United States Securities and Exchange Commission may approve 12 spot Bitcoin ETF applications
The United States Securities and Exchange Commission (SEC) has a potential "window" to approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications within the next eight days, according to Bloomberg ETF analysts James Seyffart and Eric Balchunas. This includes Grayscale's conversion of its GBTC trust product. However, it is important to note that this is not guaranteed.
Deadline extension created a brief window for approvals
The SEC extended the deadline for several spot Bitcoin ETF filings, with Nov. 8 being the last day of the comment period. From Nov. 17, the comment period for three filings including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF will recommence. This means that these filings will not be approved or denied until after Nov. 23 at the earliest. However, Seyffart mentioned that the SEC has until Jan. 10 to make a decision on nine of the 12 applications.
90% chance of approval before Jan. 10
Although the approval of a spot Bitcoin ETF is not guaranteed, both Seyffart and Balchunas predict a 90% chance of approval sometime before Jan. 10 next year.
Grayscale in talks with SEC over GBTC conversion
Crypto asset manager Grayscale has reportedly been in discussions with the SEC regarding its application to convert its trust product GBTC into a spot Bitcoin ETF. These discussions have taken place since Grayscale won its court battle with the regulator on Aug. 29.
Market optimism and price gains
The increasing likelihood of a Bitcoin ETF approval has boosted optimism in the crypto market, resulting in Bitcoin's price gaining over 30% in the last three months. This rally has also positively impacted other major assets such as Solana (SOL), Ripple (XRP), and Ether (ETH), which have experienced significant price increases.
Divided opinions on the rally's sustainability
While many individuals in the industry believe that an ETF approval will trigger the next bull market, some analysts remain skeptical about the rally's longevity.
