Confidence in the face of confidence, the BTC ETF's broken way to find?

Interpretation today

The BTC ETF application, which has been eagerly awaited by the encryption market, has repeatedly been ruthlessly rejected by the US Securities and Exchange Commission (SEC). Recently, New York-based startup financial company Wilshire Phoenix said its BTC ETF solution is confident to obtain SEC approval.

Wilshire Phoenix and NYSE Arca jointly applied for the launch of the BTC and Financial Investment Trust ETF proposal in May 2019. The SEC began accepting comments on the proposal from June, and the deadline is November 12, 2019.

The BTC ETF is an investment fund that is tracked under the BTC price and can be traded on the exchange freely and has the characteristics of an ETF product. The BTC ETF provides investors with a convenient access to the digital pass economy. Once approved, the BTC ETF is expected to generate $84 billion to $336 billion in new funding for the CIS market.

Starting with the Winklevoss brothers in 2016, there have been dozens of BTC ETF applications submitted to the US SEC, but they have repeatedly failed. The most recent one was October 15, 2019, when the SEC rejected the ETF application for Bitwise Asset Management. Although Bitwise has carefully prepared a 112-page report, the SEC still believes that market manipulation is still a big risk.

The SEC has been reluctant to approve ETFs with crypto-passes on the grounds that the market is still in its early stages and may pose risks to investors. SEC Chairman Jay Clayton said in September that although progress has been made in this area, market manipulation issues remain unresolved.

But Wilshire Phoenix founder and managing partner William Herrmann said in a telephone interview that its ETF program is different from other BTC ETFs. Wilshire Phoenix's ETF will invest in BTC and US Treasury bonds, not just BTC, and will be designed more A reasonable mechanism.

Herrmann explained that the trust fund will be automatically adjusted once a month to address investor concerns about BTC price volatility. If BTC price volatility increases, the ETF's index will reduce exposure to BTC, which in turn will increase exposure to US Treasury bonds, and vice versa. The weights are open and transparent and will be displayed on the portals of Bloomberg and Thomson Reuters. Data on BTC prices in trust funds will be referenced to the Chicago Mercantile Exchange.

In addition, Wilshire Phoenix hopes to use a surveillance sharing agreement to address SEC concerns about market manipulation.

Herrmann is optimistic that the ETF proposal is approved. He said: "Our ETF is consistent with investor protection and a fair, orderly and effective market philosophy."

Market research

Overall view

BTC and some of the main circulation certificates have seen a slight downward trend, but they have not changed the current shock pattern. The consolidation of the market will continue. There is no clear direction at present. It may be possible to achieve a change if there is a slight blow. As the BTC halved market is approaching, there is reason to believe that the breakthrough is just around the corner, investors should be cautiously short. At the dawn of the start of the bull market, long-term holders can consider buying on dips.

In December 2018, we clearly pointed out BNB's investment opportunities in the bear market, and the first to propose that the BNB in ​​the bull market will enjoy Davis double-click (hedging: the platform pass the bear market profit key – the certificate valuation series) 2) In October 2018, we will point out the price cycle of BTC and predict the bottoming time to be around May 2019 ([Classic update reappears] three laws and applications of BTC Bulls and Bears cycle – Freezing Point Outlook A); In April 2018, when the remaining temperature of the bull market had not been exhausted, we indicated that it was a rebound rather than a bull market (whether the bull market is coming? It is the four reasons for the rebound rather than the bull market).

From the 4-hour line, the price trend is broken, and the short-term market is weak. The weekly line is generally in the lower half of the Bollinger's index, and may continue to fall slightly downward. BTC may soon face the direction of choice. Although there is no clear direction, it should be cautiously short, and the strength of the change may be greater. BTC support level is 8900USDT and pressure is 9500USDT.

ETH links BTC. The support level is 177USDT and the pressure level is 195USDT.

EOS has risen against the trend and is relatively strong. The support level is 3.2USDT and the pressure level is 3.7USDT.

risk warning

The price of digital pass is fluctuating violently. Investment digital pass is a high-risk investment behavior. Investors should reasonably assess their investment ability and risk tolerance, use leverage carefully, strictly control risks, and invest carefully. Investors are advised to keep in mind that investments are risky and require caution when entering the market.


Personal opinions are for reference only. The analysis in the text does not constitute a recommendation for trading, and the profit and loss is self-sufficient. Welcome to reprint, but need to indicate the source.

Source: Coins

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