The U.S. Securities and Exchange Commission (known as SEC) may approve numerous spot Bitcoin ETFs soon, sparking various speculations in the cryptocurrency industry.
This conjecture has been stoked by important industry figures’ tweets and hints, including one from TechCrunch reporter Jacquelyn Melinek.
Spot Bitcoin ETF Anticipation: Insights from Jacquelyn Melinek
Melinek, a seasoned TechCrunch reporter, used X on January 4 to discuss insights from people who are “extremely close to the matter.“
As per her tweet, it was anticipated that the SEC will grant applications for a spot Bitcoin ETF from several firms, potentially in the coming day.
This post has been widely seen as a clue that Grayscale’s ETF application is about to be approved, along with a mysterious remark from their chief legal officer that said, “just filling out some forms.”
Both the supporters and the opponents of the idea have voiced their thoughts on Twitter in response to the potential approval, using the hashtag #BTCETF. The search term “Bitcoin ETFs” is also trending.
Additionally, data from CoinGecko show that the price of bitcoin has increased by 3.4% in the last day, reflecting the excitement around it and recovering from its decline on January 3.
Analysts Cast Doubt on Imminent Regulatory Green Light
Only a few, though, are certain that approval will come soon. Both lawyer Joe Carlasare and Bloomberg ETF analyst James Seyffart have voiced doubt.
The current buzz, according to Seyffart, is just “noise.” He predicts that any potential approvals are more likely to happen between January 8 and January 10.
Carlasare notes that the window for public comments on a number of ETF applications was set to close at midnight on January 5, raising doubts about an approval occurring before the end of the following week.
The SEC is nearing the end of its comment period, according to senior Bloomberg ETF analyst Eric Balchunas, and issuers should be filing their final 19b-4 and S-1 forms soon.
ETF trading requires both forms; the 19b-4 is especially important for the spot Bitcoin ETF.
Market Responds Positively Despite Divergent Views
Although VB Capital general partner Scott Johnsson is still dubious, he admits that the state of the market could take spectators aback.
The market is responding favorably to the possibility of a spot Bitcoin ETF approval despite the divergent views.
Following a short decline, which was caused by a report from Matrixport indicating possible rejection, Bitcoin has recovered to $44,500. This suggests that despite Wednesday’s drop, investors are still betting on a favorable result.
Takeaways
In anticipation of the SEC’s judgment on spot Bitcoin ETFs, the cryptocurrency community is divided between skepticism and excitement. The suggestions from TechCrunch’s Jacquelyn Melinek and tweets from industry insiders have sparked speculation and created a buzz. Analysts, while skeptical, believe a resolution is possible in the coming days.
