Filed Pursuant To Rule 433
Registration No. 333-275079
January 12, 2024
Bitcoin, Ethereum, Dogecoin Enter Cooling Period Following Game-Changing ETF Approval: A Look At The Price Action
by Melanie Schaffer, Benzinga Editor
January 12, 2024 2:56 PM
ZINGER KEY POINTS
Bitcoin was retracing Friday, but working to print a possible double bottom pattern, which leans bullish if it holds.
Grayscale's spot Bitcoin ETF was approved, offering institutions and retail traders direct access to Bitcoin through a regulated vehicle.
Bitcoin was dropping almost 5% lower during Friday’s 24-hour trading session after rising up toward $50,000 on Thursday –the first trading day for 11 spot Bitcoin ETFs approved by the Security and Exchange Commission the day prior.
The SEC’s approval of the spot Bitcoin ETFs provides traditional finance with access to direct Bitcoin exposure. Previously, investors wanting regulated crypto exposure were limited to crypto-related stocks, primarily concentrated in the mining and trading of cryptocurrencies.
The first spot Bitcoin ETF to be approved by the federal agency was the Grayscale Bitcoin Trust ETF GBTC , which began trading at 4 a.m. EST on Thursday. Not only the first spot Bitcoin ETF to be approved, GBTC has the longest track record as the inaugural publicly traded Bitcoin fund in operation after being created in 2013 and is the world’s largest Bitcoin ETF.
GBTC is also highly liquid, offering traders and investors a high level of flexibility to manage their trades, with an average 20-day trading volume of about 15,000 shares.
While the approval of the spot Bitcoin ETFs caused Bitcoin and Ethereum ETH/USD -3.31% + Free Alerts Dogecoin (CRYPTO: DOGE ) has lagged the apex-cryptos, trading in a downtrend since Dec. 11.
Whether or not Bitcoin continues higher on a historic run or the SEC’s approval creates a long-term sell-the-news event remains to be seen but new institutional and retail investors with access to the crypto through Grayscale’s ETF, or one of its rivals, maybe watching for cues on Bitcoin’s chart as the news settles in.
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The Bitcoin Chart: When Bitcoin fell to its low-of-day Friday, the crypto bounced up slightly from the $43,130 mark, which caused Bitcoin to print a possible double bottom pattern at that level when paired with the low formed on Monday. If Bitcoin holds above that area, it would be bullish for continuation higher but if Bitcoin falls under that level on the weekend, the current uptrend will be negated and a downtrend could be on the horizon.
Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101.