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<p class="is-style-lead">A K33 Research report said SEC approvals for spot Bitcoin ETFs in January are likely “nailed on” amid a flurry of updated S-1 filings from issuers like BlackRock.</p> 
<p>The United States Securities and Exchange Commission (SEC) is on track to sanction spot Bitcoin ETFs in early January following progressive talks with issuers over the preferred redemption model for these investment vehicles, according to K33 Research.&nbsp;</p> 
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 <p>Cash creation is not the most efficient structure, but the filers’ updates are a further signal in favor of ETF approvals in the next three weeks.</p> <cite>– K33 research <a href="https://k33.com/research/articles/pockets-of-altcoin-euphoria" target="_blank" rel="noopener">report</a></cite>
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   <p lang="en" dir="ltr">Altcoin euphoria as bitcoin ranges; spot ETF approval looms, widening contangos, and spot volumes stay elevated. <br><br>Read this and more in our weekly market report Ahead of the Curve 🔗<a href="https://t.co/QFYxfb75QB" target="_blank">https://t.co/QFYxfb75QB</a> <a href="https://t.co/xSTYJZ7rsS" target="_blank">pic.twitter.com/xSTYJZ7rsS</a></p>— K33 Research (@K33Research) <a href="https://twitter.com/K33Research/status/1737106261420986512?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 19, 2023</a>
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<p>Dec. 18 saw a pivot to this cash creates structure from several issuers, including <a href="https://crypto.news/blackrock-pivots-to-cash-based-redemptions-in-spot-bitcoin-etf-proposal/">BlackRock</a> and WisdomTree, which both submitted amended applications with the SEC. The updates left the door open for in-kind redemptions should America’s securities watchdog decide to greenlight this alternative.&nbsp;</p> 
<p>crypto.news, however, <a href="https://crypto.news/bitcoin-etf-applicants-must-sport-cash-redemption-model/">reported</a> that the SEC is likely to favor applications settled on cash creations, which require firms to hold the fiat equivalent of the underlying Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) offered via exchange-traded funds.</p> 
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   <p lang="en" dir="ltr">I might be missing something. But this wisdomtree s-1 looks like it leaves open the ability to still do in-kind creation and redemption? <a href="https://t.co/0wtiPtYr9O" target="_blank">pic.twitter.com/0wtiPtYr9O</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1736886244649369758?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 18, 2023</a>
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<p> You might also like: <a href="https://crypto.news/analyst-sec-likely-to-prioritize-cash-create-spot-bitcoin-etfs/"> Analyst: SEC likely to prioritize ‘cash create’ spot Bitcoin ETFs </a> </p> 
<p>There was no definitive timeline for approval from the SEC at press time, although ETF experts and crypto proponents expect a favorable decision by Jan. 10. Coincidentally, this is also the decision <a href="https://crypto.news/sec-ark-investment-btc-etf-final-deadline-approaches/" target="_blank" rel="noreferrer noopener">deadline</a> for ARK Invest’s spot Bitcoin ETF jointly filed with 21Shares.&nbsp;</p> 
<p>Speculators have also debated the possible impact of a <a href="https://crypto.news/gensler-sec-reevaluating-spot-bitcoin-etf-with-fresh-perspective/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETF</a> on BTC’s price and the broader cryptocurrency market by extension. On one hand, institutional players like Mike Novogratz and <a href="https://crypto.news/bitwise-forecasts-bitcoin-at-80000-in-2024/" target="_blank" rel="noreferrer noopener">Bitwise</a> predict billions of inflows into BTC followed by a run above the token’s $69,000 all-the-time set in November 2021.</p> 
<p>Conversely, analysts at JPMorgan Chase, America’s largest bank, opine that Bitcoin ETFs are exaggerated. The bank’s researchers predict that spot Bitcoin ETFs would redirect capital already deployed toward other BTC operations and investment strategies such as mining.</p> 
<p> Read more: <a href="https://crypto.news/jpmorgan-bitcoin-etfs-impact-ethereum-surprise-skeptics/"> JPMorgan: Bitcoin ETF’s impact overstated, Ethereum set to surprise skeptics </a> </p>

K33 Research: Spot Bitcoin ETF approvals expected in January

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