Will Bitcoin Spot ETF Be Approved Next Week?
About a dozen asset management firms, including BlackRock, Grayscale, and Fidelity, have submitted 19b-4 amendment documents for their Bitcoin spot ETF applications. These submissions are one of the final steps in the SEC approval process for an exchange-traded fund. However, S-1 filings still need to be completed and approved for exchanges in the United States to list crypto ETF products.
Bloomberg analyst Eric Balchunas suggests that the Bitcoin spot ETF will receive SEC approval next week. He cites anonymous sources and mentions that the final S-1 filings are due on Monday, January 8. Another Bloomberg analyst, James Seyffart, also expresses optimism about the SEC greenlighting a Bitcoin spot ETF by next week.
However, despite these positive predictions from experts, a recent Bitwise survey shows that only 39% of US financial advisors believe that a spot BTC ETF will be approved in 2024.
BlackRock Has $2 Billion Of Capital Lined Up For Bitcoin ETF
If a Bitcoin spot ETF is approved, it is expected to lead to increased demand and institutional inflow into the cryptocurrency market. BlackRock, the world’s largest asset manager, seems to be at the forefront of this trend. According to VanEck’s head of digital assets research, Matthew Sigel, BlackRock has $2 billion of capital lined up from existing Bitcoin holders who want to “rotate” into Bitcoin spot ETFs in the first week.
This news has generated excitement as it could potentially break all first-day and first-week volume records for an ETF if true. The current value of Bitcoin stands at $43,800 with a slight 0.3% change in the past day.
Hot Take: Increasing Optimism Surrounding Bitcoin Spot ETF Approval
The submission of 19b-4 amendment documents by asset management firms indicates that the approval of a Bitcoin spot ETF in the US may be imminent. Analysts like Eric Balchunas and James Seyffart are optimistic about the SEC approving a Bitcoin spot ETF next week. However, a recent survey shows that many financial advisors are skeptical about this happening in 2024.
Meanwhile, BlackRock has reportedly lined up $2 billion of capital from existing Bitcoin holders for a potential Bitcoin spot ETF. If approved, this could lead to increased demand and institutional inflows into the cryptocurrency market. Overall, the anticipation surrounding the approval of a Bitcoin spot ETF continues to grow as we await further developments from the SEC.
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