As there is a prevailing sense of excitement surrounding the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), which has even led to erroneous reports of its actual authorization, Bernstein Research expresses optimism that the United States Securities and Exchange Commission (SEC) will yield to this demand come early January.
In fact, the research division of the international asset management company AllianceBernstein has indicated that the anticipated timeline for the SEC to grant approval for its inaugural spot Bitcoin ETF is on January 10, 2024. This insight was disclosed in a memorandum shared with TheStreetCrypto on October 30.
SEC Engaged in Reviewing Bitcoin ETF Filings
As per a memorandum from Bernstein Research:
“The market had been eagerly awaiting the SEC’s stance on the Grayscale ruling. Given the SEC’s decision not to contest the verdict and their active involvement in providing feedback and revisions on ETF applications, the likelihood of approval by the January 10 deadline seems quite promising.”
In addition to this, Neel Maitra, a partner at Wilson Sonsini and former member of the SEC chairman Gary Gensler’s cryptocurrency division, recently indicated that a spot Bitcoin ETF could materialize within a few months. This observation emphasizes the strong correlation between Bitcoin futures and the spot market, as reported by Finbold on October 28.
It’s worth recalling that the cryptocurrency sector has seen a surge in new spot Bitcoin ETF applications, including submissions from Grayscale, BlackRock (NYSE: BLK), ARK Investment Management, Fidelity, Bitwise, VanEck, Wisdomtree, and Invesco (NYSE: IVZ). The SEC’s chairman has also acknowledged the consideration of eight to ten potential Bitcoin exchange-traded products.
Meanwhile, the flagship decentralized finance (DeFi) asset was trading at $34,200 at the time of this report, marking a 1.24% decline for the day and a 0.21% dip for the week. Nevertheless, it still held onto a significant 25.79% gain over the past month. Given the market’s bullish reaction to the false Bitcoin ETF reports, it suggests the potential for price appreciation in Bitcoin when the actual approval occurs.