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I see that many friends still have various questions about the application of BTC spot ETF. Today I will help you briefly sort out the ins and outs of BTC spot ETF. [What happened in the past] - [What recent developments] - [What will happen in the future] [Ask] 1. Grayscale applied N times to convert its GBTC into a real spot ETF, but was rejected by the SEC - GBTC has no choice Redemption, so there has always been a price difference. Now the price difference is -13%, which is the highest point in the past two years. The peak price difference is +40% (the peak of the bull market), and the most desperate price difference has ever been -45% (the lowest point in the industry). Vice versa. , if it becomes an ETF, its price will strictly track BTC, because its redemption and position adjustment are very smooth. 2. The SEC has rejected many BTC spot ETF applications from Grayscale and various people - the reasons given by the SEC are usually BTC and exchanges are easily manipulated, or for other vague reasons. However, the SEC has approved several BTC futures ETFs, such as BITO. Other countries have also approved several BTC spot ETFs, such as Canada. Therefore, there is currently a lack of BTC spot ETFs in the United States. [Recently 】3. Grayscale sued the SEC in anger, asking why it only approved futures ETFs and not spot ETFs. Result: SEC lost the case. But the appeal period had just passed. The judgment was made by the Court of Appeals for the District of Columbia Circuit, which is usually considered Considered second only to the U.S. Supreme Court 4. What is the difference between spot ETFs and futures ETFs?In terms of human price fluctuations, they are very similar. They all accurately track BTC prices and help investors gain BTC exposure. From a product level, usually futures ETF rates will be higher. After all, futures operations still need to be done, which is more cumbersome. From a psychological level, If an institution allocates a spot ETF, in theory it actually holds BTC, but it is entrusted to the ETF manager. And if it is configured with futures ETFs, it seems more like short-term speculation. After all, fixed investments in BTC are fixed investments in real BTC. Who would invest in BTC perpetual contracts? - Therefore, Grayscale believes that after the SEC approved futures ETFs, the SEC's reason of being "easily manipulated" is not valid. 5. Grayscale resubmitted new materials yesterday to transform its GBTC into a real ETF - other applications For example, the much-talked-about BTC ETF of BlackRock is a new product that is directly listed, while Grayscale is an old product that is converted into an ETF. Jiaodu uses the S-3 form instead of the commonly used S-1. form, because Grayscale believes that its product is a mature product [Future] 6. SEC loses the lawsuit - SEC must give a clear reason, but *SEC will definitely approve BTC spot ETF However, futures ETFs have been approved, this reason for rejection will be very Difficult to write Without reason, it may lead to the SEC being pressured to approve a BTC spot ETF.Of course, the SEC can also continue to refuse forcefully.Timeline? Not sure yet whether you will criticize Grayscale? The negative premium of GBTC climbed to a new high in two years, suggesting that this is a medium probability. Will BlackRock be approved? Judging from BlackRock’s past application success rate, this probability is even higher. 7. What changes will happen in the market if BTC spot ETF is approved?Last time CT misrepresented the wrong news, which brought a 10% increase to BTC. If it is true, the effect should be betterGive traditional funds a simpler way to allocate BTC, no need to register Coinbase, no need to download a BTC walletFor Crypto, the industry does not need traditional funds to enter in large quantities, let alone "running into the market." Even if these funds only make a "defensive allocation" of 1% of the position, it will be a very strong positive capital inflow for the BTC market. Therefore, everyone is looking forward to this moment.

Golden Ten Data reported on October 20 that Nick Timiraos, the Fed’s spokesman, recently issued a post commenting on Fed Chairman Powell’s speech. Powell hinted that he was pleased with the decline in inflation this summer and that the Fed was unlikely to raise interest rates again unless there was clear evidence that the economy Increased activity could jeopardize inflationary progress. Powell's comments closely mirror recent comments from other Fed officials, who have signaled a readiness to keep rates on hold at the next meeting. That's partly because a rise in long-term yields over the past month could slow economic growth, effectively displacing a rate hike if yields rise. When describing whether monetary policy will be tightened again, Powell twice used the word "may" instead of the more hawkish word "will": "Evidence of a strengthening economy may put further progress in lowering inflation at risk, or become a reason for further tightening of policies.” #etf #bnbgreenfield $BTC $ETH $BNB #geminiearn

Dear users: Synchronize two new types of C2C transaction scams. Please be aware of them to avoid loss of funds. 1. Bank simulator transfer: The fraudster forges bank electronic transfer certificates in fake bank APPs (Industrial and Commercial Bank of China, Agricultural Bank of China, etc.), and records fake transaction videos to the seller. The seller does not verify the arrival of funds during the transaction, which is enough to confuse the real ones. He was deceived by false transfer certificates and released the currency first. How to identify this type of fraud: 1) After the buyer completes the payment and provides the payment voucher, please do not rush to release the coins because of the other party's urging; 2) Before releasing the coins, please be sure to log in to your receiving online banking account to verify whether the payment information has been updated , and whether the arrival information is consistent with the payment voucher: order amount, buyer's real name, confirm it is correct before operating the currency release. 2. Check fraud (most common in Hong Kong, China and Malaysia) Check transaction characteristics: The check enters the "Account Balance" of the seller's bank. It usually takes 1 working day before the check amount is automatically transferred to the "Available Balance". If the money is released when the funds are still in the seller's "account balance", the fraudster will transfer the money after receiving the money, and then withdraw the check at the bank for other reasons or due to a bad check, resulting in the seller being unable to receive the check transfer. payment, resulting in losses. Note: This type of scam has been common in foreign trade scenarios in recent years. "Available balance" is the amount of funds actually held in the account. How to identify this type of fraud: 1) Do not believe any words urging you to release coins. Please be sure to verify the transaction information before the transaction is completed. 2) Before releasing coins, please be sure to log in to the receiving account to check whether the funds have arrived and whether they can be used and are not frozen. Verify that the payment name is consistent with the platform. After verification, you can operate the currency release operation. If you encounter any suspected fraud, please lodge a complaint as soon as possible and let customer service intervene to avoid being deceived. #bnbgreenfield $BTC $ETH $BNB