Tech
Speculation peaks as the BTC-Spot ETF window opens today
Cryptocurrency News: What you need to know amid growing speculation on BTC spot ETF applications
Cryptocurrency News: The cryptocurrency market recorded an increase of 2.87%. Bitcoin (BTC) on Thursday, partially reversing a slight decline from the previous day. The notable change in BTC value comes amid growing speculation about the potential approval of BTC Spot ETF on BTC requests by the United States Securities and Exchange Commission (SEC).
Bloomberg Intelligence ETF analyst James Seyffart, responding to the Matrixport report on X (formerly Twitter), provided insights during an interview with Sin City Crypto. James continued to do so share updates, drawing attention to the imminent opening of the approval period on Friday.
In an intriguing update, Grayscale Chief Legal Officer Craig Salm posted on X, stating, “I’m just filling out some forms.” This post quickly gained traction with 1.9 million views and 6,900 likes, underscoring the fervor surrounding the BTC spot ETF market.
Eric Balchunas, another Bloomberg Intelligence ETF analyst, offered an overnight update, indicating that the SEC is currently providing final comments. He added: “So I want to say this is definitely as close to ‘done’ as we’ve been, but as far as I know there’s no official approval.”
Despite the rumors circulating, uncertainty looms following the Matrixport Report. James shared a post from Bitwise, revealing that less than 50% of all advisors expect a spot BTC ETF in 2024. This insight highlighted the differing perspectives among advisors and Bloomberg ETF analysts.
Expressing surprise at the results, Seyffart commented: “I won’t lie. This is very surprising to me. Especially with all the added media coverage. Only 39% of advisors surveyed expect a spot BTC ETF in 2024. Probably a case of boyhood who cried wolf haha.”
Concluding the day, the Bloomberg Intelligence ETF analyst maintained a cautious stance, saying, “Lots of noise about tomorrow. We’re sticking with this. I don’t expect official BTC ETF approval orders tomorrow. I’m still expecting them from 8 to 10 January.”
In a related development, on Thursday, House Financial Services Committee Chairman Patrick McHenry announced a subcommittee hearing scheduled for Jan. 10. Titled “Regulatory Whiplash: Examining the Impact of FSOC’s Evolving Designation Framework on Innovation,” this hearing could bring attention back to SEC Chairman Gary Gensler and the ongoing regulatory discussions around cryptocurrency.
The hearing’s focus on regulatory frameworks and their impact on innovation could reignite the debate over digital assets anti-money laundering law. This legislation, led by Senator Elizabeth Warren, was seen by many as a potential disruptor in the US crypto landscape.
As the crypto community eagerly awaits the outcome of BTC spot ETF speculation, the regulatory landscape and legislative developments continue to play a critical role in shaping the future of cryptocurrencies in the United States.