{"id":559864,"date":"2023-11-09T09:45:50","date_gmt":"2023-11-09T09:45:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=559864"},"modified":"2024-06-11T11:14:50","modified_gmt":"2024-06-11T11:14:50","slug":"bitcoin-37000-spot-etf","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-37000-spot-etf\/","title":{"rendered":"Bitcoin Eyes $37,000: Bloomberg Analysts Give Timeline To Spot ETF Approval"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin<\/span><span style=\"font-weight: 400\"> has risen above $36,000 and is currently targeting $37,000 as <\/span><a href=\"https:\/\/bitcoinist.com\/bloomberg-analyst-thinks-bitcoin-will-come-out-ahead-despite-20-drop\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bloomberg analysts<\/span><\/a><span style=\"font-weight: 400\"> Eric Balchunas and James Seyffart have revived hopes that a Spot Bitcoin ETF could be approved this year. The analysts maintain their belief of a 90% chance that any of these funds <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bloomberg-spot-bitcoin-etf\/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&amp;text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year\"><span style=\"font-weight: 400\">get approved by January 2024<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>An Approval Order \u201cCould\u201d Occur This November<\/h2>\n<p><span style=\"font-weight: 400\">In a post shared on his X (formerly Twitter) platform, Seyffart highlighted a new research note that <\/span><a href=\"https:\/\/bitcoinist.com\/likelihood-grayscale-spot-bitcoin-etf\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">he and Balchunas<\/span><\/a><span style=\"font-weight: 400\"> had just worked on. From their research, they noted that there is a \u201cbrief window\u201d that allows the US <\/span><a href=\"https:\/\/ktsl888.com\/crypto\/sec-announcement-crypto\/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.\"><span style=\"font-weight: 400\">Securities and Exchange Commission<\/span><\/a><span style=\"font-weight: 400\"> (SEC) to approve all 12 Spot Bitcoin ETF applications at once.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-failed-transactions\/\">Ethereum Failed Transactions: You Won\u2019t Believe How Much Users Have Lost<\/a><\/div>\n<p><span style=\"font-weight: 400\">This brief window (which opens up on November 9) will last for at least eight days, before which it is almost possible for the SEC to approve all applications at once until next year. The reason for their assertion is that the SEC cannot approve an application that is in the comment stage. It so happens that the comment stage of the <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-spot-etf-sec\/#:~:text=Bitcoin%20Crashes%20Below%20%2426%2C000,Valkyrie%2C%20VanEck%2C%20and%20Bitwise.\"><span style=\"font-weight: 400\">last applications that the SEC delayed<\/span><\/a><span style=\"font-weight: 400\"> ends on November 8, which is why they highlighted the window that starts from November 9.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As to why the window is only going to last for about eight days, the SEC is expected to decide on <\/span><a href=\"https:\/\/bitcoinist.com\/hashdex-bitcoin-spot-etf-unique-application\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Hashdex<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/bitcoinist.com\/trillion-dollar-spot-bitcoin-etf\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Franklin\u2019s application<\/span><\/a><span style=\"font-weight: 400\"> on November 17, which could put both applicants in the comment stage. This is because it is expected that the SEC will opt to delay its decisions on those funds and ask the general public for comments on them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the analysts noted that this window only applies to the SEC approving all 12 applications at once. They explain that \u201ctheoretically,\u201d the Commission could decide on the other applications from now until January 10, 2024, even if it chooses to delay its decision on Hashdex and Franklin\u2019s application on November 17. Whatever happens, they still believe that there is a <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bloomberg-spot-bitcoin-etf\/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&amp;text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year\"><span style=\"font-weight: 400\">90% chance<\/span><\/a><span style=\"font-weight: 400\"> that any of these funds get approved by January 10 next year.<\/span><\/p>\n<h2>A Spot Bitcoin ETF Launch Isn\u2019t So Straightforward<\/h2>\n<p><span style=\"font-weight: 400\">When quizzed about how long it will take for these funds to launch after approval, Balchunas mentioned in an <\/span><a href=\"https:\/\/x.com\/EricBalchunas\/status\/79905265?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\"> that he guessed that the \u201c19b-4s\u201d applications would be approved in the \u201cnot so distant future.\u201d Then it will further take a while for the SEC to approve the <\/span><a href=\"https:\/\/bitcoinist.com\/vaneck-revised-spot-bitcoin-etf\/#:~:text=Over%20Parody%20Apparel-,VanEck%20Goes%20Back%20To%20The%20Drawing%20Board,Revised%20Spot%20Bitcoin%20ETF%20Filing&amp;text=In%20a%20recent%20development%2C%20asset,their%20Spot%20Bitcoin%20ETF%20prospectus.\" rel=\"nofollow\"><span style=\"font-weight: 400\">\u201cS-1s\u201d<\/span><\/a><span style=\"font-weight: 400\"> after which it \u201cwould likely be days till launch.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/ripple-2\/xrp-ripple-ceo-swell-event\/\">XRP News: Ripple CEO Teases Major Announcements At Swell Event<\/a><\/div>\n<p><a href=\"https:\/\/bitcoinist.com\/likelihood-grayscale-spot-bitcoin-etf\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Seyffart<\/span><\/a><span style=\"font-weight: 400\"> also echoed similar sentiments as he <\/span><a href=\"https:\/\/x.com\/JSeyff\/status\/17945195?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">stated<\/span><\/a><span style=\"font-weight: 400\"> that there are \u201ctwo paths\u201d that need to be completed before an ETF launches. One is the 19b-4 approval, after which the division of Corporation Finance at the SEC will still need to sign off <\/span><a href=\"https:\/\/bitcoinist.com\/blackrock-seed-spot-bitcoin-etf\/#:~:text=As%20to%20what%20seeding%20means,open%20market%20on%20Day%20One.%E2%80%9D\" rel=\"nofollow\"><span style=\"font-weight: 400\">on the S-1s<\/span><\/a><span style=\"font-weight: 400\">. However, there is no sign that any of that has been done yet. As such, it could take \u201cweeks or even months\u201d between approval and launch.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Irrespective of that, Bitcoin has picked up on the possibility that <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/sec-prove-bitcoin-is-not-manipulated\/\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\"> could be approved this month and has ridden on that wave to above $36,000. At the time of writing, the foremost cryptocurrency is trading at around $36,700, up over 4% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/QHekM0jo\/\" alt=\"Bitcoin price chart from Tradingview.com (Spot ETF)\" width=\"2650\" height=\"1758\"><\/p>\n<pre style=\"text-align: center\">BTC price above $36,600 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from The Economic Times, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has risen above $36,000 and is currently targeting $37,000 as Bloomberg analysts Eric Balchunas and James Seyffart have revived hopes that a Spot Bitcoin ETF could be approved this year. The analysts maintain their belief of a 90% chance that any of these funds get approved by January 2024.\u00a0 An Approval Order \u201cCould\u201d Occur This November In a post shared on his X (formerly Twitter) platform, Seyffart highlighted a new research note that he and Balchunas had just worked on. From their research, they noted that there is a \u201cbrief window\u201d that allows the US Securities and Exchange Commission (SEC) to approve all 12 Spot Bitcoin ETF applications at once.\u00a0 Related Reading: Ethereum Failed Transactions: You Won\u2019t Believe How Much Users Have Lost This brief window (which opens up on November 9) will last for at least eight days, before which it is almost possible for the SEC to approve all applications at once until next year. The reason for their assertion is that the SEC cannot approve an application that is in the comment stage. It so happens that the comment stage of the last applications that the SEC delayed ends on November 8, which is why they highlighted the window that starts from November 9.\u00a0 As to why the window is only going to last for about eight days, the SEC is expected to decide on Hashdex and Franklin\u2019s application on November 17, which could put both applicants in the comment stage. This is because it is expected that the SEC will opt to delay its decisions on those funds and ask the general public for comments on them.\u00a0 Meanwhile, the analysts noted that this window only applies to the SEC approving all 12 applications at once. They explain that \u201ctheoretically,\u201d the Commission could decide on the other applications from now until January 10, 2024, even if it chooses to delay its decision on Hashdex and Franklin\u2019s application on November 17. Whatever happens, they still believe that there is a 90% chance that any of these funds get approved by January 10 next year. A Spot Bitcoin ETF Launch Isn\u2019t So Straightforward When quizzed about how long it will take for these funds to launch after approval, Balchunas mentioned in an X post that he guessed that the \u201c19b-4s\u201d applications would be approved in the \u201cnot so distant future.\u201d Then it will further take a while for the SEC to approve the \u201cS-1s\u201d after which it \u201cwould likely be days till launch.\u201d Related Reading: XRP News: Ripple CEO Teases Major Announcements At Swell Event Seyffart also echoed similar sentiments as he stated that there are \u201ctwo paths\u201d that need to be completed before an ETF launches. One is the 19b-4 approval, after which the division of Corporation Finance at the SEC will still need to sign off on the S-1s. However, there is no sign that any of that has been done yet. As such, it could take \u201cweeks or even months\u201d between approval and launch.\u00a0 Irrespective of that, Bitcoin has picked up on the possibility that Spot Bitcoin ETFs could be approved this month and has ridden on that wave to above $36,000. At the time of writing, the foremost cryptocurrency is trading at around $36,700, up over 4% in the last 24 hours, according to data from CoinMarketCap. BTC price above $36,600 | Source: BTCUSD on Tradingview.com Featured image from The Economic Times, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":559873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,679,89462,1119,89185,1144,78790,1944,89193,84647],"class_list":["post-559864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-performance","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Bitcoin Eyes $37,000: Bloomberg Analysts Give Timeline To Spot ETF Approval<\/title>\n<meta name=\"description\" content=\"Bitcoin has risen above $36,000 and is 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Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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