Amid widespread anticipation of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval that has culminated with fake reports that this has finally happened, Bernstein Research is positive that the United States Securities and Exchange Commission (SEC) would cave in in early January.
As it happens, the independent research arm of the global asset management firm AllianceBernstein has stated that the probable due date for the regulator to approve its first spot Bitcoin ETF is January 10, 2024, the firm said in a memo shared with TheStreetCrypto on October 30.
SEC working on Bitcoin ETF filings
According to Bernstein Research memo:
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“The market was waiting to see if the SEC would appeal against the Grayscale verdict. Now that SEC has chosen not to appeal, and actually, has been actively responding with edits/comments on the ETF applications, the probability of approval by the Jan. 10 due date looks highly likely.”
On top of that, Neel Maitra, a partner at Wilson Sonsini and former member of the SEC chairman Gary Gensler’s crypto division, also recently said that the spot Bitcoin ETF could become reality in a matter of months, highlighting the strong correlation between Bitcoin futures and the spot market, as Finbold reported on October 28.
As a reminder, the crypto sector witnessed a wave of new spot Bitcoin ETF applications, which, in addition to Grayscale, include BlackRock (NYSE: BLK), ARK Investment Management, Fidelity, Bitwise, VanEck, Wisdomtree, and Invesco (NYSE: IVZ), and the SEC boss himself confirmed there were eight to 10 filings of possible Bitcoin exchange-traded products in consideration.
Meanwhile, the flagship decentralized finance (DeFi) asset was at press time changing hands at the price of $34,200, down 1.24% on the day, losing 0.21% across the week but still hanging onto the 25.79% gain in the past month. Following the market’s bullish reaction to the false Bitcoin ETF news, the situation hinted at the possible price gains for Bitcoin in the actual approval event.
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