Grayscale Investments could be gearing up for a Bitcoin ETF with newly advertised jobs

  • Grayscale is positioning itself for the possibility of a Bitcoin ETF with nine new related job positions.
  • The SEC is considering several Bitcoin ETFs but maintains the volatility and market manipulation are obstacles.
  • Bitcoin has been rejected at $58,000 and is seeking support towards $54,000.

 Grayscale Investments has become one of the most prominent institutions in the cryptocurrency industry. The company's latest job advertisement could give an insight into what to expect soon. The firm's LinkedIn profile has listed at least nine exchange (ETF)-traded fund-related job openings.

Grayscale new job listings point to a crypto ETF

It may be too early to speculate, but some of the job positions clearly suggest Grayscale is getting ready for an ETF-related product. The vacancies include an ETF compliance officer, an ETF authorized participant relationship manager, ETF market maker relationship manager, and ETF creation and redemption specialist. According to the Director of ETF research for CFRA Research, Todd Rosenbluth:

The race to launch the first Bitcoin ETF is heating up. "It's more of a question on when the SEC will approve a Bitcoin ETF, not if.

The Securities and Exchange Commission (SEC) is currently deliberating over several ETF proposals filed VanEck Associates Corp. and Bitwise Asset Management. However, the regulator is approaching the matter cautiously, citing market manipulation and volatility as key hindrances.

Currently, there are several crypto ETF products around the world, with two of them trading in Canada: The Purposed Bitcoin ETH (BTCC) and the Evolve Group's Bitcoin ETF (EBIT). Grayscale has filed for Bitcoin ETF before but does not have any active filings. Therefore, the new positions are likely to ensure that it is ahead of the game if the regulators make the first approval.

Meanwhile, the Grayscale Bitcoin Trust (GBTC) has been trading at a negative premium for the tenth day in a row. However, the on-chain chart by Glassnode reveals that the negative premium is reducing and could soon flip positive. The premium gives insight into an institutional interest in Bitcoin. As it flips positive, BTC price is expected to move higher.

Grayscale premium

Grayscale premium

Investors seek alternative from government bonds

Investors are bound to pursue other portfolio options to cushion themselves from the risky equity market. Government bonds have from time immemorial offered refuge to investors but lately been failing in this task.

So, will it be gold or Bitcoin? This is one of the questions market players are asking as they try to get creative. If Bitcoin stability or continues with the bull, there is a high chance most of this money will start flowing into the market.

Bitcoin deals with the latest rejection at $58,000

Bitcoin pumped to $58,000 but failed to make any significant progress above the record high. Despite the bearish calls, the bellwether cryptocurrency has been on an upward move from the beginning of March.

Meanwhile, BTC is trading at $56,120 amid the search for higher support. The Relative Strength Index shows that the least resistance path is downwards. On the downside, support at $54,000 could keep the uptrend intact.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Bitcoin remains the focal point of the cryptocurrency industry in the bull run. With a Bitcoin ETF likely to get approval, the bull cycle could be far from over. Analysts are already predicting the largest cryptocurrency may rise to $66,000 in the next few weeks, while others believe that BTC will hit $100,000 by the end of 2021.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu enters 96% bull run as whales continue accumulating SHIB

Ethereum whale bought $11.5 million worth of SHIB tokens on Tuesday. Shiba Inu token has reached 783,739 holders, large wallet investors accumulate SHIB tokens through the dip. SHIB was briefly the cryptocurrency with the largest turnover on exchanges Binance and Coinbase on Monday.

More Shiba Inu News

Three reasons why MATIC price will breakout to a new all-time high at $4.5

MATIC price breached a crucial resistance level that has prevented it from rallying four times over the past four months. The recent attempt seems to have an extra oomph behind it, hinting that this run-up could trigger a massive move.

More Polygon News

XLM price eyes 55% breakout if Stellar bulls can flip one crucial barrier

XLM price has been stuck trading under a crucial blockade for nearly five months. The situation is set to change soon, however, as Stellar coils up for an explosive breakout.

More Stellar Lumens News

Terra's Do Kwon files lawsuit against SEC while analysts turn bullish on LUNA

Do Kwon, Terraform Labs CEO, was served a subpoena by the SEC while appearing at Messari's Mainnet conference. According to Do Kwon and Terraform Labs' lawsuit against the SEC, the regulatory agency lacks jurisdiction over the plaintiffs. 

More Terra News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast