How likely is it that the US Securities and Exchange Commission will grant early approval?

There are voices from several quarters that the US Securities and Exchange Commission (SEC) has a chance to notify potential Bitcoin ETF applicants of the approval as early as Friday, January 5, 2024. ETF trading is currently possible While uncertain, the general consensus among traders and investors is for spot ETF approval before January 10, 2024.

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Early Bitcoin ETF approval

According to Mario Nawfal on the that the ETF approval could come this week. However, general sentiment favors some Bitcoin ETF approval before the January 20, 2024 deadline.

Importantly, January 10th will be the date by which the US Securities and Exchange Commission can make a decision on the ARK 21Shares Bitcoin ETF application. In this regard, SEC officials held a series of meetings with several ETF applicants. Companies like Blackrock and Grayscale have each held at least four such meetings, where leaders reviewed ETF submissions on-site. Cathie Wood, chief executive of Ark Invest, later said discussions with the Commission were very encouraging and expressed confidence in the prospect of approval in January 2024.

Trading ETFs a matter of days?

Bloomberg analyst James Seyffart previously said that there could be a gap of days, not weeks, between the ETF approval date and the actual start of trading. However, he stuck to the previous forecast that approval could come between January 8th and 10th. “I think the SEC could start signaling to issuers that they expect approvals, although I still expect official approvals January 8-10,” he added.

If Bitcoin ETF trading begins within a few days, around February or March 2024, market sentiment around Bitcoin (BTC) price could set the stage for an extended bullish wave ahead of the Bitcoin halving scheduled for the second quarter of this year offer year.

Also read: Fidelity is applying to register Bitcoin ETFs as securities

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