Brief Approval Window Opens for Spot Bitcoin ETF Applicants, 90% Chance of Approval by January

Brief Approval Window Opens for Spot Bitcoin ETF Applicants, 90% Chance of Approval by January

8 November 2023

By Julia Smith | @julia-smith

In an exciting development, Bloomberg ETF research analysts, Eric Balchunas and James Seyffart, unveiled data showing an eight-day long window wherein the Securities and Exchange Commission (S.E.C) could approve all 12 spot Bitcoin ETF applicants beginning as soon as tomorrow.

A Brief Window

“If the agency wants to allow all twelve filers to launch – as we believe – this is the first available window since Grayscale’s court victory was affirmed,” wrote Seyffart.

Data compiled by Balchunas and Seyffart shows that the brief window for approval will close on November 17th. Even if all are not approved within the next eight days, Balchunas and Seyffart claim there’s still a 90% chance that they will be approved by January 10th, 2024.

Peaking around $35,000 today, Bitcoin continued trading at a higher level following May 2022’s market plunge. The rally could signal the end of a nearly year-and-a-half-long winter in the cryptocurrency space, with the value of Bitcoin expected to increase due to spot ETF enthusiasm.

If approved, it would be the end of nearly a decade of attempts to bring a spot Bitcoin ETF to market.