The US Securities and Exchange Commission (SEC) postponed its decision on Hashdex’s Bitcoin ETF (exchange-traded fund) application. In addition, the institution decided to postpone the ETF applications of Global X and Franklin Templeton and hold the market until the next date.
Hashdex filed to convert its Bitcoin futures ETF into a spot Bitcoin ETF in September. The deadline for a decision on this application was 17 November. However, the SEC made a statement that it was extending the decision-making phase.
The new decision date for the application of Global X company has been determined as 22 December 2023. The date on which the application results of Hashdex and Franklin Templeton will be announced has been determined as January 1, 2024.
In January, ARK Invest’s Bitcoin ETF application will also be decided. According to some analysts, there is a 90 percent chance of approval of the final decision on January 10, 2024.
More than a dozen companies have filed to launch spot Bitcoin ETFs in 2023. A few companies, such as BlackRock, are also applying for similar products based on Ethereum, currently the second-largest cryptocurrency by market cap.
In addition, between January 14-17, 2024, approval, rejection or postponement decisions will be made for the applications of companies such as BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Wise Origin and Valkyrie.
These delays raise hopes for spot Bitcoin ETF approval. Crypto enthusiasts continue to follow new developments in the market, eagerly awaiting decision dates.
While the SEC’s response to spot Bitcoin ETF applications is awaited, a brand new coin is entering the crypto world called Bitcoin ETF. The advantageous pre-sale event brings together investors who want to purchase Bitcoin ETF tokens.
Bitcoin ETF (BTCETF) – Project to Reward Owners as Bitcoin ETFs Are Approved
Bitcoin ETF, which stepped into the crypto world last week, has already managed to raise more than $ 1 million. This shows that the project may have impressive potential in the long term.
Bitcoin ETF is a verified smart contract token with the ERC-20 standard. It is defined as a token that can dynamically bring passive rewards by staking. The token was launched to specifically celebrate the development of the long-awaited Bitcoin ETFs in the US financial markets.
An important factor working in favor of the Bitcoin ETF token is its launch at the right time. If ETFs receive approval in the first quarter of 2024 as expected, BTC and many altcoins could return to all-time highs.
So, if Bitcoin ETFs receive SEC approval, there may be a huge wave of optimism about the Bitcoin ETF token and the token can benefit from the tremendous momentum that will occur.
The Project Attracts Attention with Its Detailed Road Map
The roadmap of the Bitcoin ETF token explains the token burn mechanism in detail. The project’s creators present a clear strategy for creating value with tokenomics tied to real-world events. When we look at the main features of the BTCETF token, the following stand out:
- The project ties its tokenomy directly to the Bitcoin ETF approval process. As milestones are reached, a portion of BTCETF’s total supply will be burned.
- Five milestones have been set that will wipe out 25 percent of the supply as Bitcoin ETFs launch.
- Milestones include SEC approval, ETF product launches, $1 billion in ETF assets under management, and Bitcoin reaching $100,000.
- Initially, each BTCETF transaction will be subject to a 5 percent tax – meaning 5 percent of the tokens traded will be destroyed.
- However, each time a real-world milestone is reached, such as the first BTC ETF approval, the tax will decrease by 1 percent.
This deflationary mechanism was set up to increase scarcity and potentially the value of the token. It is also planned to reward long-term BTCETF holders by reducing sales fees at each milestone.
The project has a supply of 2 billion 100 million tokens. 40 percent of the total token supply is allocated to the pre-sale event for investors looking to purchase Bitcoin ETF tokens. 50 percent is used equally for staking and burning, the remaining 10 percent is used for liquidity.
Bitcoin ETF Token: A Vision That Transcends Markets
Bitcoin ETF Token does not plan to be a coin that just benefits from market trends. He focuses on using and benefiting from his relationship with the market as a tool to support price movement.
The official Bitcoin ETF token website contains aggregated news and updates from around the world regarding Bitcoin ETFs, confirmations and Bitcoin.
The project’s native token, BTCETF, provides investors with direct involvement in milestone events related to SEC approval and launch of Bitcoin ETF products.
Investors looking to purchase Bitcoin ETF tokens can purchase BTCETF for $0.0054.
Investors have transparent information on how the BTCETF tokenomy is structured over the coming months and years. This transparency increases interest and makes the reliability of the project more convincing.
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