Bitcoin could see ETF approval tsunami: Analyst
The United States is currently witnessing growing anticipation of a number of spot Bitcoin ETF approvals. A high likelihood of such an event has been noted by Bloomberg Intelligence analyst James Seyffart. In his recent X post, Seyffart wrote that he believes in "90% chance by Jan 10 for spot Bitcoin ETF approvals." He also mentioned a potential "wave of approval orders for all the current applicants could occur." According to Seyffart's research, the SEC deliberately delayed orders for a number of companies, including major market players like BlackRock and Fidelity. This delay implies that the regulatory agency could be making preparations to approve a range of Bitcoin ETFs in the near future. Seyffart emphasizes a specific window brought on by Grayscale's recent court triumph, which may lead to a domino effect of approvals by January 2024. The SEC will make its decision on the first batch of applications by Nov. 17, says the analyst, and might approve the rest by early next year.
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