Bloomberg ETF Analyst Analyzes Gary Gensler’s Post
Speculation about a forthcoming approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) arose after SEC Chair Gary Gensler’s video post on Twitter. The post mentioned the SEC’s Division of Trading and Markets being in talks with spot Bitcoin ETF issuers, leading to speculation among market participants.
Eric Balchunas, a senior ETF analyst at Bloomberg, commented on the timing of Gensler’s post and stated that it aligns perfectly with previous actions taken by the SEC. He also mentioned that there are other indicators suggesting an imminent approval.
Furthermore, Balchunas noted that BlackRock had another meeting with the SEC’s Trading & Markets division, where they presented a revised in-kind model design based on previous feedback.
Potential Signs of a Spot Bitcoin ETF Approval
Gary Gensler addressed the matter of spot Bitcoin ETF approval during a conference, stating that he would not pre-judge the issue. This statement came after Gensler had previously rejected multiple spot Bitcoin ETF applications.
In preparation for a potential transition to a spot Bitcoin ETF, Grayscale made amendments to its Grayscale Bitcoin Trust agreement for the first time since 2018.
The SEC provided an update on Franklin Templeton earlier than expected, indicating progress in the approval process. Eric Balchunas predicts a 90% chance of approval and will provide further updates on January 10, 2024.
Hot Take: Gary Gensler’s Post Fuels Speculation of Spot Bitcoin ETF Approval
The recent video post by SEC Chair Gary Gensler has sparked speculation among market participants regarding the approval of a spot Bitcoin ETF. Although Gensler has not explicitly mentioned the approval, analysts have pointed to various indicators that suggest a forthcoming decision. The timing of the post, along with BlackRock’s continued engagement with the SEC, adds to the anticipation. While some express concerns about relying on individual statements for market supervision, others remain optimistic about the potential approval. As the crypto community eagerly awaits further updates, the possibility of a spot Bitcoin ETF approval remains a topic of interest and discussion.
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