As the year 2023 approaches its conclusion, the cryptocurrency market is abuzz with anticipation over the potential approval of a Bitcoin Exchange-Traded Fund [ETF] in the United States. If granted the green light, this move could mark a historic milestone for the digital asset industry. Bloomberg analyst James Seyffart has been closely monitoring the situation, noting that the U.S. Securities and Exchange Commission [SEC] is set to make a critical decision on the Bitcoin spot ETF proposals
He cited the submission by Hashdex and Franklin on November 17, with Global X ETF following on November 21. Despite expectations of a delay, Seyffart maintains a bullish outlook, expressing 90% confidence that the BTC spot ETF will receive approval before January 10, 2024.
As the deadlines loomed, Seyffart preemptively addressed potential delays from the SEC, emphasizing that any postponements would not alter the overall positive outlook for the Bitcoin spot ETF. In a tweet, he highlighted the high probability of approval by January 10, 2024, underscoring the significance of the impending decision.
Having previously commented on the approval window for all pending Spot Bitcoin ETFs, Seyffart explained that there is a unique opportunity for the SEC to greenlight all 12 applications simultaneously. In a statement, he said, “All you really need to know is that right now there’s a window. There are 12 different spot Bitcoin ETF applications. They could approve all of them at once.”
Bitcoin ETF Lineups
Seyffart also pointed out that the SEC had issued delay orders for several prominent entities, including BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie, simultaneously. He suggested that if the SEC intends to allow all 12 filers to launch, this would be the first available window since Grayscale‘s court victory was affirmed.
The limited timeframe for decision-making stems from the SEC’s earlier extension of the deadline for numerous pending spot Bitcoin ETF filings, with November 8 being the final day of the comment period. Seyffart’s analysis reflects a sense of urgency and anticipation within the cryptocurrency community, as stakeholders eagerly await the SEC’s decision on these pivotal Bitcoin ETF applications.