Timing for Potential Approval of Bitcoin ETF by SEC

Potential Bitcoin ETF approval imminent

According to reports, the U.S. Securities and Exchange Commission (SEC) is expected to notify asset managers about the status of their spot Bitcoin ETF applications as early as next week. A well-known trader, DonAlt, predicts that if the ETF is approved, Bitcoin may experience a prolonged consolidation period followed by a “sell-the-news” reaction on January 10. However, Greeks.live believes that the market has already priced in the potential approval and expects minimal impact on Bitcoin’s price or returns.

Goldman Sachs predicts bullish year

Goldman Sachs has forecasted significant growth in the cryptocurrency market, specifically highlighting the potential expansion of Bitcoin and Ether ETFs. The bank’s managing director, Mathew McDermott, cautions against immediate transformation post-ETF approval but envisions a gradual evolution in the crypto landscape over the next year. Major players like BlackRock and Fidelity are eagerly awaiting the SEC’s decision on their spot Bitcoin ETF applications, with optimism for positive outcomes that could open new avenues for institutional investments. McDermott also anticipates substantial growth in the crypto market in 2024, driven by increased blockchain integration and tokenization marketplaces.

Hot Take: Potential Impact of Bitcoin ETF Approval

The potential approval of a Bitcoin ETF has generated speculation about its impact on the leading cryptocurrency. While some traders anticipate a consolidation period and a “sell-the-news” reaction, others believe that the market has already priced in this possibility. Greeks.live suggests that despite significant impending news, Bitcoin’s price may not be substantially affected due to low volatility and decreased implied volatility observed in options data. As we await the SEC’s decision and its ripple effects on the crypto market, experts like Goldman Sachs’ Mathew McDermott foresee gradual evolution and substantial growth in the coming year, driven by regulatory approval and increased institutional involvement.