CoinShares Analyst Bendiksen: BlackRock Bitcoin ETF Approval a Long Shot

  • The U.S. Securities and Exchange Commission (SEC) is yet to decide on the approval of a spot Bitcoin ETF, with BlackRock’s application raising hopes.
  • Chris Bendiksen, head of the Bitcoin research team at CoinShares, believes the approval of BlackRock’s application is a long shot.
  • Bendiksen maintains that despite adjustments in BlackRock’s applications and a surveillance-sharing agreement between Coinbase and CBOE, the approval of a spot ETF is unlikely.

Spot Bitcoin ETF Approval: A Long Shot?

BlackRock’s Application Raises Hopes

There’s been a significant amount of anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) decision on the approval of a spot Bitcoin ETF. BlackRock, a global investment management corporation, recently submitted an application, which has sparked hope among cryptocurrency enthusiasts. This development has had a positive impact on Bitcoin and other cryptocurrency prices over the past month.

CoinShares’ Chris Bendiksen’s Skepticism

Despite the optimism, Chris Bendiksen, the head of the Bitcoin research team at CoinShares, a digital asset investment firm, has a different view. He believes that the chances of BlackRock’s application getting approved are slim. Following the rally brought about by BlackRock’s spot Bitcoin ETF application, Bendiksen claims that buyer exhaustion has set in. Despite Bitcoin’s price rising above $30,000 after the development, it has been moving sideways for a while now.

Challenges to Spot ETF Approval

Bendiksen maintains that despite adjustments in BlackRock’s applications and a surveillance-sharing agreement between Coinbase and CBOE, the approval of a spot ETF is unlikely. He emphasized that the SEC has repeatedly demanded surveillance agreements with markets that have a significant amount of Bitcoin volume, which he sees as a hurdle to spot ETF approval. He further noted that most of the Bitcoin spot volume is on exchanges outside the U.S., complicating the situation.

Additionally, Bendiksen acknowledged that public comments made by BlackRock’s CEO, Larry Fink, have given Bitcoin significant momentum. He believes that Fink’s positive remarks about Bitcoin on major financial media outlets are beneficial in their own right. He also added that he expects the process leading up to Bitcoin’s halving to attract significant media attention, reinforcing the strength of Bitcoin’s hard money policy.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum Sees 16,913 ETH Net Issuance in a Week: Total Supply Reaches 120.7 Million

COINOTAG News reports for April 27th that recent data...

Bitcoin Poised to Surpass All-Time High as Funding Rates Remain Negative, Says CryptoQuant Analyst

COINOTAG News, April 26th – Analyst Avocado from CryptoQuant...

Bitcoin Investor Sentiment Improves Amid Tariff Talks, But Weekend Volatility Risks Remain

The latest update from COINOTAG on April 26th highlights...

Bitcoin Faces Strong Resistance: Key Price Range of $94,125 to $99,150 Analyzed by Expert

On April 26th, COINOTAG reported that cryptocurrency analyst @ali_charts...

Understanding Mainstream Culture: Nick Tomaino on the Future of Crypto and On-Chain Games

Nick Tomaino, founder of 1confirmation, recently highlighted an essential...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img