Crypto Rally Driven by Prospect of Spot Bitcoin ETF Approval Despite Overdone Move: Genesis Settles with Three Arrows Capital
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Grayscale's Bitcoin Trust discount to NAV has narrowed to 10%, from almost 50% in December. SEC in talks to convert trust to a spot BTC ETF.
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Bankrupt crypto lender Genesis agrees to settle over $1B in claims by Three Arrows Capital for $33M. Deal follows "extensive negotiations."
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Bitcoin fund holdings at all-time high, driven by investor enthusiasm over anticipated US spot BTC ETF approval. Total inflows exceed $1B this year.
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Excitement about potential spot BTC ETF approval has fueled a strong crypto rally, but move seems overdone, says JPMorgan.
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Bullish sentiment buoyed by belief an ETF approval would attract new capital and be a win for the crypto industry over the SEC.