Alex Dovbnya
The SEC is poised to make a pivotal announcement on Bitcoin ETFs tomorrow
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The Securities and Exchange Commission (SEC) is about to announce a major decision regarding Bitcoin ETFs, a move the cryptocurrency market is eagerly awaiting.
According to ETF analyst James Seyffart, the decision on the ARK 21Shares Bitcoin ETF is expected to be released late tomorrow.
Although the official deadline is set for August 13, it falls on a Sunday, making an announcement a day early expected.
Seyffart believes the decision will most likely come after market close and believes a delay is imminent.
As reported by U.Today, major financial institutions such as BlackRock, Bitwise, Van Eck and Wisdomtree are applying for approval of their respective Bitcoin ETFs. The coming days will be especially crucial for ARK 21Shares, whose second deadline is ahead of its peers and potentially gives it a head start in the ETF race.
However, the road to Bitcoin ETF approval is not without its hurdles. Market manipulation, liquidity and investor protection concerns could potentially delay or even derail some of these proposed ETFs.
Crypto dominance: North America on top
Digging deeper into the ETF landscape, Eric Balchunas, another prominent ETF analyst, recently highlighted that the 15 best-performing stock ETFs this year are all crypto-related, with $WGMI posting a staggering +227% growth takes the lead.
Interestingly, North America is the epicenter of crypto ETF trading, accounting for a whopping 98% of global volume.
Balchunas predicts that this dominance could continue to solidify, potentially reaching 99.5%, with the expected launch of spot ETFs in the US.
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