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<p>There has been a buzz on the awaited spot Bitcoin Exchange-Traded Funds (ETFs) that have influenced Bitcoin’s price in the market, and recent developments have showcased a 90% chance of approval by the SEC. The regulatory authority has been holding back approval of the ETF applications by major crypto players like Grayscale, BlackRock, and VanEck.&nbsp;</p>
<p>Recent events evidence that approval of the 12 pending ETF applications is imminent and would have an 8-day period that starts from today! This is good news to the crypto community as Bitcoin’s market value is set to surge according to market expert’s predictions.&nbsp;</p>
<h2 class="wp-block-heading" id="the-window-of-bitcoin-spot-etf-approval">The window of Bitcoin-spot ETF approval&nbsp;</h2>
<p>The long-anticipated <a href="https://www.nasdaq.com/articles/spot-bitcoin-etf-imminent-sec-approval-window-is-due-to-open-or-will-it-just-get-punted" rel="noopener noreferrer nofollow" target="_blank">approval</a> of spot Bitcoin exchange-traded funds has been looming over the crypto community as its checking would have implications for a revolutionary milestone in cryptocurrency investments.&nbsp;</p>
<p>An eight-day period that begins from November 9 to November 17 could see the US Securities and Exchange Commission approve all 12 pending ETF applications.&nbsp;</p>
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   <p lang="en" dir="ltr">New Research note from me today. We still believe 90% chance by Jan 10 for spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a> ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur <a href="https://t.co/u6dBva1ytD" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/u6dBva1ytD</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1722321412218638632?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 8, 2023</a>
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<p>According to Bloomberg’s crypto market analysts, Eric Balchunas and James Seyffart, the regulatory body is set to approve the new crypto products in the next eight days. Currently, amid this announcement, Bitcoin has surged by over $1,000 in the past 24 hours, recording a market price tag of $36,600, surpassing its predicted levels of $35,000 anticipated by market makers.&nbsp;</p>
<p>Both Seyffart and Balchunas expressed their analysis findings in a post on X on November 9. They elaborated that the SEC would have a grace period to approve spot-Bitcoin ETFs, including Grayscale’s GBTC trust conversion. However, they stressed that this could only be a possibility.&nbsp;</p>
<p>Based on Seyffart’s post, he still believes that there is over an 89% chance of the approvals to be made by the 10th of January 2024. He explained, <em>“But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.”&nbsp;</em></p>
<h2 class="wp-block-heading" id="etf-and-the-crypto-community-here-are-the-expectations">ETF and the crypto community – Here are the expectations</h2>
<p>He had previously commented on an X post on November 8 and stated, “Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity &amp; Valkyrie at the same time.”&nbsp;</p>
<p>He went forward and added, “If the agency wants to allow all 12 filers to launch — as we believe — this is the first available window since Grayscale’s court victory was affirmed.”</p>
<p>The major reason behind this awaited window for ETF approval originates from the <a href="https://www.cryptopolitan.com/us-to-outlaw-china-blockchains-and-usdt/" rel="noopener noreferrer nofollow">SEC’s</a> extended deadline for pending Bitcoin-spot ETF filings that had a last review date set on November 8. After the window ends on November 17, the regulatory authority would have a comment timeline for 3 fillings that would mean neither approving nor declining their filing application.&nbsp;</p>
<p>Among the mentioned firms include Hashdex Bitcoin ETF, Franklin Bitcoin ETF, and the Global X Bitcoin ETF. This commentary period would last from the last window date to November 23.&nbsp;</p>
<p>Based on Seyffart’s analysis, approval of nine out of the twelve pending approvals could be done before the end of the window period on November 17. Amid these developments, the Grayscale team has reported to begin talks with the regulator in light of its pending Bitcoin-spot ETF application that intends to convert its GBTC trust into ETFs.&nbsp;</p>
<p>Since its win against the regulatory on August 29, Grayscale has been in contact with the Division of Trading and Marketing in the<a href="https://www.cryptopolitan.com/us-spending-bill-a-barrier-for-secs-gensler/" rel="noopener noreferrer nofollow"> SEC </a>body, as well as the Division of Corporation Finance.&nbsp;</p>
<p>The awaited approval has seen BTC’s price rise to fresh highs and has also spilled over to other altcoins, including Solana (SOL), which has gained a 93% increase since the scaling improvements. Also, Ripple’s XRP increased by 36%, according to market data.&nbsp;</p>

Spot BTC ETF approval by the SEC to begin the first window on November 9

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