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30th October 2023 > > Spot BTC ETF.


tl;dr

Spot BTC ETF speculation is rife in the futures market.


Market Snap








Market Wrap

The OBR has predicted that UK government spending on interest payments will reach 94 BILLION pounds in 2023. That is a heavy burden to pay.


UK exports to the EU have grown dramatically in the last few years.


UK exports to the so-called “Rest of the World” have trod the same path.


But as we all know, however much income you have, you just cannot leverage it beyond reasonableness, simply in the hope that it will be alright one day. Unless you intend to commit market manipulation on the grandest scale by buying your own debt and paying yourself the interest on that debt. Fantasy land I know, but we are heading back that way.


Occasional Series – Jude Bellingham & El Clasico

Did you see the quality of that first goal? And the second was a master class in poaching, just when it mattered most.


Every Englishman’s heart beats proud that Jude is one of our own. He will take us all the way.


Occasional Series – Interregnum

After the tremendously successful expansion of CC Towers from the wild lands of Hackney to the wilderness of Inverie – home to the UK’s most remote pub, The Old Forge – the board of Directors have requested that I scout out further opportunities in Chiang Mai and Sydney.


I am honoured and pleased to do as the board wishes.


Whilst travelling in search of business opportunities, the frequency and timing of the daily commentary may be somewhat unreliable.


Curious Cryptos’ Commentary – Unfortunately this is fake news



Curious Cryptos’ Commentary – spot BTC ETF speculation

The discount for GBTC (Grayscale BTC Trust) just keeps on narrowing:








The CCC has long argued that buying GBTC in lieu of BTC has been a no-brainer on account of the discount which is soon going to be zero. Happy days for those of you whose home regulator allows you to buy it, which is not the case here in the UK.


Last week also saw $1.7bn traded in BITO, the very first futures BTC ETF. You will recall that its launch fuelled the rally to all-time highs at the back end of 2021. Its performance has very closely tracked BTC – much to my surprise – though as a synthetic product, its influence on real demand for BTC is debatable.


What isn’t in debate is that this demonstrates again the latent demand which will be ferociously unleashed when a raft of spot BTC ETFs are approved.

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