveX_Exchange) July 13, 2023
The Narrative’s Influence on Bitcoin Price
According to some experts, a positive development in the Bitcoin ETF could be the catalyst needed to boost the Bitcoin market. It could also attract more capital inflow, with co-founder at Glassnode, Yann Allemann, saying that BTC ETF approvals are the market impulse requisite for transitioning to the next cycle.
Rotation is on the horizon📉
🔶Why: Bitcoin has held its ground while altcoins have suffered. However, as the Altcoin Cycle Signal suggests, we are starting to see the first signals of altcoin movement.
🔷Conclusion: The market needs to have an impulse that helps transition… pic.twitter.com/tCOoW0gXqQ
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) July 12, 2023
However, the price of Bitcoin has not been increasing organically, even though all the important updates and news about it have been considered. As a result, Bitcoin may not have enough positive drivers to sustain a price increase or rally in the near future.
BTC Couldn't break the resistance level💥
🔷Bitcoin reacted with immediate volatility to the CPI data release, nearly reaching $31k before returning to its starting point, as buy and sell walls were placed to prevent volatility.
🔶Seems like already priced in the macro updates… pic.twitter.com/skrlXPooFE
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) July 12, 2023
In simpler terms, some experts believe that the excitement and trends that boosted Bitcoin’s price before might not be enough to push it higher right now, especially compared to other cryptocurrencies. According to experts, something must happen to encourage more people to invest in Bitcoin.
Even though the excitement about the ETF is dissipating, a positive development related to it could potentially generate the desired BTC price increase.
Also Read:
- Inconsistent Regulatory Approvals Questioned by Grayscale Over Bitcoin ETFs
- Former SEC Chair Says BlackRock Bitcoin ETF “Incredible Development,’’ Outlines Approval Criteria
- Galaxy Digital Founder Says Bitcoin ETF ‘Essential’
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