Something is happening when it comes to Bitcoin ETFs: led by BlackRock, several applicants have updated their documents submitted to the US Securities and Exchange Commission (SEC). Bitcoin’s price curve is reacting positively.
At close to USD 44,000, Bitcoin BTC is currently trading at a new high for the year. This continues the positive trends of recent weeks. The reason for the Bitcoin rally is a groundbreaking decision by the US Securities and Exchange Commission (SEC), which seems to be up in the air. This is because the SEC has until January 10, 2024 to rule on several applications for Bitcoin ETFs, and the majority of analysts believe that the first approvals will be granted by then.
In this situation, every development is being closely monitored. The most recent impetus came from the updated application by the world’s largest asset manager BlackRock for the approval of a Bitcoin ETF. Bitwise and others soon followed suit. These moves had a positive effect on the Bitcoin price curve. Bloomberg analyst James Seyffart writes on X that the improved Bitcoin ETF applications lead to an obvious conclusion. The SEC is apparently communicating with several applicants and giving them identical or very similar instructions.
“The wheel is still turning,” Seyffart continues: “Both the SEC and the applicants are working hard to nail it down.” With the approval of Bitcoin ETFs, significant capital is expected to flow into the mother of all cryptocurrencies. BlackRock also reported to the SEC at the beginning of the week that it had received USD 100,000 in start-up funding for the proposed Bitcoin ETF. This is also seen as a sign that BlackRock is already very confident of approval. The asset manager is seen as a driving force behind Bitcoin ETFs because it is a representative of traditional Wall Street and has often pushed ETFs through with the SEC.
Conclusion: Breakthrough for Bitcoin ETFs at the SEC imminent?
Optimism is spreading in the crypto scene, and the price curves of many altcoins such as Ethereum (ETH) have been rising for weeks. The “green light” for Bitcoin ETFs is being predicted as a game changer and is already being priced in, at least in part. Although SEC Chairman Gary Gensler commented on crypto in general just over a month ago, he avoided making any statements on Bitcoin ETFs. It is understood that the SEC will approve several Bitcoin ETFs at the same time so as not to favor any one applicant – if it decides to do so. The fine-tuned applications from BlackRock and others could make it easier for the SEC to finally classify Bitcoin ETFs as eligible for approval.
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