Crypto trading is a zero-sum game with clear winners and losers. This competitive stage yields countless self-proclaimed profitable traders on Twitter and YouTube. As the players downtown make their livelihood trading for institutions like Galaxy Digital and Pantera Capital, how do their strategies compare to those of retail home-based traders? Do retail methods even work? “Broadly speaking, larger institutions are mostly directional agnostic and generally focus on market making,” Bill Herrmann, CEO of investment firm Wilshire Phoenix, told Cointelegraph. By directionally agnostic, Herrmann means institutions do not trade based primarily on direction. Directional trading refers to placing trades on the …

Many investment firms have launched crypto exchange-traded funds, but so far, none has found favor with the United States Securities and Exchange Commission. Firms keep trying, though, and this past week, two more tendered applications for crypto ETF-like products — if not pure-play Bitcoin ETFs have emerged. WisdomTree, an asset manager and ETF specialist, filed an N-1A form registration statement on June 16 with the agency for an ETF that would invest up to 5% of its portfolio in cash-settled Bitcoin (BTC) futures contracts offered by Chicago Mercantile Exchange. WisdomTree was close to applying to the SEC in January for …

The founder of investment firm Wilshire Phoenix, William Herrmann, said his firm’s recently filed U.S. Bitcoin fund notably differs from anything else currently on the U.S. market, based on its Bitcoin price sourcing and involved third parties. In an email exchange with Cointelegraph, Herrmann didn't mention Grayscale's Bitcoin Trust by name, but Grayscale is the most well-known U.S. product in the space. "The digital asset market has obviously experienced exponential growth, but the products currently in the space have not evolved with such growth," Herrmann told Cointelegraph. "We think investors deserve more." Grayscale Investments' Bitcoin Trust (GBTC) sits as one …

Investment firm Wilshire Phoenix has filed an S-1 registration statement with the U.S. Securities and Exchange Commission, or SEC, for a publicly traded Bitcoin Fund in line with regulation. The registration reads: "The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin." Wilshire’s new Bitcoin Commodity Trust aims to have its shares available for public trading on OTC Markets Group, Inc.’s OTCQX Best Marketplace. Once issued, shares of the trust can be bought and sold throughout the trading day like …

The U.S. Federal Reserve injected $168 billion into finance several days ago, which correlates to Bitcoin’s current falling price. “So long as the broader markets keep falling – expect the same out of Bitcoin,” Bill Herrmann, CEO of alternative investment firm Wilshire Phoenix told Cointelegraph as part of an explanation of the Fed’s recent actions. What’s going on in the market? Traditional markets have plummeted recently surrounding coronavirus fears and oil trade wars. After several previous red days, the Dow Industrial Average (DJI) fell 10% on March 12, concluding the most disastrous day U.S. markets have seen since the Black …

Securities and Exchange Commissioner (SEC) Commissioner Hester Peirce has published a dissenting statement in response to the Commission’s rejection of Wilshire Phoenix’s Bitcoin Exchange Traded Fund application. In her statement, Peirce slams the SEC for its biased treatment of Bitcoin-related products with the passion of a “Bitcoin maximalist.” Given that the commissioner’s term expires in a little over three months, at the beginning of June 5, it raises a question: Could Peirce be positioning herself for a life after the SEC? Anti-Bitcoin bias among regulators? In her latest statement, Commissioner Pierce claims the SEC’s handling of Bitcoin-related products is inconsistent …

Wilshire Phoenix, a New York-based asset management firm, has responded to the United States Securities and Exchange Commission (SEC) rejecting its proposed Bitcoin (BTC) exchange-traded fund (ETF). The firm states it is “very disappointed” by the SEC’s ruling, emphasizing that it went to great lengths to ensure compliance with the SEC’s expectations: “We made every effort to get the SEC’s attention on this important issue, including undertaking extensive analysis that was made available to the SEC staff, submitting key data, and offering to provide additional information to facilitate the listing of a much needed regulated bitcoin-related ETP in the United …

The United States Securities and Exchange Commission (SEC) has once again begun accepting public comments regarding the updated Bitcoin (BTC) exchange-traded fund (ETF) proposal by Wilshire Phoenix Fund. According to the official document published on Oct. 15, investment management firm Wilshire Phoenix and exchange NYSE Arca have filed an amendment to their Bitcoin ETF application to reflect new circumstances. New and updated version Per the proposal, Coinbase Custody will act as a custodian of the trust’s Bitcoins. But unlike the first application, the updated version states that Coinbase will be confirming the availability of assets used to secure the trust …

The United States Securities and Exchange Commission (SEC) has initiated proceedings regarding the Wilshire Phoenix Bitcoin (BTC) exchange-traded fund (ETF) proposal. According to a Sept. 24 public filing, the SEC started proceedings to determine whether to approve or disapprove the proposed rule change, which would allow NYSE Arca to list and trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust. Public comments In Tuesday's filing, the SEC notes that it had invited the public to share its comments, which were due 21 days from when the order was published in the Federal Register on July 1. Rebuttals to those …