Bitcoin ETF Approval Delayed Once Again
If you’re hoping for the approval of a BTC ETF, it looks like you’ll have to wait a little longer. The price of Bitcoin recently surged to over $37,000, touching an 18-month high, due to news about the U.S. Securities and Exchange Commission’s (SEC) eight-day window to approve all spot crypto exchange-traded product applications. Investors were optimistic about the possibility of a spot Bitcoin ETF being approved soon.
However, that window has closed, and the SEC has delayed decisions on pending applications, such as the spot Bitcoin ETF from Global X, with an initial deadline of November 21, and the application from asset manager Franklin Templeton. The SEC also delayed an application from Hashdex earlier this week. Other traditional finance titans like BlackRock, VanEck, and WisdomTree also have pending applications for a Bitcoin ETF.
Market observers believe that the approval of a Bitcoin ETF could lead to a significant influx of capital into crypto markets, potentially boosting Bitcoin and other digital assets by $1 trillion, according to analysts at CryptoQuant.
The SEC has been hesitant to approve a Bitcoin ETF, citing potential market manipulation as a major risk factor. However, with the entry of BlackRock into the conversation and predictions from analysts at Bloomberg Intelligence indicating a 90% chance of approval by January, the possibility of a Bitcoin ETF in the United States seems more imminent than ever.
Hot Take: Approval Delayed, Hope Remains
Even though the chances of approval today are zero, the optimism for a BTC ETF in the new year remains high. Despite the delay, the potential for a Bitcoin ETF to transform the crypto market is still a strong possibility. It may just be a matter of time before the SEC gives the green light.
Edited by Guillermo Jimenez
Editor’s note: This article was updated after publication to include the SEC’s delayed decision on Franklin Templeton’s application for a Bitcoin ETF.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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