Probability of Bitcoin ETF Approval Reaches 100%, Matrixport Reports

Spot Bitcoin ETF Approval Odds At 100% Now?

Matrixport has released research focusing on the implications of recent developments in the crypto industry, particularly regarding the prospects of a spot Bitcoin Exchange-Traded Fund (ETF) in the United States. The company suggests that with several enforcement actions and enhanced compliance programs becoming common among crypto exchanges, the differentiation between regulated and non-regulated exchanges may become a key metric by 2024. Matrixport believes that more exchanges will enhance compliance programs as a result, which could be instrumental in the potential approval of a spot Bitcoin ETF in the US.

The company highlights that the guilty plea of Binance CEO Changpeng Zhao and the resulting settlements might pave the way for approving a spot Bitcoin ETF. They also predict that the recent developments might have increased the expectations for a spot Bitcoin ETF to 100%. The industry’s increased compliance with rules signifying traditional finance practices could enhance Bitcoin’s adoption by institutional players and position it as a safe-haven asset in investment portfolios.

‘Dark Cloud Has Been Removed’ As ETF Makes Progress

Analysts, such as Will Clemente and Tony “The Bull” Severino, have expressed optimism regarding the resolution and predict that it will speed up the approval of a Bitcoin ETF. On the other hand, Scott Johnsson offers a more cautious view, implying that an ETF decision might have led to the Binance resolution.

Furthermore, there has been some movement in the spot ETF approval process. Ark Invest has initiated a new round of amendments to the S-1 filings, and Grayscale has had a meeting with the US Securities and Exchange Commission regarding its “uplisting.” At press time, BTC traded at $36,483.