- On January 3rd, Wednesday, the SEC held a meeting with leading exchanges to evaluate spot Bitcoin
- The SEC actively communicates with exchanges, asking them to review and finalize 19b-4 applications.
- A recent research note from Singapore-based crypto platform Matrixport indicates an expectation of the rejection of all spot Bitcoin ETF applications.
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While speculation continues about the SEC’s decision on spot Bitcoin ETFs, a recent report is raising expectations.
When Will SEC Announce Bitcoin ETF Decision?
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On January 3rd, Wednesday, the United States Securities and Exchange Commission (SEC) held a meeting with leading exchanges to evaluate spot Bitcoin ETF applications. According to insider information, it is suggested that the SEC may start notifying the applicants of approval starting this Friday, January 5th.
As January 10 approaches, analysts and applicants in the Exchange Traded Fund (ETF) space express confidence in a positive decision from the United States Securities and Exchange Commission (SEC). Stakeholders are optimistic as the SEC engages in discussions with significant participants during the process of considering approval for Bitcoin ETFs. An SEC spokesperson told Fox Business:
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“Generally, if the Commission were to activate a registration statement, it would reflect in EDGAR. Any of our 19b-4 orders would be published on our website and subsequently in the Federal Register.”
Recent meetings at the United States Securities and Exchange Commission (SEC) have generated optimism among major money managers and crypto firms awaiting approval for eleven Bitcoin ETF applications. Particularly, the SEC actively communicates with exchanges, asking them to review and finalize 19b-4 applications.
However, the SEC retains the authority to reject applications, introducing an element of uncertainty. A recent research note from Singapore-based crypto platform Matrixport indicates an expectation of the rejection of all spot Bitcoin ETF applications. The note points to factors contributing to this expectation, such as the Democratic majority in the SEC’s five-member commission and Chairman Gary Gensler’s cautious stance on cryptocurrencies.
As a result of the Matrixport report, the price of Bitcoin dropped to $40,000 on Wednesday. However, it has partially recovered in the last few hours and is currently trading at $43,070 with a market capitalization of $843 billion.
BTC Price Movement
Bitcoin’s price has been hovering around $43,000 for a while and is being rejected above the critical resistance level of $44,000. Greeks live reported a significant decrease in implied volatility for At-The-Money (ATM) options; it dropped to 52% weekly and below 65% for the expiration date of January 12. Overall, IV has pulled back to levels similar to the end of last year.
Consequently, current-month put options are currently more affordable, leading to an increase in block transactions involving active put buying. Analysis of option market data indicates a lack of bullish market sensitivity towards the ETF market among institutional investors. These developments paint a cautious picture while awaiting more clarity on the fate of the Bitcoin ETF.