Spot Bitcoin ETF Approval by SEC Likely in January 2024, Says Bernstein Research
There has been widespread anticipation regarding the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF). While fake reports have claimed that the approval has already happened, Bernstein Research believes that the United States Securities and Exchange Commission (SEC) will likely give in to the pressure in early January.
Probable Due Date for Approval
Bernstein Research, the independent research arm of AllianceBernstein, predicts that the SEC will approve its first spot Bitcoin ETF by January 10, 2024. This information was shared in a memo obtained by TheStreetCrypto on October 30.
SEC Working on Bitcoin ETF Filings
The memo from Bernstein Research states that the SEC’s recent decision not to appeal against the Grayscale verdict and their active involvement in responding to edits/comments on ETF applications indicate a high probability of approval by the January deadline.
Potential Reality in a Matter of Months
Neel Maitra, a partner at Wilson Sonsini and former member of SEC Chairman Gary Gensler’s crypto division, also believes that a spot Bitcoin ETF could become a reality within a few months. Maitra highlights the strong correlation between Bitcoin futures and the spot market.
Multiple Spot Bitcoin ETF Applications
In addition to Grayscale, several other companies have filed applications for spot Bitcoin ETFs. These include BlackRock, ARK Investment Management, Fidelity, Bitwise, VanEck, Wisdomtree, and Invesco. The SEC chairman himself confirmed that there are eight to ten filings under consideration.
Possible Price Gains for Bitcoin
The price of Bitcoin was at $34,200 at the time of writing, experiencing a slight 1.24% decrease for the day but still holding onto a 25.79% gain in the past month. The market’s bullish reaction to the false news of a Bitcoin ETF approval suggests that there may be significant price gains when the actual approval happens.
Hot Take: Spot Bitcoin ETF Approval Expected in January 2024
Bernstein Research predicts that the SEC will approve a spot Bitcoin ETF by January 10, 2024. The recent decision of the SEC not to appeal against the Grayscale verdict and their active involvement in reviewing ETF applications support this likelihood. Additionally, experts believe that a spot Bitcoin ETF could become a reality in just a few months due to its strong correlation with Bitcoin futures. The crypto sector has witnessed multiple companies filing for spot Bitcoin ETFs, with eight to ten filings currently under consideration by the SEC. If approved, this could lead to significant price gains for Bitcoin.
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