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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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China says it has ‘no interest’ in spying on UK following latest accusations

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China says it has 'no interest' in spying on UK following latest accusations

China’s foreign ministry has hit back at what it called “unfounded” accusations of spying in Westminster, saying it has “no interest” in gathering intelligence on the UK.

Yesterday, the security service MI5 sent a warning to MPs and peers about two recruitment headhunters who are working for Chinese security services.

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They are Amanda Qiu of BR-YR Executive Search and Shirly Shen of the Internship Union.

But speaking in response to a question by Asia correspondent Helen-Ann Smith, Chinese foreign ministry spokesperson Mao Ning replied: “China has repeatedly made clear its solemn position on this matter.

“We firmly oppose such unfounded allegations and the exaggerated portrayal and sensationalism that project one’s own biases onto others.

“Judgements based on erroneous information will only lead astray.

More on China

Ms Mao added: “China never interferes in the internal affairs of other countries, nor does it have any interest in gathering so-called intelligence on the British parliament.”

Chinese spying accusations may signal thorny period ahead

It is China’s standard playbook to outright deny allegations of spying.

But given that it’s common knowledge countries spy on each other, and given the recent spate of allegations of this nature, it might feel a little far-fetched for China to stick so rigorously to the position that the UK is just making it all up.

Not so, says Mao Ning, the spokesperson for China’s Ministry of Foreign Affairs.

When I put it to her, she said that these allegations are, in fact, a “projection of one’s own biases on to others”, and that China doesn’t “have any interest in gathering so-called intelligence on the British parliament”.

That is almost certainly not true. China is commonly understood to run a highly sophisticated espionage operation.

But, in a way, the truth or untruth might be immaterial to the impact on the bilateral relationship.

While the UK government may seek to send strong signals amidst criticism that it’s being too soft, China really does not appreciate this type of laundry being aired in public.

It may well signal a thorny period ahead.

In a message seen by Sky News about parliamentary staff, MPs and peers were warned that the MI5 alert “highlights how the Chinese Ministry of State Security (MSS) is actively reaching out to individuals in our community”.

The message continued: “Their aim is to collect information and lay the groundwork for long-term relationships, using professional networking sites, recruitment agents and consultants acting on their behalf.”

Security minister Dan Jarvis later said in a statement to parliament that “China has a low threshold for what information is considered to be of value, and will gather individual pieces of information to build a wider picture”.

He added: “Let me speak plainly. This activity involves a covert and calculated attempt by a foreign power to interfere with our sovereign affairs in favour of its own interests, and this government will not tolerate it.”

Read more:
MI5 is trying to send a signal to China with spying warning
Three key questions about China spy case that need answering

The government made a statement in the House of Commons following the revelations, saying it would take all “necessary measures” to protect the UK.

Westminster employees were warned that two individuals were both known to be reaching out on LinkedIn to “conduct outreach at scale on behalf of MSS”.

This latest warning comes after the collapse of a prosecution of two people suspected of spying on behalf of China.

The previous spying allegations led to controversy over how the government under Labour responded to the Crown Prosecution Service’s requests for evidence.

Sir Keir Starmer sought to blame the previous Conservative government for the issues, which centred on whether China could be designated an “enemy” under First World War-era legislation.

Sir Keir has sought to keep relationships with Beijing somewhat warm, highlighting the value of China as a trading partner.

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World

Russian spy ship on edge of UK waters, warns defence secretary

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Russian spy ship on edge of UK waters, warns defence secretary

A Russian spy ship is currently on the edge of UK waters, the defence secretary has announced.

John Healey said it was the second time that the ship, the Yantar, had been deployed to UK waters.

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Giving a news conference in Downing Street, he said: “A Russian spy ship, the Yantar, is on the edge of UK waters north of Scotland, having entered the UK’s wider waters over the last few weeks.

“This is a vessel designed for gathering intelligence and mapping our undersea cables.

“We deployed a Royal Navy frigate and RAF planes to monitor and track this vessel’s every move, during which the Yantar directed lasers at our pilots.

“That Russian action is deeply dangerous, and this is the second time this year that this ship, the Yantar, has deployed to UK waters.”

More on Defence

Mr Healey added: “So my message to Russia and to Putin is this: we see you, we know what you’re doing, and if the Yantar travels south this week, we are ready.”

His warning comes following a report from MPs that the UK lacks a plan to defend itself from a military attack, despite the government promising to boost readiness with new arms factories.

At least 13 sites across the UK have been identified for new factories to make munitions and military explosives, with Mr Healey expecting the arms industry to break ground at the first plant next year.

The report, by the Commons Defence Committee, said the UK “lacks a plan for defending the homeland and overseas territories” as it urged the government to launch a “co-ordinated effort to communicate with the public on the level of threat we face”.

Mr Healey acknowledged the dangers facing the UK, saying the country was in a “new era of threat” that “demands a new era for defence”.

Giving more details on the vessel, he said it was “part of a Russian fleet designed to put and hold our undersea infrastructure and those of our allies at risk”.

Russian Ship Yantar. Pic: Ministry of Defence
Image:
Russian Ship Yantar. Pic: Ministry of Defence

Read more:
MI5 is trying to send a signal to China with spying warning
China says it has ‘no interest’ in spying on UK

He said the Yantar wasn’t just part of a naval operation but part of a Russian programme driven by Moscow’s Main Directorate of Deep-Sea Research, or GUGI, which is “designed to have capabilities which can undertake surveillance in peacetime and sabotage in conflict”.

“That is why we’ve been determined, whenever the Yantar comes into British wider waters, we track it, we deter it and we say to Putin we are ready, and we do that alongside allies,” he added.

Asked by Sky News’ political correspondent Rob Powell whether this was the first time that lasers had been used by a Russian vessel against pilots, Mr Healey replied: “This is the first time we’ve had this action from Yantar directed against the British RAF.

“We take it extremely seriously. I’ve changed the Navy’s rules of engagement so that we can follow more closely, monitor more closely, the activities of the Yantar when it’s in our wider waters. We have military options ready.”

Mr Healey added that the last time the Yantar was in UK waters, the British military surfaced a nuclear-powered attack submarine close to the ship “that they did not know was there”.

The Russian embassy has been contacted for comment.

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South Korea: All 267 passengers and crew rescued from ferry that ran aground, says coastguard

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South Korea: All 267 passengers and crew rescued from ferry that ran aground, says coastguard

More than 250 passengers on board a ferry that ran aground off the South Korean coast have been rescued, according to the coastguard.

It said the Queen Jenuvia 2, travelling from the southern island of Jeju to the southwestern port city of Mokpo, hit rocks near Jindo, off the country’s southwest coast, late on Wednesday.

A total of 267 people were on board, including 246 passengers and 21 crew. Three people had minor injuries.

All on board were rescued. Pic: Yonhap/Reuters
Image:
All on board were rescued. Pic: Yonhap/Reuters

Footage showed passengers wearing life vests waiting to be picked up by rescue boats, which were approaching the 26,000-tonne South Korean ferry.

Its bow seemed to have become stuck on the edge of a small island, but it appeared to be upright and the passengers seemed calm.

Weather conditions at the scene were reported to be fair with light winds.

South Korea’s Prime Minister Kim Min-seok ordered all available boats and equipment to be used to rescue those on board, his office said.

More on South Korea

The coastguard received a report of the incident late on Wednesday, and immediately deployed 20 vessels and a plane to join the rescue effort.

It was not immediately clear what caused the vessel to run aground.

The vessel can carry up to 1,010 passengers and has multiple lower decks for large vehicles and passenger vehicles, according to its operator Seaworld Ferry.

Read more on Sky News:
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In 2014, more than 300 people, mostly schoolchildren heading to Jeju on a school trip, died when the Sewol ferry sank.

It was one of the country’s worst disasters.

The ship went down 11 years ago near the site of Wednesday’s incident, though further off Jindo.

After taking a turn too fast, the overloaded and illegally-modified ferry began listing.

It then lay on its side as passengers waited for rescue, which was slow to come, before sinking as the country watched on live television.

Many of the victims were found in their cabins, where they had been told to wait by the crew while the captain and some crew members were taken aboard the first coastguard vessels to arrive at the scene.

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