Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

James

<div class="watcher-guru">
 <p>The excitement surrounding the possible approval of Bitcoin exchange-traded funds (ETFs) in the United States has reached a peak. Analyst James Seyffart from Bloomberg recently provided insights into the upcoming decisions by the U.S. Securities and Exchange Commission (SEC) concerning Bitcoin spot ETF applications submitted by Hashdex and Franklin on Nov. 17 and Global X ETF on Nov. 21.</p>
 <h4 class="wp-block-heading" id="h-seyffart-s-observations">Seyffart’s Observations</h4>
 <p>As per James Seyffart, a well-known analyst at Bloomberg, a crucial decision moment is imminent as the SEC is poised to decide the fate of three spot Bitcoin ETF applications. Despite expecting potential delays, Seyffart remains positive, asserting a 90% likelihood of approval before Jan. 10, 2024. In a tweet, he addressed the potential delays from the SEC, emphasizing that such delays would not change the 90% odds for approval.</p>
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    <p lang="en" dir="ltr">Okay, we're nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there's a pretty good chance we'll see delay orders from the SEC. Delays WOULD NOT change anything about our views &amp; 90% odds for 19b-4 approval by Jan 10, 2024 pic.twitter.com/LE7sOlHAHM</p>
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    </div> — James Seyffart (@JSeyff) November 14, 2023
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 <h4 class="wp-block-heading" id="h-the-sec-s-historical-position">The SEC’s Historical Position</h4>
 <p>The SEC has traditionally exercised caution and hesitancy in approving Bitcoin-related financial products. Notably, the regulatory body has never approved any spot Bitcoin ETF application. Grayscale’s attempt to transform its Grayscale Bitcoin Trust (GBTC) ETF into a physically backed product faced rejection. This highlights the SEC’s reservations.</p>
 <p>A recent development saw a federal judge instruct the SEC to reconsider Grayscale’s application. The judge cited the regulator’s failure to recognize the “evident financial and mathematical relationship between the spot and futures markets.” This decision indicates a growing acknowledgment of the intricate connections within the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> market.</p>
 <p><strong>Also Read: 12 Spot Bitcoin ETF Filings Might Be Approved This Week</strong></p>
 <h4 class="wp-block-heading" id="h-cathie-wood-s-positive-outlook">Cathie Wood’s Positive Outlook</h4>
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 <p>During a discussion on CNBC’s Squawk Box, Cathie Wood, the CEO of ARK Invest, expressed her approval of the SEC’s approach to the numerous spot Bitcoin ETF applications. Wood noted a shift in the SEC’s stance, indicating a more receptive attitude towards these applications.</p>
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 <p>In contrast to past concerns about market manipulation, fraud, and investor exposure, Wood highlighted that the SEC engaged with applicants. This further poses questions centered on investor protection. The regulator actively supported amendments to filings, including surveillance-sharing agreements. It also indicates a willingness to collaborate with potential spot Bitcoin ETF candidates.</p>
 <h4 class="wp-block-heading" id="h-the-path-forward">The Path Forward</h4>
 <p>The impending decisions on Bitcoin spot ETFs signify a crucial moment for the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> market. Approval by the SEC would represent a significant milestone, providing new avenues for institutional and retail investors to access Bitcoin through traditional financial instruments.</p>
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 <p>While Seyffart’s 90% confidence in approval before Jan. 10, 2024, highlights growing optimism, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> community remains cautiously hopeful. The SEC’s evolved approach, as noted by Cathie Wood, suggests a willingness to collaborate to address concerns and create a regulated environment for <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> investments. Whether the Bitcoin spot ETFs receive approval or encounter further delays, the outcome will undoubtedly influence the future of <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> investment and its integration into traditional financial markets.</p>
 <p><strong>Also Read: BlackRock confident SEC will approve Spot Bitcoin ETF by January</strong></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-etf-approval-analyst-s-optimistic-forecast-at-90-before-2024-tbt70317.html">https://thebittimes.com/bitcoin-etf-approval-analyst-s-optimistic-forecast-at-90-before-2024-tbt70317.html</a></p>

Bitcoin ETF Approval: Analyst's Optimistic Forecast at 90% Before 2024

TheBitTimes

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