Valkyrie ‘95% sure’ Bitcoin ETFs will begin trading on Thursday Valkyrie Chief Investment Officer Steven McClurg anticipates that the US Securities and Exchange Commission will approve exchange-traded funds directly holding Bitcoin on Wednesday, and trading will begin soon afterward. About a dozen companies have filed for spot Bitcoin ETFs, which are expected to attract new investors to crypto and billions in inflows in their first year. The cryptocurrency has jumped to a 21-month high this year on expectations approval is imminent since the SEC faces a Jan. 10 deadline to weigh in on an Ark 21 Shares application. Many ETF issuers filed changes to their previously submitted S-1 forms on Tuesday morning, after getting feedback from the SEC the previous day. Many view the quick turnaround from the agency as a positive sign, and expect an approval on Wednesday, with the funds launching Thursday. Invesco, Bitwise, Valkyrie and WisdomTree lowered fees in their spot Bitcoin ETF applications, according to updated filings with the US Securities and Exchange Commission. Follow us onTwitter,Facebook,LinkedIn
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”