Benzinga - Sentiment surrounding Bitcoin has changed course towards the positive from the past week’s dull performance. BlackRock Inc (NYSE: BLK)amended its spot Bitcoin ETF filing, taking the overall analyst optimism higher.
What Happened: In the last week, Bitcoin (CRYPTO: BTC) witnessed a drop as investors looked to book profits after the significant rally of the past month.
This week started with BlackRock amending its spot Bitcoin ETF filing indicating that the back-and-forth conversations between SEC and ETF applicants are a sign of a near-term approval.
Position trader, investor and collector Bob Loukas took to his X platform and stated, “The level of SEC engagement and back/forth/changes on the bitcoin ETF tells us this is a 99.9% done deal.”
Popular crypto analyst Tyler Strejilevich stated on his X account that numerous spot Bitcoin ETFs would be approved before January 2024.
Popular trader and analyst Matthew Hyland indicated optimism about Bitcoin and confirmed a bullish divergence in Bitcoin’s relative strength index (RSI) versus price on daily timeframes. He stated, “Already above $43,000 currently.”
#BTC confirmed this bullish divergence at the daily close earlierPrice Action: In the past 24 hours of trading, Bitcoin trading volume expanded by 4.3% while the price has increased by around 1%. The past two weeks have reported an approximately 2% drop while the past seven days saw a 2.6% increase.Already above $43k currently https://t.co/SBUVu4fT2V pic.twitter.com/8qyCBYtMcV
— Matthew Hyland (@MatthewHyland_) December 19, 2023
Why It Matters: BlackRock in its amended filing highlighted a change in the policy around redemptions for its product to include Bitcoin as an option.
The filing stated, “An in-kind redemption of some or all of a Shareholder’s Shares in exchange for the underlying bitcoin represented by the Shares redeemed generally will not be a taxable event to the Shareholder.”
The filing also had new rules over the exchange of baskets of shares for cash rather than Bitcoin, subject to regulatory approval.
Also, the amended filing indicated shares would be listed and traded on Nasdaq under the ticker symbol “IBIT.” It stated, “Market prices for the Shares may be different from the NAV.”
Read Next: NYSE Preps For Tidal As Trust Files Statement With SEC For New Spot Bitcoin ETF
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