After notable changes in the ARK 21Shares Spot bitcoin ETF AppBloomberg ETF analysts James Seyffart and Eric Balchunas have predicted that the U.S. National stock market Commission (SEC) could approve a fund as early as next year.
90% chance of approval
in a mail Shared on his X platform (formerly Twitter), Seyffart highlighted his team’s prediction of a 90% chance of a Spot bitcoin ETF being approved before Ark Invest’s January 10 deadline. January 10 is the day the SEC is expected to make a final decision (approval or denial) on ethereum-spot-etf/” rel=”nofollow”>ARK Invest’s bitcoin ETF Spot App.
His latest prediction comes in the middle of the recent amendment ARK Invest and 21Shares made their Spot bitcoin ETF prospectus. These updates include more fund context and additional risk disclosures. These analysts believe that these types of modifications only occur when a fund is on its way to being approved.
These Bloomberg analysts had previously predicted (following bitcoin-etf-imminent/” rel=”nofollow”>The victory of grayscale) that there was a 75% chance that the Spot bitcoin ETF Pending Applications could be approved this year and that the odds would increase to 95% by the end of next year if these funds are not approved by then.
Eric Balchunas noted on its X platform that Invesco Galaxy also had modified its Spot bitcoin ETF prospectus following the ARK 21Shares amendment. He said he hopes other applicants update their applications soon. This suggests that the SEC could approve all applications simultaneously, similar to what it did with the ethereum Futures ETF.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bloomberg-Analyst-Predicts-Likelihood-of-Bitcoin-Spot-ETF-by-January" alt="Tradingview.com bitcoin Price Chart (Spot bitcoin ETF)” width=”2804″ height=”1746″ loading=”lazy”/>
btc price looking weak | Source: BTCUSD on Tradingview.com
bitcoin Spot ETFs Get Big Boost Following SEC Decision
Meanwhile, these Spot bitcoin ETF applications received a big boost following the SEC’s decision not to appeal the court’s ruling in bitcoin-etf-imminent/” rel=”nofollow”>your case against Grayscale. The SEC had until October 13 to appeal the Court of Appeal’s ruling that it had acted arbitrarily and capriciously in disapproving Grayscale’s application to convert its GBTC fund into a Spot bitcoin ETF.
Following your decision not to file a full application or appeal to the Supreme CourtReuters bitcoin-etf-source-2023-10-13/” rel=”nofollow”>reported The appeals court is expected to issue an order setting out how the SEC could carry out its order, including the Commission’s review of Grayscale’s application.
James Seyffart too noted That dialogue between Grayscale and the SEC should begin next week. However, it remains uncertain if or when the SEC will approve these requests, especially considering that it has delayed his decision in all bitcoin Spot ETFs until next year.
bitcoin has reacted positively to the news of the SEC’s decision not to file an appeal, currently trading at around $26,849.76, up in the last twenty-four hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image from Forbes, chart from Tradingview.com
