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Bloomberg analysts tip that spot Bitcoin approvals could occur by Nov. 18<\/p>\n
The crypto markets rallying amid renewed expectations that a spot Bitcoin ETF approval may be just around the corner.<\/p>\n
On Nov. 8, James Seyffart, a Bloomberg analyst, tweeted<\/a> that the U.S. Securities and Exchange Commission could approve applications for Bitcoin exchange-traded funds from Nov. 9 until Nov. 17. Seyffart said the eight-day window falls outside of the allotted comment period for the applications \u2014 during which they cannot receive approval.<\/p>\n “A brief window opens on Nov. 9 for the SEC to potentially approve all 12 U.S. spot Bitcoin ETF applicants,\u201d said<\/a> Seyffart. \u201cIf the agency wants to allow all 12 filers to launch \u2014 as we believe \u2014 this is the first available window since Grayscale\u2019s court victory was affirmed.\u201d<\/p>\n Seyffart noted that the SEC issued delay orders for seven spot Bitcoin ETF applicants at the same time.<\/p>\n <\/a><\/p>\n \u201cEven if approvals don\u2019t arrive this month, we still believe there\u2019s a 90% chance of approval by Jan. 10,\u201d Seyffart added.<\/p>\n Bitcoin rallied 4% to $36,600 amid the bullish speculation, tagging its highest price since May 6, 2022 and marking a 36% gain in seven weeks, according to CoinGecko.<\/p>\n The move added 2.8% to the combined digital asset capitalization, bringing the figure up to $1.42T. Just one cryptocurrency ranked among the top 100 by capitalization posted a drawdown of more than 1% for the past 24 hours, while 10 assets posted double-digit gains.<\/p>\n Rampant ETF speculation took hold of the web3 markets after a surprise spot Bitcoin ETF application from BlackRock, the world\u2019s largest asset manager, ignited a flurry of rival filings from asset issuers.<\/p>\n A spot ETF would invest in and hold Bitcoin on behalf of investors, unlike existing futures ETFs which speculate on derivatives contracts.<\/p>\n A Nov. 8 video posted to the X account of Gary Gensler, the chair of the SEC, also raised eyebrows among onlookers.<\/p>\n Start for free<\/a><\/div>\n \u201cUnder The Securities Act, the SEC is merit-neutral: we don\u2019t take a view on whether or not investors should invest in particular companies,\u201d Gensler said<\/a>. The SEC chair also noted the \u201crapidly evolving technology and business models\u201d in the capital markets.<\/p>\n \u201cUsually, this kind of stuff is posted by the SEC as like a disclaimer before they approve things they don\u2019t like,\u201d commented<\/a> Adam Cochran, a prominent web3 commentator and senior counsel to Synthetix. \u201cFor example. Last time was four days before they approved the BITO futures ETF.\u201d<\/p>\n On the same day, CoinDesk, a crypto news outlet, reported<\/a> that the SEC had entered discussions with Grayscale regarding its bid to convert the Grayscale Bitcoin Trust into a spot ETF, citing an anonymous source privy to the conversation.<\/p>\n Grayscale first applied to convert its trust into an ETF back in October 2021 but was rejected by the SEC. However, a U.S. district court sided with Grayscale\u2019s appeal<\/a> in August, and the SEC declined<\/a> to file its own appeal before the expiry of an October deadline.<\/p>\nBitcoin ETF bullishness<\/h2>\n
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Grayscale\u2019s ETF bid<\/h2>\n