January Expected to Bring Approvals of Spot Bitcoin ETFs, According to K33 Research
A K33 Research report has stated that the United States Securities and Exchange Commission (SEC) is highly likely to approve spot Bitcoin ETFs in January. This comes after issuers like BlackRock and WisdomTree submitted updated applications with the SEC, indicating a shift towards a cash-based redemption model for these investment vehicles. However, crypto.news reported that the SEC is expected to favor applications that involve cash creations, where firms hold the fiat equivalent of the underlying Bitcoin offered through exchange-traded funds. While there is no specific timeline for approval, experts anticipate a positive decision by January 10th. The approval deadline for ARK Invest’s spot Bitcoin ETF, jointly filed with 21Shares, also falls on the same date. The potential impact of a spot Bitcoin ETF on BTC’s price and the broader cryptocurrency market has sparked debates among speculators. Some believe that billions of dollars will flow into BTC, leading to a surge above its previous all-time high of $69,000. On the other hand, analysts at JPMorgan Chase argue that Bitcoin ETFs are overhyped and suggest that they would redirect capital from other BTC operations and investment strategies.
