BlackRock explains mechanism for Bitcoin ETF redemption; Whale interest surges in Eos and InQubeta
The Bitcoin ETF might be a wrap following latest developments. After years of waiting and tons of applications, it appears a Bitcoin spot ETF might be getting approved by the SEC soon. This recent development entails BlackRock, one of the world’s largest asset managers, making a pivotal adjustment to its ETF application. It initially had an “in-kind” redemption mechanism, which has now been changed to “cash only” for fund redemption.
Amidst this, whale interest in Eos (EOS) and InQubeta (QUBE) has reached a frenzy. This suggests why they are the best coins to invest in.
This post will shed light on BlackRock’s adjusted Bitcoin ETF redemption mechanism. Further, it will explain why EOS and InQubeta are altcoins to watch for staggering gains. Let’s begin.
InQubeta (QUBE): The token of the moment
InQubeta (QUBE) is at the heart of the current market buzz. Raising a whopping $7.5 million in its early funding, other new ICOs are struggling to catch up. But why is there so much interest in this top ICO, and why is whale interest on the rise?
Its innovative concept makes it stand out among the competition. It aims to solve the fundraising issue in the AI sector by becoming the first crowdfunding platform for startups through cryptocurrency. That isn’t all; its novel NFT marketplace will give investors access to becoming early backers of promising AI projects—like the next ChatGPT.
Thanks to its unique contribution and the problem it will be solving, there has been a massive show of interest. In the sixth stage of the presale, a token costs only $0.01925. Analysts believe its value will rise by 60x after launch, which makes it the best new crypto to invest in.
BlackRock’s Bitcoin ETF redemption mechanism explained
After several meetings and heated arguments, BlackRock has finally bowed to the SEC’s demands and made adjustments to its redemption mechanism. Originally, it had an “in-kind” redemption system. What does this mean? To put it simply, Bitcoin will be exchanged directly for ETF shares. However, based on the SEC’s demand, BlackRock had to change its stance.
Recently, its application was modified, with the asset manager embracing “cash only” redemption—based on the agency’s demands. Under this redemption system, BlackRock will accept cash from investors, which will be used to purchase Bitcoin and create new shares. Conversely, Bitcoin will be sold to distribute cash to the redeeming shareholders.
The debate over how asset managers will handle the creation and redemption of new shares is seemingly over. This represents a slight bump ahead of approval, which looks more and more likely with each passing day.
Eos (EOS): Rising Whale interest
Decentralized finance (DeFi) is an integral part of the crypto landscape. Guess which project is making waves in this scene? Eos (EOS). It is an open-source blockchain platform designed for building and deploying decentralized applications (dApps).
It is currently making waves in the crypto market, and whale interest appears to be ridiculously high. These large-volume investors are hoping to ride the bullish wave and position themselves for staggering gains. If you wish to take part, you can consider investing in Eos, as it is one of the best cryptos to invest in.
Conclusion
BlackRock conceding to the SEC’s demand and embracing a “cash only” redemption mechanism suggests Bitcoin ETF approval is close. Meanwhile, Eos and InQubeta have become whales’ favorites. With their value set to skyrocket, these are cryptocurrencies you shouldn’t miss out on.
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