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Analysis
08 Aug 2023

ARK’s second deadline is near

We are rapidly approaching the second ARK 21Shares spot BTC ETF filing deadline, scheduled for August 13.
ETP timeline aug
Preview
We are rapidly approaching the second ARK 21Shares spot BTC ETF filing deadline, scheduled for August 13. The SEC has tended to postpone its BTC ETF decisions as long as possible in past years, taking advantage of its full 240-day time window, and is expected to follow suit this week with the current ARK filing. ETF filings were an important source for BTC’s momentum in late June, suggesting that ETF-related deadlines could be a solid contributor to volatility in the period ahead. This week could face enhanced volatility during the release of ARK’s verdict, which is likely to be submitted on Friday, August 11. Further important ETF deadlines await in early September, with Bitwise’s first deadline scheduled for September 1 and the first deadlines for the remaining filings set to September 2. These deadlines, in addition to the ongoing Grayscale vs. SEC lawsuit, could attract significant volume and volatility to the market.
ETP flows
Preview
ETP flows have stagnated
BTC ETPs experienced their strongest monthly flows since October 2021 from mid-June to mid-July but have since stagnated, predominantly facing outflows in recent weeks. The slowdown in ETF flows coincides with BTC’s shrinking volatility, suggesting that the significant June and July flows was a considerable contributor to BTC’s directional momentum.
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