First Bitcoin ETF Will Be Approved in 60-70 Days – Predicts Crypto Analyst

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SEC approval of a Bitcoin spot ETF is crucial for the crypto industry. This would simplify Bitcoin access for established investors, potentially increasing adoption and mainstream cryptocurrency accessibility. Due to institutional adoption, many investors expect Bitcoin to reach a new All-Time High (ATH) in the next bull cycle.

A recent report from Santiment, a blockchain data tracker, reveals a notable surge in a specific class of Bitcoin investors. There are now 157,400 wallets holding at least 10 BTC, surpassing the previous high set in 2019, marking an 8.12% increase over the past 20 months. This growth signals a rise in larger-scale Bitcoin ownership since early 2022. 

Bitcoin fell 3.7% last week, battling to reach $28,000—the first drop in October to $26,500. SEC’s decision not to appeal Grayscale gave relief, but Bitcoin’s price hasn’t risen. Still, anticipation is high, especially with a spot ETF approval likely. 

SEC’s No Appeal: Good News for Bitcoin ETFs?

The SEC is facing a significant legal blowback. Therefore, it chose to stay mute on the Grayscale lawsuit. The SEC’s mindset is always uncertain, and this decision is controversial in the industry. Bitcoin spot ETF occurred after the SEC declined to appeal the court’s judgment in favor of Grayscale’s Bitcoin ETF. This doesn’t mean approval, but it signals the SEC may have a more challenging time refusing a Bitcoin spot ETF application. The courts now need specific reasons for rejections, which could change regulations.

Crypto Reaction on the First Bitcoin Spot ETF

In the heat of the moment, the market is buzzing with approval euphoria. Renowned crypto analyst @rovercrc predicts the debut of the first Bitcoin spot ETF within 60-70 days, buoyed by Grayscale’s legal win. The initial Bitcoin spot ETF application deadline is January 10th, spearheaded by Cathie Wood’s Ark Investment. 

On the flip side,  Bloomberg analysts confidently assert a 90% probability of a spot Bitcoin ETF gaining approval by January 10, 2024. This outlook adds a layer of optimism, even though the market’s response has been relatively restrained due to the SEC’s historically unpredictable stance under Gary Gensler’s leadership. 

Market Response and Bitcoin’s Surge

Despite the anticipation, the market remains relatively stable. However, the certainty surrounding the Bitcoin spot ETF is poised to be a game-changer, particularly for an institutional bull market. In line with the recent news, Bitcoin witnessed a notable 1.31% surge over the last 24 hours, propelling it to approximately $27,204.97. Notably, the daily trading volume for Bitcoin is around $7.76 billion, reflecting a substantial 46.52% increase compared to the previous day’s metrics.