Weekly Roundup 27.10.23

BTC is on a tear, hitting a 16-month high

Crypto winter is all about celebrating the small wins, however Bitcoin hitting a 16-month high on Tuesday certainly feels bigger than that. After all, Bitcoin is now up almost 30% for the month and looking quite bullish. 

In fact, BTC climbed over 11% on Monday alone to US $33,315, before briefly breaking US $35,000 on Tuesday. At the time of writing, one Bitcoin currently sets you back $34,065.

Much of this has to do with the anticipated imminent approval of Blackrock’s spot Bitcoin ETF, which we will talk about next. 

Let’s hope the price continues to climb for the rest of the year so the family Christmas gatherings are more tolerable than last year.

Are Bitcoin ETFs Imminent?

It might feel like we talk about this a lot, but that’s because there’s been ongoing positive updates. And to be frank, this topic is massive for the industry. Whilst you may not use an ETF to purchase your Bitcoin, there are plenty of laggards who haven’t tipped their toe into our world who certainly will.

There’s growing hope that the U.S. might introduce bitcoin ETFs, backed up by the recent surge in the price of BTC mentioned above. This feeling has been strengthened by a recent court decision supporting Grayscale, suggesting that their major bitcoin trust, GBTC, could transform into an ETF. Furthermore, BlackRock’s progress in listing an ETF seems to be moving in the right direction as their proposed offering now has a ticker on the DTCC website – IBTC. 

While this doesn’t guarantee approval, the vibe is extremely bullish and the expectation is that this could move pretty quickly and hit the market (pardon the pun) by January.

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0

— Eric Balchunas (@EricBalchunas) October 23, 2023

BlockFi Emerges From Bankruptcy 

I hate to bring up the past, especially when it’s from the darkest of times in the coldest of crypto winters, but this is news worth sharing.

BlockFi, who halted client withdrawals during the FTX turmoil last year, has this week stated it can now repay its creditors after successfully emerging from bankruptcy. Hooray!

Image source: Reddit

BlockFi declared bankruptcy in November 2022 due to significant monetary setbacks caused by the crash of FTX, one of their primary debtors. They can now seek the assets they’re owed from FTX and 3AC. SBF, lookout! 

Almost a year after their downfall, the firm confirms that their revival strategy was effective 

BlockFi is pleased to announce that its bankruptcy plan (the “Plan”) is effective and the company has emerged from bankruptcy as of October 24, 2023 (the “Effective Date”).

— BlockFi (@BlockFi) October 24, 2023

BlockFi said “Further updates on timing for this initial distribution will be sent in the coming months. We are aiming to begin initial distributions in early 2024. Any subsequent distributions will be dependent on many factors, including most notably any recoveries from FTX and its affiliates”.