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- Spot Bitcoin Exchange-Traded Fund could be launched next week according to a source.
- Last Friday, the applicants were invited to revise their applications, indicating that approvals are imminent.
One of the most expected events this year in the crypto scene is the spot Bitcoin Exchange-Traded Fund. On December 30, the Co-Founder of ETF Institute, Nate Geraci, shared a report by Reuters on X that the US Securities and Exchange Commission may finally invite the applicants of the spot Bitcoin ETF on Tuesday or Wednesday for clearance to launch the products the following week. It is reported that the information was given by a person who is very close to the case.
In response to this, Bloomberg’s James Seyffart re-emphasized his prediction, stating that January 10 should be the expected date, however, the official date could be anywhere between January 8 to January 10. He has always maintained since October 2023 that the possibility of approval by January 10 is 90 percent.
According to Seyffart, the SEC does not want to appear “picking favorites” to make this groundbreaking history. The Agency is planning to approve them all at once.
We’ve heard rumblings from different people, from people involved in this process, people who know other people involved in this process. We have sources that are very reliable and some sources that we don’t know how reliable they can be. But we’re hearing similar things from a bunch of different people, coming from different angles, which we’ve been hearing for over a year. But yeah, it’s real nitty gritty, trying to find things out, looking at calendars, looking at all these dates and deadlines, but trying to read the tea leaves here.
Seyffart Speaks More on Spot Bitcoin ETF
Seyffart further explained that applicants including Valkyrie attempted to “jump out first”, but SEC had a different plan.
So the fact that it was willing to go to those lengths to make sure that not one person got a head start on everyone else shows to us that that’s likely what it’s going to do here with Spot if they indeed are going to approve like we expect.
It is important to note that applicants including “Invesco Galaxy, WisdomTree, Fidelity, BlackRock, Valkyrie, and Bitwise” updated their filings with the SEC on Friday, positioning them at better odds for approval. Experts suspect that the decision to meet and update the filing could be a preparation for a launch the following week. The Agency has until January 10 to reject or approve the Ark 21Shares ETF.
Crypto analyst Max Keiser has, however, raised a concern that the “13 Bitcoin cash-in, cash-out ETFs” could be vulnerable to manipulation by Wall Street. According to Keiser, influential figures like Jamie Dimon could control the Bitcoin price and could go on until direct investors like Michael Saylor come into the market. However, others believe that the spot-based Bitcoin ETF could bring legitimization and accessibility to the market. On top of that, billions of dollars are expected to be brought into the market and could send the Bitcoin price to the moon.
As of press time, Bitcoin (BTC) was trading at $42,495.99 after surging by 0.13% in the past 24 hours. However, the return on investment in the past seven days has been negative as the asset fell by 1.7%.
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