Bloomberg Analyst Predicts Likelihood Of A Spot Bitcoin ETF By January 2024
October 14 2023 - 8:30AM
NEWSBTC
Following notable changes to the ARK 21Shares Spot Bitcoin ETF
application, Bloomberg ETF analysts James Seyffart and Eric
Balchunas have predicted that the US Securities and Exchange
Commission (SEC) could approve a fund as early as next
year. 90% Chance Of Approval In a post shared on his X
(formerly Twitter) platform, Seyffart highlighted his team’s
prediction of the 90% chance that a Spot Bitcoin ETF will be
approved by Ark Invest’s January 10 deadline. January 10 is the day
the SEC is expected to make a final decision (approval or denial)
on ARK Invest’s Spot Bitcoin ETF application. Related
Reading: Crypto Analyst Breaks Down The Factors Behind The Bitcoin
Price Decline Their latest prediction comes amid the recent
amendment ARK Invest and 21Shares made to their Spot Bitcoin ETF
prospectus. These updates include further context to the fund and
additional risk disclosures. These analysts believe that this sort
of amendment only happens when a fund is on its way to being
approved. These Bloomberg analysts had earlier predicted
(following Grayscale’s victory) that there was a 75% chance that
the pending Spot Bitcoin ETF applications could be approved this
year and that the odds would rise to 95% by the end of next year if
these funds weren’t approved by then. Eric Balchunas noted on
his X platform that Invesco Galaxy had also amended its Spot
Bitcoin ETF prospectus following the ARK 21Shares amendment. He
stated that he expects other applicants to update their
applications soon. This suggests that the SEC could approve all
applications simultaneously, similar to what it did with the
Ethereum futures ETFs. BTC price looking weak | Source: BTCUSD on
Tradingview.com Spot Bitcoin ETFs Given Huge Boost Following SEC’s
Decision Meanwhile, these Spot Bitcoin ETF applications were given
a huge boost following the SEC’s decision not to appeal the court’s
ruling in its 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 its decision not to file an en banc application or appeal
to the Supreme Court, Reuters reported that the appeals court is
expected to issue a mandate laying out how the SEC could carry out
its order, including the Commission reviewing Grayscale’s
application again. Related Reading: US Mega Bank JPMorgan
Predicts Harsh Drop In This Bitcoin Metric James Seyffart also
noted that dialogue between Grayscale and SEC should begin next
week. However, it remains uncertain if or when the SEC will approve
these applications, especially considering that it has delayed its
decision on all Spot Bitcoin ETFs till 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 data from CoinMarketCap.
Featured image from Forbes, chart from Tradingview.com
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