With the approval of Bitcoin spot ETF approaching, the market's attention is increasing. Many asset management companies are preparing intensively, and analysts and issuers are predicting that the US Securities and Exchange Commission (SEC) may make a favorable decision on or before January 10th.

This decision not only relates to the price changes of Bitcoin, but also will become a turning point for the entire cryptocurrency market. If the approval of Bitcoin spot ETF is inevitable, then how can we get the news of approval or rejection as soon as possible, and what information should we focus on?

How to stay ahead of ETF trends?

除了开启在新闻媒体专业财经新闻网站的推送外，还有什么办法可以比媒体更快一步获悉消息？

Other than subscribing to professional financial news websites for news alerts, is there any other way to get information faster than the media?

1. US Securities and Exchange Commission (SEC) official website

You can register on the official website of SEC at https://www.sec.gov/subscribe_updates by filling in your email address to receive official news and decisions related to Bitcoin ETF as soon as possible. As a regulatory agency, the information released by SEC is the most authoritative and accurate.

2. Senior Industry Experts and Analysts

Some well-known industry analysts, such as Bloomberg ETF analyst Eric Balchunas and James Seyffart, have in-depth research and insights on Bitcoin ETFs. Following their social media accounts can provide more professional analysis and predictions, and turning on notifications will ensure you receive updates as soon as possible.

3. Market Prices and Trading Volume

To be honest, market prices are often the fastest signal. Any major news related to Bitcoin ETF may be quickly reflected in the price and trading volume of Bitcoin, and even launched in advance. Therefore, closely monitoring changes in market prices and trading volumes is also an important means of obtaining information.

Collective Approval or Individual Approval

ETF analysts and issuers believe that the SEC will make a favorable decision on or before January 10th. January 10th is the deadline for the SEC to decide whether to approve the Bitcoin spot ETF application submitted by ARK Investment Management LLC and 21Shares.

It is difficult for the SEC to approve a specific Bitcoin spot ETF, just like the launch of Bitcoin futures in the past. If a single ETF is approved, it may cause market share imbalance. The later ETFs will lower some of the purchase standards, which will lead to market capital outflow. The SEC needs to promote and maintain market fairness.

Therefore, in this round of approvals in January, the SEC will only approve one or more Bitcoin ETFs, which is also one of the market's most highly anticipated focal points.

Authorized Participant (AP): Key Player in the ETF Market

Authorized Participants (APs) play a crucial role in the exchange-traded fund (ETF) industry. These are typically large financial institutions, such as investment banks or market makers, whose role in the ETF market is indispensable, responsible for maintaining the liquidity and market efficiency of ETFs. The core responsibilities of APs include creating and redeeming ETF shares, which means they have the right to trade directly with ETF providers, whether it is creating new ETF shares or eliminating existing ones.

In addition, Authorized Participants (APs) play a critical role in maintaining the consistency between market prices and net asset values (NAVs). They help ensure that the market price of an ETF is close to its underlying assets' NAV by creating or redeeming ETF shares when necessary, thereby reducing price deviations and improving market efficiency. APs also act as providers of market liquidity, making it easier for investors to buy and sell ETF shares through their creation and redemption activities. As large financial institutions, they are also responsible for managing market and liquidity risks associated with creating and redeeming ETF shares.

Considering the complexity associated with the creation and redemption of ETFs, Authorized Participants (APs) are typically institutions with high levels of expertise and market operation capabilities. In situations where the market is highly volatile or liquidity is low, the activities of APs are particularly important in ensuring the healthy operation of the ETF market. Through the mechanism of APs, ETFs are able to more effectively track the performance of their underlying assets, while providing investors with a more stable and reliable trading environment.

According to the latest information, most asset management companies, including BlackRock, that are applying for a Bitcoin spot ETF have chosen and disclosed their respective authorized participants.

For example, BlackRock plans to select JPMorgan Securities and Jane Street as its authorized participants. The CEO of Grayscale also posted on social media that Grayscale had already confirmed in the filing submitted in May of this year that Jane Street Capital and Virtu Americas are the authorized participants for its ETF after GBTC is converted to a spot ETF.

Goldman Sachs is in talks with BlackRock and Grayscale to become an authorized participant (AP) for their Bitcoin ETF. According to Nate Geraci, President of The ETF Store, after Goldman Sachs, JPMorgan is also in talks with Grayscale to serve as an authorized participant for their Bitcoin ETF.

WisdomTree has submitted the latest revised S-1 document for its Bitcoin ETF, designating Jane Street Capital as the Authorized Participant for its Bitcoin ETF. Invesco Galaxy has designated JP Morgan and Virtu Americas as the Authorized Participants for its Bitcoin ETF, with no fees charged for the first 6 months. Fidelity has designated Jane Street as the Authorized Participant for its Bitcoin ETF, with a fee of 0.39%.

Fidelity named Jane Street Capital as one of its authorized participants. Invesco/Galaxy chose JPMorgan and Virtu as authorized participants. Valkyrie chose Jane Street and Cantor Fitzgerald as its authorized participants.

These information may change with the subsequent approval process and changes in company strategies. However, it can be seen that Jane Street is almost the choice of all these asset management companies.

ETF Fees: Key Factors Affecting Investor Choice

In the fierce competition of Bitcoin spot ETFs, the fees set by each company have a decisive importance, which not only affects the choices of investors, but also significantly impacts the market competitiveness of the companies. As the management cost borne by investors, ETF fees directly relate to investment returns. Therefore, when choosing ETF products, investors often prioritize options with lower fees.

Currently in the market, Fidelity is leading with its low fee rate of 0.39%, making its products more attractive to price-sensitive investors. The low fee strategy not only enhances Fidelity's market competitiveness, but may also force other competitors to adjust their own fee structures.

Meanwhile, Invesco announced a fee of 0.59%, but it has chosen to waive fees for the first six months as a proactive market entry strategy aimed at quickly attracting a customer base and increasing market share. This short-term fee discount may attract investors seeking initial cost benefits.

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