Bitcoin Hits $30,000 Amid Spot ETF Amendments From BlackRock, Fidelity

The price of Bitcoin soared 6% overnight, briefly retaking $30,000—a level not seen since earlier this summer, per data from CoinGecko.

Bitcoin's price continues to hover around the $30,000 mark, currently trading hands at just over $29,950, up 5.3% on the day.

The latest uptick comes amid a raft of refilings and amendments from finance's biggest players, as the race for a spot Bitcoin ETF heats up.

BitcoinBTC · USD

$77,990+23%

24H7D1M1YYTD

Aug 15Aug 23Aug 30Sep 6Sep 14

$81.8k$75.5k$69.2k$62.9k

24h HighHigh$77,856

24h LowLow$76,439

VolVol$792.0M

Market projectionsOdds by Myriad

TodayBelow $78,000Below $78k51% chanceThis weekAbove $78,000Above $78k50% chance

Price data by CoinGeckoCoinGeckoMore Bitcoin news and projections →

A highly anticipated product, a spot Bitcoin ETF is expected to lure in more institutional investors to the world of crypto.

The thinking goes that they would be far more interested in investing in Bitcoin so long as the custodial risks of holding the actual cryptocurrency were mitigated. An ETF would provide this convenience, essentially offering them access akin to stocks and bonds at a broker.

Bitcoin ETF updates

Yesterday, BlackRock made news after it amended its ETF filing. Earlier this week Fidelity also made changes to its filing.

BlackRock's amendment cited the crowded race for approval, writing that “There can be no assurance that the Trust will achieve initial market acceptance and scale due to competition.” It also provided additional details about how the product will be priced via its CF benchmark index.

Fidelity addressed several topics, most notably in the market's intense volatility, especially in the wake of FTX's collapse last year.

“In response to these events [FTX’s collapse], the digital asset markets have experienced extreme price volatility and declines in liquidity, and regulatory and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress,” the amendment reads.

Grayscale, another key player in the race, has also enjoyed several notable court wins in its bid to convert its Grayscale Bitcoin Trust Fund (GBTC) to a Bitcoin ETF. GBTC has been trading at a double-digit discount to the underlying for some time as the product doesn't offer a redemption function which would let traders arbitrage the difference away.

In a move to save the product and establish parity with Bitcoin, the asset manager opted to convert the product to an ETF. Initially blocked by the SEC, a court ruled against the SEC, calling its rejection "arbitrary and capricious."

The SEC does not reportedly plan to file a last-minute appeal to challenge the ruling.

Edited by Stephen Graves