• Hashdex has filed a proposal to the US SEC for a spot Bitcoin ETF.
• Surprisingly, Hashdex will not use the Coinbase surveillance sharing agreement and instead acquire spot Bitcoin via physical exchanges on the CME market.
• Analysts predict that SEC is more likely to approve this filing given the recent Grayscale litigation and filing of several spot ETFs.

Hashdex Files Spot Bitcoin ETF Application With U.S SEC

Hashdex, a cryptocurrency asset manager, has submitted a proposal to include spot Bitcoin in its Bitcoin futures ETF to the U.S SEC through NYSE Arca’s 19b-4 filing. Notably, Hashdex will not use the Coinbase surveillance sharing agreement, but rather acquire spot Bitcoin via physical exchanges on the CME market.

SEC Under Pressure

Analysts suggest that the SEC is more likely to approve this filing in light of recent events like the Grayscale litigation and other recently filed spot ETFs. This differs from other filings as it does not depend on partnership with Coinbase to provide surveillance data and only engages in EFRP transactions (futures contracts exchanged for comparable spot exposure).

Crypto Market Struggles

The crypto market is yet to recover from recent losses while Federal Reserve Chair Jerome Powell warned of further interest rate rises if necessary which could further affect cryptocurrencies negatively. Additionally, Ethereum ETFs are predicted to be approved before any Bitcoin ETFs are given current conditions in crypto markets.

Highlighted Crypto News Today: BTC Struggles Above $26K Mark

Currently, top cryptocurrencies like Bitcoin and Ethereum are entrenched in bearish trends which have also cast a shadow over XRP as it continues to struggle against bulls and bears amid volatility. Despite attempts by BTC bulls, it’s failing so far to maintain prices above $26K mark due to these bearish trends in crypto markets overall.

Conclusion

Hashdex has taken an innovative approach by submitting a proposal for including spot bitcoin into its bitcoin futures ETF without using Coinbase’s surveillance sharing agreement or directly purchasing from cash exchanges on the CME market. Analysts believe that this move might give them an advantage as they tap into increasing pressure on UISEC after recent events such as Grayscale’s lawsuit and other recently filed spot ETfs proposals but currently crypto markets remain volatile and uncertain about their future prospects

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