Bitcoin price briefly slips below $46K on Binance amid BlackRock’s new S-1
Bitcoin (BTC) price is facing turbulence amid asset managers filing last-minute S-1 updates for their spot Bitcoin exchange-traded funds (ETF) with the SEC.
On Jan. 9, the Bitcoin price briefly slipped 3% on Binance, with BTC price tumbling from $47,000 to $45,600 in five minutes, according to data from TradingView. It quickly bounced back to near $47,000, trading at $46,717 at the time of writing.
The spike in volatility came amid asset managers like BlackRock and VanEck filing more S-1 updates just a day before the expected spot Bitcoin ETF approval date on Jan. 10. ARK Invest & 21Shares followed in the steps of BlackRock and VanEck, filing another S-1 amendment this morning as well.
According to ETF experts like Eric Blachunas, the S-1 refilings are based on last-minute comments from the United States Securities and Exchange Commission on Jan. 9.
“Hard to tell what has changed at first glance, but imp thing is that the unheard of 24hr turnaround time about filing, comments and re-filing tells us all parties aiming to get this show on road pronto,” Blachunas said.
Related: Spot Bitcoin ETF capital: Could funds potentially buy up all BTC in circulation?
The last-minute S-1 refilings came the day after 10 asset managers filed their S-1 updates yesterday, with many analysts expecting the S-1s to be final before the much-anticipated approval date on Wednesday. The SEC subsequently issued additional comments on those S-1, which some industry observers have interpreted as a “delay signal.”
SPOT BITCOIN ETF UPDATE: The SEC just issued additional comments on pending applicant’s S-1s. This is a delay signal. #BitcoinETF #bitcoin
— Perianne (@PerianneDC) January 9, 2024
However, ETF watchers like Bloomberg’s James Seyffart argued that those additional comments by the SEC do not necessarily mean a delay. “Expect to see more amendments tomorrow because of this,” Seyffart said.
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