According to Bloomberg analysts, the Securities and Exchange Commission (SEC) has a small window starting tomorrow to potentially approve 12 pending Bitcoin (BTC) exchange-traded fund (ETF).
According to Bloomberg analysts, the Securities and Exchange Commission (SEC) has a small window starting tomorrow to potentially approve 12 pending Bitcoin (BTC) exchange-traded fund (ETF) applications, including the BlackRock iShares Spot Bitcoin ETF and the conversion of the Grayscale Bitcoin Trust.
This possibility is supported by the SEC's deadline extension for ETF applications, which set November 8 as the deadline for rebuttal comments. It is speculated that the SEC could approve several ETFs between now and November 17, with a requirement that all funds begin trading on the same day.
However, approving a rule change to allow ETF trading is different from approving a fund's registration statement, and both must be authorized before any of the pending Bitcoin ETFs can begin trading.
Although the introduction of a Bitcoin ETF is still months away, the recent price increase in Bitcoin indicates investors' optimism.
According to analysts, a spot Bitcoin ETF might generate significant inflows ranging from $50 billion to $100 billion over the next five years. This inflow of institutional investment could have a substantial impact on the Bitcoin market dynamics.
Bitcoin (BTC) has rallied and surpassed the $36K level following the optimism over the spot ETF approvals. It is currently trading at $36,629 after gaining 3.56% in the past 24 hours.
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