BTC Price Surges to $36,500 As Bitcoin ETF Approval “Window” Opens

Technology

XRP Attorney Deaton Agrees To Odds Of Spot Bitcoin ETF Approval At 98.7% – Crypto News

Published

2 years ago

December 19, 2023

Dripp

John E. Deaton, an attorney representing 75,000 XRP holders, reacted to valued investor and advisor Mike Alfred anticipating a 98.7% odds of a spot Bitcoin ETF approval. Other experts are also expecting higher odds of spot Bitcoin ETF approval as BlackRock, Ark 21Shares, and WisdomTree amend form S1 to include a cash redemptions model.

XRP Attorney John Deaton On Spot Bitcoin ETF Approval Odds

Pro-XRP lawyer John E. Deaton reacted to Mike Alfred’s post on X saying “Agreed.” Deaton also believes in higher odds of spot Bitcoin ETF approval due to constructive talks between the SEC and Bitcoin ETF issuers, and recent amendments to spot Bitcoin ETF filings.

Mike Alfred said spot Bitcoin ETF has a 98.7% chance of approval before January 10. However, there seems to be no excitement on Wall Street as January call options for many BTC miners are undervalued.

Bloomberg analysts have kept the odds of spot Bitcoin ETF approval at 90% for over two months. As the January 10 deadline for the SEC’s decision on spot Bitcoin ETF looms, experts pointed out higher odds chances of a spot Bitcoin ETF.

“The level of SEC engagement and back/forth/changes on the ETF tells us this is a 99.9% done deal,” says trader and investor Bob Loukas.

Also Read: Cathie Wood’s Ark Invest Sells $28M GBTC As ETF Approval Nears, Buys Jack Dorsey’s SQ

Spot Bitcoin ETF Approval This Week

There is also anticipation of approval coming this week as Ark 21Shares, BlackRock, and WisdomTree abided with the SEC’s request and updated their S-1 for cash creates.

Bloomberg analyst James Seyffart and finance lawyer Scott Johnsson reacted, saying “Not impossible but unlikely imo. SEC historically has waited until the last day or two before the deadline to issue order; I think we’re likely to see 19b-4 amendments to reflect cash model; and we have issuers in a comment period.” Seyffart also agreed with a Jan 8-10 approval.

Also Read: 7RCC Files First ESG-Focused Spot Bitcoin ETF With Gemini As Custodian