- Overnight chatter about a Bitcoin ETF approval hit a new high with crypto pundits, including Anthony Scaramucci, weighing in.
- The nearest deadline for any of the applications is Ark Invest’s offering, which the SEC must rule on by January 10 at the latest.
- If the SEC approves Ark’s application, it is also likely to approve several others to avoid being seen as a “kingmaker.”
Twitter is awash with chatter and speculation about the possibility of an “imminent” approval of a spot Bitcoin exchange-traded fund. While some say it’s a done deal, others are more cautious. Even online punters are placing bets on it.
Let’s sift through the noise, shall we?
Is an ETF ‘imminent?’
Speculation on spot Bitcoin ETFs has reached great heights over the past 24 hours in anticipation of January 10. That is the US Securities and Exchange Commission’s deadline to approve or reject Ark Invest’s application to launch a fund.
If it’s green lit, the regulator is also expected to approve a slew of the other applications waiting in the wings to avoid being seen as a “kingmaker,” according to Bloomberg Intelligence analysts. So, Bitwise, Blackrock, and a host of others are expected to be approved in short order.
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Anthony Scaramucci, the one-time Trump White House director of communications and now-CEO of alternative investment firm SkyBridge Capital, has come out as one of the most bullish voices.
“It’s done,” tweeted Scaramucci, sparking more speculation that a regulatory nod is close.
“It took over 10 years,” said crypto legal expert Jake Chervinsky, “but we’re finally on the verge of having spot Bitcoin ETFs approved in the USA.”
“Just filling out some forms,” wrote Craig Salm, Grayscale’s chief legal officer, shortly after the investment fund updated its ETF filing.
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Online punters are equally bullish. Data pulled from a $1.5 million stake on Polymarket, the blockchain-based betting platform, on whether an approval will arrive by January 15 have the bets at 85 cents for yes and 20 cents for no.
A few bearish takes have entered the fray, with a recent Bitwise survey indicating that “less than half of all advisers expect a spot Bitcoin ETF in 2024.”
The survey polled more than 400 US financial advisers, pointing to just 39% of those surveyed who are optimistic about an approval this year.
Bloomberg Intelligence ETF analyst Eric Balchunas interpreted the results thusly: “Boomer advisers are not spending inordinate amounts of time on Twitter or even online.”
Balchunas also said that a spot Bitcoin ETF approval is “pretty much imminent.”
James Seyffart, another Bloomberg analyst, said that he doesn’t expect an approval on January 5, but does expect “approval orders” to start rolling in between January 8 and 10.
Crypto market movers
- Bitcoin jumped 3% to trade at over $43,000 — nearly recouping from hefty losses earlier this week.
- Ethereum is up 2.2% overnight and trading at just above $2,200. It is still down over the week.
- Solana’s SOL token is the top 10′s biggest mover, with the buzzy layer-1 token raking in nearly a 5% gain, trading at $102.
What we’re reading
Liam Kelly is DL News’ Berlin-based DeFi Correspondent. Do you have a tip? Reach out to him on liam@dlnews.com.
This news is republished from another source. You can check the original article here
