Key Points
- US SEC is now approaching the climax of deciding on the ongoing spot Bitcoin approval race by TradFi institutions.
- Today is the start of the first window for the commission to approve all of the 12 filed spot Bitcoin ETFs.
The US SEC has just entered an eight-day window that starts between Nov. 9 and Nov. 17, where it can approve all 12 spot Bitcoin ETF filings. Bloomberg analysts believe there is a 90% chance all 12 ETFs will be approved by Jan 10.
Will we see an approval of a spot Bitcoin ETF anytime soon?
Since Q2 this year, major TradFi institutions in the US have been racing against each other to bring spot Bitcoin and Ethereum ETFs to their customers first. However, to make the ground fair, the US SEC is expected to be approving all BTC and ETH ETFs at ago to avoid giving any institution a market advantage over the other.
The question of whether we will see any spot Bitcoin ETF approved this year has been pondered by multiple analysts and founders in the crypto space. According to an X.com post by Bloomberg ETF analyst James Seyffart, the US SEC just entered an eight-day window where it can approve all the twelve spot Bitcoin ETFs.
Seyffart said that he still believes in a “90% chance by Jan 10 for spot Bitcoin ETF approvals.” however, there is still a chance that in this first window “, a wave of approval orders for all the current applicants *COULD* occur.”
The US SEC had issued delay orders on spot Bitcoin ETFs at the same time to allow all the 12 applicants to review their applications and be ready for launch. The commission further pointed out that Nov. 8 would be the last day to receive comments on the applications.
However, according to Seyffart, it is still not going to happen that in this window, all the applicants will get their ETFs approved. The reason behind it is that the US SEC has set Nov. 17 as a recommencing period for 3 ETFs, including Hashdex Bitcoin ETF, Franklin Bitcoin ETF and Global X Bitcoin Trust. That means these three applications can only be approved as of Nov 23 at the earliest.
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