It looks like speculators got caught on the wrong foot by trying to front run Barry Silbert (founder and CEO of Digital Currency Group), who made some comments that sort of sounded like VanEck’s Bitcoin ETF could get approval.
It even moved the Grayscale Bitcoin Trust’s current discount price for a short period of time.
Yesterday, it was then confirmed that the SEC has rejected the VanEck application.
I went through the document, and, in short, I cannot see a reasonable explanation why a Bitcoin Futures ETF was approved, but not a spot one.
The US Blockchain Association sees things similarly and additionally stated that a Bitcoin Spot ETF should be treated equally to Platinum or Palladium.
My personal take is this: strong lobbying forces are flexing their muscles. There are still many large banks and wealth managers out there, who continue to tell their customers that Bitcoin (and all other cryptocurrencies) are a scam, and that they are only used for money laundering and drug deals.
If the SEC at some point approves a spot Bitcoin ETF, all those naysayers will need to backpedal hard and start trying to explain to their clients why they were unable to participate in one of the largest wealth accumulation assets.