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Optimistic Projections for Spot Bitcoin ETF Approval
Steven McClurg, the Chief Investment Officer at Valkyrie Investments, conveyed optimism to ETF.com about the possibility of a spot Bitcoin ETF being approved by the U.S. Securities and Exchange Commission (SEC) as soon as this November. This anticipated move could mark a significant advancement in the cryptocurrency investment product space.
Awaiting SEC’s Green Light
McClurg predicts that the SEC will issue a second round of comments to applicants of spot Bitcoin ETFs, following the initial comment request that began at the end of September. Valkyrie has already updated its filing in response to these developments.
End-of-November Approval and a 2024 Launch
According to the Valkyrie CIO, once the SEC sends out additional requests for comments, it could then proceed to approve the necessary 19b-4 filings. These filings are crucial as they pertain to the rule changes required for exchanges to list the spot Bitcoin ETFs. Should these approvals be granted, McClurg sees a “likely” launch date for the ETFs in February 2024.
Bitwise Joins the Anticipation
Matt Hougan, Chief Investment Officer of Bitwise, shared a hopeful outlook regarding their own spot Bitcoin ETF. While acknowledging challenges like market manipulation as potential hurdles, he revealed a positive stance on the future, anticipating over $50 billion in inflows into the market over a five-year span.
Market Expectations and Asset Projections
The anticipation for spot Bitcoin ETFs is not just confined to Valkyrie and Bitwise. Around ten firms are vying to launch the U.S.’s first spot Bitcoin ETFs. McClurg’s forecast points to a demand of $10 billion in the initial four to eight weeks post-launch, indicating strong market appetite for such investment products.
The Landscape of ETF Aspirants
The recent wave of ETF proposals was significantly influenced by BlackRock’s ETF application in June, with several asset managers following suit. Grayscale has also been in the spotlight with a legal victory that may force the SEC to reconsider its ETF application, although its approach differs from the rest.
Implications of a Positive SEC Decision
The approval of a spot Bitcoin ETF would be a landmark event for the industry, potentially unlocking billions in capital inflow and offering investors a new way to engage with Bitcoin as an asset class. As the industry awaits the SEC’s decision, these developments signal a turning point for the cryptocurrency market and its intersection with traditional investment vehicles.
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