Table of contents
- The Eight-Day Opportunity
- Delay Orders and Simultaneous Filings
- First Available Window Since Grayscale’s Victory
- Reason for the Limited Window
- Post-November 17 Comment Period
- Extended Decision Period
- Analysts’ Predictions
- Impact on Other Cryptocurrencies
- Differing Analyst Perspectives
- Top Recommended Articles
A unique and time-limited opportunity is on the horizon for the United States Securities and Exchange Commission (SEC) to potentially grant approval for all 12 pending spot Bitcoin Exchange-Traded Fund (ETF) applications. Bloomberg ETF analysts James Seyffart and Eric Balchunas suggest that between November 9 and November 17, the SEC has a brief window during which these approvals could take place.
The Eight-Day Opportunity
During this eight-day timeframe, from November 9 to November 17, the SEC holds the potential to approve all 12 pending spot Bitcoin ETF applications. Bloomberg’s Seyffart and Balchunas emphasize that this opportunity is a possibility but not a guarantee.
Delay Orders and Simultaneous Filings
In a noteworthy development, the SEC issued delay orders for multiple prominent financial firms, including BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie, all on the same day. James Seyffart highlighted this in a November 8 post on X (formerly Twitter). This synchronized issuance of delay orders suggests a coordinated approach by the SEC.
First Available Window Since Grayscale’s Victory
Bloomberg analysts speculate that this eight-day window is the first opportunity since Grayscale’s court victory. Grayscale, a prominent crypto asset manager, has been actively seeking to convert its trust product, GBTC, into a spot Bitcoin ETF. This victory likely plays a role in the timing of the current window.
Reason for the Limited Window
The reason for this brief window lies in the SEC’s decision to extend the deadline for several pending spot Bitcoin ETF applications, concluding the comment period on November 8.
Post-November 17 Comment Period
After November 17, the comment period for three of the filings, namely Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, will recommence. As a result, approvals or denials for these applications will not occur until at least November 23.
Extended Decision Period
While the window for accepting all 12 applications closes on November 17, Seyffart notes that the SEC technically has until January 10 to make a decision on nine out of the twelve applications. The extended decision period allows more time for thorough evaluation.
Although approval is far from guaranteed, both Seyffart and Balchunas predict a 90% chance of approval before January 10 next year. Their optimism reflects the potential significance of these ETF approvals for the cryptocurrency market. In a parallel development, Grayscale, the crypto asset management firm, has reportedly initiated discussions with the SEC regarding its application to convert its trust product, GBTC, into a spot Bitcoin ETF. This communication began after Grayscale’s court victory on August 29.
As the likelihood of a Bitcoin ETF approval has increased, optimism in the crypto market has surged. The price of Bitcoin has risen more than 30% over the past three months, reflecting the market’s anticipation of a new investment vehicle.
Impact on Other Cryptocurrencies
This robust Bitcoin rally has had a ripple effect, positively influencing other major cryptocurrencies. Over the last month, Solana (SOL) recorded an impressive 93% increase due to scaling improvements, while Ripple (XRP) and Ether (ETH) posted growth rates of 36% and 20%, respectively.
Differing Analyst Perspectives
While many individuals within the cryptocurrency industry are confident that ETF approval will kickstart the next bull market, some analysts remain cautious, expressing uncertainty about the sustainability of the rally. The industry will be closely watching the SEC’s decisions in the coming weeks as the eight-day window unfolds.
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