Bloomberg ETF Analyst Predicts: Bitcoin Spot ETF Approval Looms, Ether Spot ETF Likely by May Next Year
SEC’s Tactical Delays and January Approval Window
Bloomberg Information ETF Analyst James Seyffart, known for his predictions on Bitcoin Spot ETF, has reiterated a potential approval window between January 8 to 10, 2024. Despite SEC’s repeated delays in decisions, it must finalize its verdict on the Ark and 21Shares ETF application by January 10, a deadline that’s fast approaching.
Further reading：VanEck Foresees a Bright Future for Bitcoin: Predicts Historical High in a Year and Collective Approval of All BTC Spot ETF Applications!
SEC’s Role as ‘Kingmaker’ Avoided
Seyffart suggests that the SEC is tactically delaying approvals to avoid favoring a single company, which could lead to unfair competitive advantages. If the SEC approves, it’s likely to do so for all simultaneously, not wanting to play the role of a ‘kingmaker’ in the situation.
The Grayscale Effect
The Grayscale lawsuit victory in August, where the SEC was mandated to reconsider Grayscale’s application for converting its flagship product GBTC into a Bitcoin Spot ETF, plays a significant role in the potential approval of Bitcoin Spot ETFs.
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Ether Spot ETFs: A Different Scenario
While the outlook for Bitcoin Spot ETFs is positive, Seyffart views Ether Spot ETFs as a completely different scenario. The SEC might argue about Ethereum’s distinctiveness and the strength of its futures market. However, he anticipates Ether Spot ETFs might see approval by the end of May 2024.
The Potential Timeline Between Approval and Launch
The timeline between the potential approval and the launch of Bitcoin Spot ETFs remains uncertain. If SEC is prepared, the launch could happen swiftly post-approval. Otherwise, delays might occur due to the S-1 process, which involves detailed business operation and financial disclosures.
Further reading：Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations
Mainstream Adoption and Transitioning Funds
Mainstream brokers and banks might take time to adopt these funds due to their cautious nature and rigorous due diligence processes. Independent IRAs and advisors are more likely to transition funds from existing Grayscale trusts or international cryptocurrency ETF ecosystems quickly.
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Anticipated Fund Influx
Seyffart expects a significant influx of funds on the launch day, possibly amounting to hundreds of millions of dollars, with billions flowing into these products over a longer time frame.
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Keywords: Bitcoin Spot ETF, SEC, Grayscale, Ether Spot ETF, James Seyffart, Bloomberg, Cryptocurrency, Financial Markets, Investment Trends, Asset Management, Digital Assets, Regulatory Developments
