Crypto Analysts Predict Approval of Bitcoin ETF
Crypto analysts believe that a spot Bitcoin exchange-traded fund (ETF) will be approved this week. The United States Securities and Exchange Commission (SEC) has been in correspondence with hopeful ETF operators, leading to increased optimism. In fact, crypto gamblers are placing more bets on the approval happening.
Polymarket Sees $6.7 Million Worth of Bets on ETF Approval
Polymarket, a cryptocurrency prediction market, has received over $6.7 million worth of bets on whether a spot Bitcoin ETF will be approved by January 15. Currently, Polymarket users collectively believe there is an 85% chance of approval by that date.
Long-Running Quest for Approval
Companies have been attempting to get a spot Bitcoin ETF approved in the US for over a decade. However, the SEC has been skeptical, perceiving such vehicles as opportunities for scams and market manipulation. An ETF would allow investors to gain exposure to Bitcoin without actually owning the cryptocurrency.
Bitcoin’s Volatile Performance
Bitcoin’s value has surged by 168% in the past year, currently standing above $46,000. Although it is down from its all-time high in 2021, Bitcoin has experienced a significant rebound following the bear market in 2022.
False Alarm Causes Price Fluctuation
A false announcement on Twitter claiming that spot Bitcoin ETFs had been approved caused Bitcoin’s price to spike and then quickly drop. Despite this, analysts remain hopeful that approval will still come this week.
Hot Take: Anticipating Approval Announcement
Bloomberg ETF analyst Eric Balchunas tweeted on Tuesday that he expects an approval announcement on Wednesday afternoon, just before trading begins on Thursday.
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