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Several firms are vying for the approval of their proposed spot Bitcoin BTC/USD exchange-traded funds (ETFs), hoping to capture a significant market share.

What Happened: Switzerlands Pando Asset AG on Wednesday emerged as the 13th contender by submitting a filing to the Securities and Exchange Commission (SEC) for the Pando Asset Spot Bitcoin Trust.

Among the total 13 applications, two major players, Grayscale Bitcoin Trust GBTC and Blackrock Inc. BLK , have revised their filings just to secure a BTC ETF spot.

Analysts predict that the SEC is on the cusp of approving several spot Bitcoin ETFs. The first to cross the finish line could enjoy a significant first-mover advantage, attracting a large base of retail investors.

Since both BlackRock and Grayscale Bitcoin Trust submitted their applications for a spot Bitcoin ETF, their stock prices have experienced an upswing. We compare which of the two stocks has delivered the best returns over the past year.

BlackRocks stock increased from $695.78 to $747.3, marking a 7.4% growth. On the other hand, GBTC saw a 242.74% surge from $9.05 to $31.02. BLK Or GBTC: 1-Year Performance (Image: Benzinga)

If you had invested $1000 in either of the stocks, you would have yielded $1074.04 in BLK and $3427.4 in GBTC. BLK Or GBTC: Which Offers Better Returns? (Image: Benzinga)

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

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A Closer Look at Market Movements

When analyzing their market behavior, the coefficient of determination (R^2) stands at a low 0.023, suggesting a very weak correlation between BLK and GBTCs market movements, as evidenced by a linear regression analysis. Do BLK And GBTC Often Move Together? (Image: Benzinga)

Price Action: At the time of writing, BTC was trading at $37,731, down 1% in the last 24 hours, according to Benzinga Pro. On Wednesday, GBTC finished trading at $31.02, while BLK closed at $747.30.

Illustration by CryptoFX on Shutterstock

Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading… Loading…

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Sports

Ohio State-Michigan live updates: Wolverines trying for five straight

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Ohio State-Michigan live updates: Wolverines trying for five straight

Rivalry Week has already seen one upset that will affect a conference championship and College Football Playoff seeding. Could we see another one?

On Friday, Texas upset the Texas A&M Aggies to give A&M its first loss of the season and knock the Aggies out of the SEC championship game. Michigan is in a strikingly similar position. Ohio State is undefeated and No. 1 in the CFP rankings. It needs a win to set up a meeting with Indiana in next week’s Big Ten title game.

OSU has been largely unchallenged since defeating Texas in Week 1, and now it faces its biggest rival, which is hasn’t beaten in four years. Can the Wolverines pull another upset? It’s “The Game,” and we’re tracking the top moments and biggest plays:

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Politics

Crypto self-custody is a fundamental right, says SEC’s Hester Peirce

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Crypto self-custody is a fundamental right, says SEC's Hester Peirce

Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.

“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:

“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”

Privacy, SEC, Freedom, United States, Self Custody, Bitcoin Adoption, ETF
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup

Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.

The comments came as the Digital Asset Market Structure Clarity Act, a crypto market structure bill that includes provisions for self-custody, anti-money laundering(AML) regulations, and asset taxonomy, is delayed until 2026, according to Senator Tim Scott.

Related: SEC to hold privacy and financial surveillance roundtable in December

Exchange-traded funds (ETFs) challenge Bitcoin’s self-custody ethos

Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.

“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.