Crypto Betting Site Predicts Approval of Bitcoin Spot ETF by Mid-January
A crypto gambling website is predicting that there is a high probability of a spot Bitcoin (BTC) exchange-traded fund (ETF) being approved by mid-January. According to the betting site Polymarket, there are 88% odds that the U.S. Securities and Exchange Commission (SEC) will approve a BTC spot ETF by January 15, 2024.
Reuters recently reported that a spot BTC ETF might be approved as soon as tomorrow. In response to this possibility, several asset management firms, including BlackRock, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco, Fidelity, WisdomTree, and a joint venture between Ark Investments and 21Shares, have updated their filings with the SEC to launch Bitcoin ETFs tied to spot prices.
The SEC could make a decision by January 10, and if issuers meet the filing deadlines, they could launch by then. A total of 14 asset managers are aiming for SEC approval in the hopes of overcoming past rejections. The SEC has not yet provided any comment on these requests.
Economist Warns of Potential Correction in Bitcoin Price
Economist Alex Krüger issued a warning to traders about Bitcoin’s price following the approval of a spot market ETF. He believes that the approval of spot market BTC ETFs will be a sell-the-news event. Krüger explained that strong inflows after the launch of an ETF could push BTC’s price up. However, weak inflows or rejected ETF bids could cause the digital asset’s price to plummet.
Hot Take: Crypto Betting Site Foresees High Chance of BTC Spot ETF Approval
A crypto betting website is predicting an 88% chance of a Bitcoin spot exchange-traded fund (ETF) being approved by mid-January. This comes as several asset management firms update their filings with the U.S. Securities and Exchange Commission (SEC) to launch Bitcoin ETFs tied to spot prices. The SEC has not yet commented on these filings, but a decision could be made by January 10. Economist Alex Krüger warns that the approval of a spot market BTC ETF could lead to a correction in Bitcoin’s price. Strong inflows could push the price up, while weak inflows or rejected ETF bids could cause it to plummet.
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