What the New SEC Approval Means for Crypto ETFs

According to James Seyffart, a Bloomberg ETF analyst, this policy shift may lead to a significant increase in spot crypto ETP launches. Eric Balchunas, another senior ETF analyst at Bloomberg, mentioned that the SEC has effectively cleared the regulatory path for crypto ETFs, provided they align with futures on Coinbase. This implies different regulatory requirements depending on the investible vehicle offered.

Seoyoung Kim, an associate professor of finance at Santa Clara University, explained that while these rule changes have minimal impact on already established categories like BTC and ETH, they could significantly reduce the approval time for new digital asset ETFs that haven’t been individually vetted. The new process might cut down approval times from years to mere months, as long as the ETFs comply with existing formation, listing, and trading standards.

Predictability and Efficiency in ETF Approvals

Federico Brokate, head of US Business at ETF issuer 21Shares, emphasized that the new listing standards provide enhanced predictability for issuers and investors. This change eliminates the need for both S-1 and 19b-4 applications for eligible assets, allowing products that meet generic standards to be listed directly if they qualify through existing futures or comparable structures.

Potential Risks and Considerations

Despite these advancements, concerns remain. The SEC has been reducing enforcement actions against cryptocurrency companies, adopting more industry-friendly policies. Caroline Crenshaw, the sole Democratic commissioner at the SEC, criticized the policy change for bypassing critical investor protection reviews. She warned that the emerging crypto ETFs might represent new and unproven products.

Kim reassured that all previous diligence requirements remain intact, viewing the rule changes as clarifications rather than relaxations of existing standards. Greg Benhaim of digital asset manager 3iQ suggested that the generic listing standards could guide average investors in understanding the differences between various ETFs, such as AVAX and ADA.

Since the SEC’s announcement, asset manager Hashdex has expanded its crypto ETF to include XRP, Solana, and Stellar. Analysts like Balchunas anticipate more developments, pointing to 22 coins with futures on Coinbase eligible for spot ETF consideration.

In conclusion, the SEC’s new policies could significantly enhance the crypto ETF landscape, offering a streamlined path to market entry while maintaining investor protection standards.

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In a correspondence addressed to the New York Stock Exchange on Wednesday, J. Matthew DeLesDernier, the SEC Deputy Secretary, stated that the commission’s Division of Trading and Markets had initially approved the conversion. However, the commission has now decided to revisit this approval.

“Pursuant to the Rule 431(e), the order dated July 1, 2025, is on hold until further notice from the Commission,” the SEC explained in the letter. “The Office of the Secretary will communicate any relevant action undertaken by the Commission.”

On Tuesday, the SEC had fast-tracked Grayscale’s bid to transfigure another one of its closed-end funds into an ETF. This fund is primarily composed of Bitcoin (almost 80%) and Ethereum (about 11%). It also includes minimal percentages of Solana, Cardano, and XRP and is available for over-the-counter trading to accredited investors, Grayscale’s website reveals.

Grayscale did not immediately respond to a request for a comment on this development, and an SEC spokesperson refrained from commenting on any individual fund. The SEC is also considering numerous requests for crypto ETFs, ranging from those tracking SOL to XRP to DOGE.

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Bitcoin (BTC) is on the verge of shattering a landmark, trading just 1% below $100,000. The cryptocurrency surged past $99,200 earlier today, briefly dipping to $98,600 before holding steady above $99,000 during Asian afternoon hours. With BTC accounting for 56% of the total crypto market cap, the overall market has soared to a record $3.4 trillion, marking a 4.5% increase in the past 24 hours, largely driven by BTC’s 2% rise.

U.S.-based spot Bitcoin ETFs recorded $1 billion in net inflows, with BlackRock’s IBIT leading at $600 million and Fidelity’s FBTC trailing at $300 million. The influx signals strong investor confidence, as none of the eleven Bitcoin ETFs reported outflows.

This BTC rally has ignited bullish momentum across major tokens ahead of the weekend, further buoyed by hopes of a crypto-supportive Trump administration taking office in January. Ethereum (ETH) is up nearly 9%, boosting decentralized finance (DeFi) indexes by 8%. Ethereum-based memecoins like MOG and PEPE are seeing gains of up to 27%.

Solana (SOL) hit new highs above $260, up 8% due to growing U.S. ETF interest and speculative trading on its blockchain. Cardano (ADA) posted a 12% increase, while XRP soared 25%, driven by SEC Chair Gary Gensler’s announcement to step down in January, a move seen as reducing regulatory challenges for U.S.-based tokens.

Market analysts remain optimistic about Bitcoin’s near-term trajectory. QCP Capital noted, “With strong BTC demand and easing global monetary policies, prices are likely to stay supported through year-end. Demand for March and June BTC Calls signals a bullish outlook for 2025.”

Options data supports this sentiment. Deribit’s BTC futures for March, June, and September 2025 are trading above $100,000, with open interest at the $100K strike exceeding $2 billion. A short-term correction near the $100,000 level is possible, but long-term trends remain overwhelmingly positive.

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Should the day end on a positive note, it would be Bitcoin’s sixth consecutive day of green, accumulating to a weekly gain of 20%.

On-Chain Analysis Insights: IntoTheBlock, a renowned on-chain analytics firm, emphasized Bitcoin’s effortless breach of the $30,000 mark. The current on-chain data reveals that a whopping 80% of Bitcoin holders are now in profit, a sentiment echoing the 2021 bull market peak.

Furthermore, there’s a notable 27% uptick in the 30-day Bitcoin holdings by short-term investors, a typical trend in bullish scenarios.

IntoTheBlock’s analysis suggests minimal on-chain resistance as Bitcoin gears towards the $40,000 mark, with the $30,000 threshold likely serving as a robust support during potential pullbacks.

Technical Analysis: Crypto expert, Ali, highlighted Bitcoin’s formidable support zone ranging between $25,000 and $30,000. Based on the UTXO Realized Price Distribution (URPD) model, if Bitcoin successfully surpasses the $38,440 resistance, it could potentially set its sights on a staggering $47,000.

Catalysts for the Surge: The Bitcoin community buzzed with excitement as BlackRock’s iShares spot Bitcoin ETF IBTC got listed with the Depository Trust and Clearing Corporation (DTCC), hinting at a potential nod from the SEC. Eric Balchunas, a Bloomberg ETF specialist, mentioned this as a standard procedure in the crypto ETF launch process.

Moreover, bearish bets against Bitcoin have cost traders a hefty sum, exceeding $178 million in just a day, as Bitcoin soared past significant resistance levels. This monumental rise, attributed to low trading volumes and heightened demand, added billions to the market cap in mere hours. Additionally, Bitcoin’s daily chart showcased a bullish pennant resolution.

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After months of instability, the cryptocurrency industry was dealt another blow when the crypto exchange FTX went bankrupt. Since its all-time high in November 2021, Bitcoin, the largest cryptocurrency, has seen its value drop by over 70%.

The CSOP Asset Management-managed ETFs are the only cryptocurrency assets approved by the Hong Kong Securities and Futures Commission. And they invest exclusively in bitcoin and ethereum futures traded on the CME exchange in the United States.

The manager claims that the CSOP Bitcoin Futures ETF (3066. HK) collected $53.9 million. That was higher than the $20 million seed capital used by the ProShares Bitcoin Strategy ETF, the first U.S. bitcoin futures exchange-traded fund, when it launched on the NYSE Arca exchange in October 2021.

Yi Wang from CSOP commented that their two crypto futures ETFs show that Hong Kong was still optimistic about the future of virtual assets, despite the recent liquidity issues that have plagued some crypto platforms. 

A consultation by the SFC to allow investors to trade cryptocurrencies and ETFs was set to begin in October, just before FTX’s collapse last month. The authority advocated that only qualified investors be allowed to take part.

According to Wang, there are stronger regulatory protections for investors in ETFs than in tokens traded on unregulated platforms because the ETFs do not invest in actual bitcoin and are listed on regulated U.S. and Hong Kong exchanges.

Lots traded on the Hong Kong Exchanges & Clearing (HKEX) (0388. HK) will begin trading at a price of HK$780 on Friday.

According to the product document submitted to the HKEX by the ETFs, the price of bitcoin may be prone to manipulation as a large share is held by a small number of individuals, and the CME futures could go to zero.

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The company made its plans public during the  SALT conference in New York. SkyBridge founder and former White House Communications Director Anthony Scaramucci said in a statement to CNBC that they have already raised $100 million to invest in an Algorand fund. SkyBridge chief also confirmed that they currently hold over $700 million worth of cryptocurrency.

He also expressed confidence in the future of cryptocurrencies and decentralized assets and said that they are there to stay. “This is a lot like Uber — the regulators wanted to knock Uber out of business, but the people wanted Uber and the people won,” Scaramucci said.

“Before long, there will be 200 million [crypto] users in the United States,” he added. 

Commenting on US SEC chief, Gary Gensler’s attitude towards cryptocurrencies he said: “He’s got a lot of people in Congress that don’t fully understand it. There’s a lot of negativity. I would implore people like Senator Elizabeth Warren to come to a conference like this and sit with people in the industry so she can understand what the protocols actually are […] I think we’ve got to get everybody up the curve in terms of education.”

The investment giant also revealed plans to launch a crypto-focussed ETF. SkyBridge has already filed the same with the US SEC. Upon approval, SkyBridge would have a first of its kind unique ETF.

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