- James Seyffart described the U.S. Securities and Exchange Commission’s (SEC) loss to Grayscale as a complete rejection of the agency’s stance.
- Seyffart stated that the agency’s views didn’t make much sense because it drew a distinction between spot and futures ETF applications.
- The analyst reiterated that ETF approval is imminent and only a matter of time. He noted that the SEC almost always chooses to delay before or beyond the final date before granting approval.
The critical event that could determine the future of Bitcoin might be ETFs; Bitcoin’s fate could change in early 2024; an ETF analyst explained!
Bitcoin ETFs Could Shape the Future
While intense debates continue about the race for a Spot Bitcoin ETF, Bloomberg Analyst James Seyffart described the U.S. Securities and Exchange Commission’s (SEC) loss to Grayscale as a complete rejection of the agency’s stance.
On August 29, 2023, the D.C. Court of Appeals had rejected the SEC’s views on the Grayscale Bitcoin Trust (GBTC) conversion, making a distinction between spot Bitcoin ETFs and futures ETF applications, as previously reported by COINOTAG. Bloomberg analysts see the likelihood of a spot Bitcoin ETF in 2023 at 75%.
Seyffart said that Grayscale’s application being accepted unanimously and the judge’s strong language against the SEC had elevated the analysts’ probabilities to 75%.
ETF approval is now just a “matter of time.”
The analyst reiterated that ETF approval is imminent and only a matter of time. He noted that the SEC almost always chooses to delay before or beyond the final date before granting approval. Therefore, one reason they have confidence it will happen in 2024 is that the first pending application before January 10, 2024, belongs to the Ark 21Shares Bitcoin ETF, with all the others coming in March 2024.
The fate of the Bitcoin ETF race will likely be decided in early 2024, and after that date, Bitcoin’s price may likely rise, potentially breaking through resistance levels. Another significant event for the crypto ecosystem, the Bitcoin Halving, is expected to occur in April or May 2024.
