Asset management firms BlackRock, Valkyrie, and VanEck submitted revised S-1 forms to the U.S. SEC, updating their applications to launch spot Bitcoin exchange-traded funds (ETFs). Meeting this deadline was crucial for the SEC's consideration in January 2024.

Most in the crypto community seem to believe this month, the U.S. SEC will approve one or more spot Bitcoin ETFs. However, opinions vary on how such approvals might affect Bitcoin's price. Several prominent crypto influencers have weighed in, with most suggesting that the market has not fully priced in the potential SEC approval.

The Avalanche Foundation, known for its financial support in developing the Avalanche blockchain ecosystem, is contemplating the acquisition of meme coins. This consideration is a response to the notable impact of tokens like Bonk (BONK), which recently revitalized the Solana network.

Top stories in the Crypto Roundup today:

• Major Asset Managers Amend S-1 Forms in Push for Spot Bitcoin ETFs
• Crypto Influencers Voice Opinions on Impact of Potential Approval of Spot Bitcoin ETFs
• Avalanche Foundation Is Embracing Meme Coins as Part of Culture Catalyst Program

Major Asset Managers Amend S-1 Forms in Push for Spot Bitcoin ETFs

Asset management firms BlackRock, Valkyrie, and VanEck submitted revised S-1 forms to the U.S. SEC, updating their applications to launch spot Bitcoin exchange-traded funds (ETFs). Meeting this deadline was crucial for the SEC's consideration in January 2024.

VanEck's amendment aligns with the SEC's preference for a cash-only model in ETF transactions. Authorized Participants (APs) will engage exclusively in cash transactions for both the creation and redemption of shares.

BlackRock's revised application identified Jane Street and JPMorgan Securities as APs for its proposed spot Bitcoin ETF. BlackRock, which used JPMorgan’s Tokenized Collateral Network service for settling a trade in October, had already committed to a cash-only approach. The firm initially applied for a spot BTC ETF in June, followed by Valkyrie a week later.

Valkyrie updated its S-1 form to include Jane Street Capital and Cantor Fitzgerald as APs, with StoneX Financial as the lead market maker.

Quite a few asset managers, including BlackRock, VanEck, Grayscale, Bitwise, WisdomTree, Invesco, Galaxy, Fidelity, ARK Invest, Valkyrie, Franklin, Hashdex, Global X ETFs, and Pando Asset, have filed S-1 forms with the aim of launching spot Bitcoin ETFs in the U.S. in 2024.

Crypto Influencers Voice Opinions on Impact of Potential Approval of Spot Bitcoin ETFs

Most in the crypto community seem to believe this month, the U.S. SEC will approve one or more spot Bitcoin ETFs. However, opinions vary on how such approvals might affect Bitcoin's price. Several prominent crypto influencers have weighed in, with most suggesting that the market has not fully priced in the potential SEC approval.

Samson Mow says the market hasn’t fully accounted for several factors that could influence Bitcoin's value. He lists the expected ETF approvals, the upcoming Bitcoin halving, increased adoption by nation-states, possible renewed quantitative easing, the multiplier effect, and the Veblen effect as elements not yet reflected in Bitcoin’s current price.

Kyle Chassé argues that the recent excitement in Bitcoin’s price doesn’t fully capture the potential impact of an ETF approval. He believes such approval could lead to a significant supply shock, with trillions of dollars potentially moving to purchase Bitcoin, and advises investors to stay alert to this opportunity.

Michaël van de Poppe expects that a spot ETF approval might initially cap Bitcoin’s price growth, potentially peaking between $48,000 and $52,000, followed by a period of stable, range-bound trading leading to a new all-time high by late 2024.

Gabor Gurbacs suggests that the initial impact of a spot Bitcoin ETF might be overestimated, but its long-term influence is likely underestimated. He draws parallels with gold and emphasizes the need to focus on Bitcoin's broader, long-term implications in shaping its own capital markets and financial products.

Alistair Milne believes that several key factors, including spot ETF approvals, the Bitcoin halving, upcoming interest rate cuts, investor conviction, and increasing global adoption, have not been fully factored into Bitcoin’s current market price.

Avalanche Foundation Is Embracing Meme Coins as Part of Culture Catalyst Program

The Avalanche Foundation, known for its financial support in developing the Avalanche blockchain ecosystem, is contemplating the acquisition of meme coins. This consideration is a response to the notable impact of tokens like Bonk (BONK), which recently revitalized the Solana network.

For selecting these coins, the foundation plans to use criteria including the number of holders, liquidity levels, project maturity, adherence to fair launch principles, and general social sentiment.

The foundation aims to purchase specific Avalanche-based meme coins as part of its Culture Catalyst program. This new initiative is intended to acknowledge and promote the unique culture and entertainment value associated with meme coins. It aligns with the foundation's broader involvement in the Avalanche ecosystem, which spans NFTs, RWAs, and other crypto assets, thereby expanding its portfolio to cover a broader range of the market.

Meme coins, often viewed skeptically by blockchain enthusiasts due to their perceived lack of seriousness, have gained traction and legitimacy, particularly with the success of tokens like Dogecoin (DOGE) and Shiba Inu (SHIB). This shift is gradually altering the perception of investing in such assets.

The meme coin trend extended to the Avalanche network around mid-December, following the rise of tokens like Coq Inu (COQ) and Kimbo (KIMBO).

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