1. Review of hot topics this week
1.1 BlackRock’s Ethereum ETF application
On November 9, Bloomberg analyst James Seyffart stated on the X platform that BlackRock’s Ethereum ETF application has been confirmed and the company has just submitted a 19b-4 document to Nasdaq. A note to the filing shows: Proposed rule changes for the listing and trading of shares of the iShares Ethereum Trust under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares).
1.2 Rumor: SEC may approve 12 Bitcoin ETFs
On November 9, CoinDesk quoted people familiar with the matter as saying that the U.S. Securities and Exchange Commission (SEC) had begun negotiations with Grayscale on the details of the company’s application to convert GBTC into a Bitcoin spot ETF.
In addition, market rumors --- It is expected that the US SEC may approve 12 Bitcoin ETFs on November 17, local time. According to the latest data compiled by Bloomberg, the earliest approval date was November 17 for spot Bitcoin ETF applications submitted by Franklin and Hashdex.
Note: Important time points for BlackRock Bitcoin Spot ETF application
The U.S. SEC published the 19b-4 rule change document of iShares Bitcoin Trust in the Federal Register on July 19, 2023. The resolution time is calculated based on this, and the maximum is 240 days, as follows:
Deadline for the first resolution: September 2, 2023 (extended 45 days from July 19);
Deadline for the second resolution: October 17, 2023 (extended 45 days from September 2);
Deadline for the third resolution: January 15, 2024 (extended 90 days from October 17);
Deadline for the last resolution: March 15, 2024 (extension of 60 days from January 15).
In summary, the SEC has up to 240 days from the time the SEC publishes the 19b-4 filing in the Federal Register for review, A final decision of approval or rejection must be given after 240 days (March 15, 2024). There can be up to three postponement opportunities in between.
Additionally, the SEC can approve or deny the application at any time during the process.
1.3 Fed Chairman Powell: Will not close the "door to raising interest rates"
Federal Reserve Chairman Jerome Powell said at a meeting of the International Monetary Fund (IMF), he has no confidence that policy will be tightened enough to eventually bring inflation down to 2%. The Fed reiterated caution but would not hesitate to raise interest rates if appropriate.
Many investors thought the Fed was nearing the end of raising interest rates, but there was a big disappointment in Powell's speech. Powell left ample room to keep interest rates unchanged in December or raise them again if the economy and inflation do not slow as widely expected next year.
2. Projects to be unlocked next week
3. Recent key events
November 11 (Saturday)
The 30th Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit was held in San Francisco, California, USA from November 11th to 17th;
November 14 (Tuesday)
U.S. core CPI year-on-year data for October is expected to be 4.1%, the previous value was 4.1%
U.S. CPI year-on-year data for October is expected to be 3.3%, the previous value was 3.7%
November 15 (Wednesday)
U.S. core PPI year-on-year data for October
U.S. October PPI year-on-year data
2023 FOMC voting committee member and Chicago Fed President Goolsby delivered a speech on economic and monetary policy.
November 16 (Thursday)
Number of people applying for unemployment benefits for the first time in the United States in the week of November 11 (thousands of people)
FOMC permanent voting member and New York Fed President Williams delivered a speech at the U.S. Treasury market meeting.
November 17 (Friday)
The U.S. SEC responded to the “spot Bitcoin ETF application submitted by Franklin and Hashdex”, delaying, approving or denying the application;
2023 FOMC voting committee member and Chicago Fed President Goolsby gave a speech on the economy.