Prospects of Early Approval for Bitcoin ETF by US SEC

Potential for an Early Bitcoin ETF Approval

Several sources, including Mario Nawfal on X platform, suggest the possibility of multiple Bitcoin Spot ETF approvals as early as January 5, 2024. Reports from Fox Business and insights from Bloomberg Intelligence analysts also hint at the potential for approval within this week. However, the prevailing sentiment leans towards a likely approval before the January 20, 2024, deadline.

Key Dates and Meetings with SEC Officials

January 10 is an important date, marking the US SEC's decision on the ARK 21Shares Bitcoin ETF application. Notably, SEC officials have conducted numerous meetings with various ETF filers. Major entities like Blackrock and Grayscale have each had at least four meetings with officials regarding spot ETF filings. Cathie Wood, CEO of Ark Invest, expressed optimism following discussions with the Commission, indicating confidence in an approval during January 2024.

Timeline for ETF Trading Initiation

Bloomberg analyst James Seyffart anticipates a gap of days, rather than weeks, between the approval date and the commencement of ETF trading. He maintains the prediction that approvals may occur between January 8-10, while signaling the likelihood of the SEC informing issuers to expect approvals. This potential swift initiation of Bitcoin ETF trading, expected around February or March 2024, could shape positive market sentiment around Bitcoin's price. Moreover, it may set the stage for an extended bullish phase ahead of the upcoming Bitcoin Halving event scheduled for the second quarter of this year.