Bitcoin Surges to $45,000 Amid Last Filings from ETF Optimists

Bitcoin Hits $45,000 as Deadline for Bitcoin ETF Approaches

Bitcoin’s price has surged to $45,000 as the deadline for spot Bitcoin ETF hopefuls to file amended S-1 forms passes. According to CoinGecko, Bitcoin is currently trading up 1.7% at just over $45,100.

The Erasure of Last Week’s Losses

This recent price surge has allowed Bitcoin to recover from the losses it suffered during last week’s flash crash. The crypto community eagerly awaits the U.S. Securities and Exchange Commission’s (SEC) decision on whether or not to approve several applications for a spot Bitcoin ETF.

Last-Minute Amendments Filed

Crypto firms had until 8am ET on Monday to file last-minute amendments to their S-1 applications after exchanges planning to list the proposed ETFs submitted their 19b-4 forms on Friday.

A Flurry of Filings

In a flurry of filings, BlackRock, WisdomTree, and VanEck revealed their ETF fees, while Ark Invest and Grayscale lowered their own fees. Bloomberg Intelligence analyst Eric Balchunas referred to this situation as an “ETF Terrordome.”

The Odds of Approval

Balchunas believes there is a 95% chance of a spot Bitcoin ETF being approved in January. The SEC has until January 10 to approve multiple applications simultaneously. Balchunas also mentioned that if a Bitcoin ETF is approved, it could be worth as much as “$10 billion in year one.”

Differing Opinions

However, not everyone shares the same level of optimism regarding the approval of a Bitcoin ETF. Polymarket currently places the chances of approval before January 15 at 85%. Additionally, only 39% of financial advisers polled by Bitwise believe that a U.S. spot Bitcoin ETF will launch in 2024.

Hot Take: The Future of Bitcoin ETFs

As the deadline for Bitcoin ETF applications passes, Bitcoin’s price surge indicates the anticipation surrounding the SEC’s decision. While some experts are highly confident in the approval of a Bitcoin ETF and its potential market value, others express skepticism. The crypto community continues to closely monitor the developments and eagerly awaits the outcome.