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Home»Bitcoin»Bloomberg analyst predicts the likelihood of a spot Bitcoin ETF in January 2024
Bitcoin

Bloomberg analyst predicts the likelihood of a spot Bitcoin ETF in January 2024

2023-10-14No Comments3 Mins Read
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After notable changes to the ARK 21Shares Spot Bitcoin ETF applicationBloomberg ETF analysts James Seyffart and Eric Balchunas have predicted this in the US Securities and Exchange Commission (SEC) could approve a fund as soon as next year.

90% chance of approval

In a after Seyffart, shared on his January 10 is the day the SEC is expected to make a final decision (approval or denial). from ARK Invest Spot Bitcoin ETF application.

Their latest prediction comes amid the recent change Added ARK Invest and 21Shares to their Spot Bitcoin ETF prospectus. These updates include further context for the fund and additional risk information. These analysts believe that these types of changes only happen when a fund is on its way to approval.

These Bloomberg analysts had previously predicted (next Grayscale’s victory) that there was a 75% chance that the pending Spot Bitcoin ETF applications could be approved this year and that the probability would increase to 95% by the end of next year if these funds were not approved by then.

Eric Balchunas noted on its X platform that Invesco Galaxy also had altered 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 at the same time, similar to what it did with the Ethereum futures ETFs.

Bitcoin price chart from Tradingview.com (Spot bitcoin ETF)

BTC price looking weak | Source: BTCUSD on Tradingview.com

Spot Bitcoin ETFs Getting a Huge Boost After the SEC’s Decision

Meanwhile, these Spot Bitcoin ETF applications received a huge boost following the SEC’s decision not to appeal the court’s ruling. his case against Grayscale. The SEC did 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.

See also  Crypto Analyst Predicts XRP Price Rise to $18 Short-Term

Following the decision not to file an en banc application or to appeal to the High CouncilReuters reported that the appeals court is expected to issue a mandate outlining how the SEC can implement its order, including the Commission reconsidering Grayscale’s application.

James Seyffart too noted that dialogue between Grayscale and SEC should begin next week. However, it remains uncertain if and when the SEC will approve these filings, especially given that this is the case postponed his decision on all Spot Bitcoin ETFs until next year.

Bitcoin has reacted positively to the news of the SEC’s decision not to appeal. Bitcoin is currently trading around $26,849.76, up in the past twenty-four hours, according to facts from CoinMarketCap.

Featured image from Forbes, chart from Tradingview.com

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Analyst Bitcoin Bloomberg ETF January likelihood Predicts Spot
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