In a resounding declaration, the well-known Bitcoin investor Lark Davis confidently forecasts a 90% chance of Bitcoin Exchange-Traded Funds (ETFs) getting approval before January. Davis announced this on X, finding widespread agreement in the crypto community, indicating growing confidence in this prediction.
The crypto enthusiast, Mister Crypto, unwaveringly upholds this claim, consistently echoing analogous convictions for several lunar cycles. He maintains that the go-ahead signal for all ETFs is nigh, with a robust likelihood of materialization before the year’s end.
Web3 luminary David Parker also hails the prospective ETF approval as a boon to his industry sector. Parker envisions this development as a potential New Year’s gift to the Web3 community within the blockchain domain. With palpable excitement, he remarks, “Wow, January. That would be a nice New Year’s present for us web 3 people. I’m ready! Can be January or March, I’m so ready!”
Bitcoin ETF Approval Breakthrough
Bloomberg’s crypto ETF analysts also see a 90% chance of a spot Bitcoin ETF gaining approval from the U.S. SEC. This optimism follows updates to Ark Invest and 21Shares’ ETF prospectuses, while the SEC opted not to contest a court’s ruling allowing Grayscale’s GBTC product transformation into a Bitcoin ETF.
Bloomberg’s Eric Balchunas and James Seyffart, eminent ETF analysts, assert the same probability of an SEC nod for a spot Bitcoin ETF. Their prediction hones in on January 10 as the potential breakthrough. Recent application updates signal positive engagement with the SEC. Notably, Ark Invest supplemented five pivotal pages covering risk disclosures and additional context.
“This back-and-forth between the SEC and fund sponsors is standard practice for new launches but a first for spot Bitcoin ETF applications, indicating that the SEC is working to approve Ark’s proposal.”
James Seyffart highlights the SEC’s strategic move in abstaining from an appeal in the Grayscale case. He further intimates that if the deadline for the Grayscale lawsuit concerning GBTC’s transition to a spot Bitcoin ETF arrives this year, SEC approval may materialize sooner. Analysts are unanimous in their belief that the SEC Division of Trading & Markets is feeling the squeeze, with both the courts and other issuers applying pressure for a spot Bitcoin ETF approval.