Despite a $100 billion market dip and Bitcoin’s recent crash, experts remain confident in the approval of spot Bitcoin ETFs. Insights suggest SEC may batch approve up to 12 ETFs, with signs pointing towards positive outcomes, despite recent market fluctuations.
Bitcoin witnessed an 8% slump, reaching $42,000, causing a $100 billion exit from the crypto market within 24 hours. Speculation links this to rumors around the SEC’s handling of spot Bitcoin ETFs. Notably, January 10 marks the deadline for the Ark 21Shares spot BTC ETF application, and expectations are high for a batch approval of several ETFs by the SEC.
Crypto analyst Lark Davis acknowledged market turmoil over a rumor but emphasized the prevailing confidence in ETF approval. Bloomberg’s Eric Balchunas highlighted ongoing positive indicators, including meetings and filing amendments, pointing towards approval. Fox Business sources suggested SEC notifications of approval could commence on Friday, with trading potentially starting next week.
Grayscale, a prominent crypto asset manager, is reportedly in talks with major banks like JPMorgan and Goldman Sachs for their involvement in a Bitcoin ETF. Both banks are being considered as “authorized participants,” indicating a potential significant role in the ETF creation and redemption process.
Despite recent market reactions, experts like Jake Chervinsky express confidence in the imminent approval of spot Bitcoin ETFs in the USA after a decade-long wait. The overall sentiment remains optimistic, with insiders dismissing market fluctuations and focusing on the broader regulatory landscape.