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 digits.
  • The SEC is considering several Bitcoin ETFs but is maintaining volatility and market manipulation is an obstacle.
  • Bitcoin was rejected for $ 58,000 and is seeking support for $ 54,000.

Grayscale Investments has become one of the most well-known institutions in the cryptocurrency industry. The company’s latest job posting could give a glimpse of what to expect shortly. The company’s LinkedIn profile lists at least nine ETF-traded fund-related vacancies.

New grayscale vacancies refer to a crypto ETF

It may be too early to speculate, but there are clear signs that Grayscale is preparing for an ETF product. The vacancies include an ETF Compliance Officer, an ETF Authorized Relationship Manager for Participants, an ETF Market Maker Relationship Manager and a specialist in the creation and redemption of ETFs. According to Todd Rosenbluth, Director of ETF Research at CFRA Research:

The race to launch the first Bitcoin ETF is in full swing. “It’s more a question of when the SEC will approve a Bitcoin ETF, not if.

The Securities and Exchange Commission (SEC) is currently reviewing several ETF proposals submitted by VanEck Associates Corp. and Bitwise Asset Management. However, the regulator is approaching the matter cautiously, citing market manipulation and volatility as the main obstacles.

There are currently several crypto ETF products worldwide, two of which are traded in Canada: the Purposed Bitcoin ETH (BTCC) and the Bitcoin ETF (EBIT) from Evolve Group. Grayscale has already filed an application for Bitcoin ETF but has no active filings. Hence, the new positions will likely ensure they are ahead of the game when regulators first give their approval.

Meanwhile, the Grayscale Bitcoin Trust (GBTC) has traded at a negative premium for the tenth consecutive year. However, Glassnode’s on-chain chart shows that the negative premium is decreasing and could soon turn positive. The bonus gives an insight into an institutional interest in Bitcoin. As it is doing well, the BTC price is expected to rise higher.

Grayscale bonus

Investors are looking for alternatives to government bonds

Investors are required to pursue other portfolio options in order to cushion themselves from the risky stock market. Government bonds have always been a haven for investors, but have recently failed in the task.

So, will it be gold or bitcoin? This is one of the questions market participants ask themselves when trying to get creative. If Bitcoin stays stable or continues with the bull, there is a high chance that most of the money will flow into the market.

Bitcoin deals with the recent rejection at $ 58,000

Bitcoin pumped to $ 58,000 but failed to make significant strides above the record high. Despite the bearish calls, the cryptocurrency has been moving higher since early March.

Meanwhile, BTC is trading at $ 56,120 in search of higher support. The Relative Strength Index shows that the path with the least resistance is down. On the flip side, the support at $ 54,000 could keep the uptrend intact.

BTC / USD 4-hour chart

Bitcoin remains the focus of the cryptocurrency industry in the bull run. With a Bitcoin ETF likely to get approved, the bull cycle may well be a long way from over. Analysts are already predicting that the largest cryptocurrency will soar to $ 66,000 in the next few weeks, while others predict that BTC will hit $ 100,000 by the end of 2021.

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