New developments in the spot Bitcoin (BTC) exchange traded funds (ETFs) saga suggest that their approval by the US Securities and Exchange Commission (SEC) could come as early as January 2.
Spot Bitcoin ETF Approvals
According to reports, the SEC may start giving the green light on spot Bitcoin ETF filings today or by tomorrow. This would allow the companies involved to iron out their launch by next week. The schedule will likely follow the timeframe forecasted by analysts like James Seyffart between January 8 to 10.
The regulator already laid down a hard deadline for the final revision of all spot Bitcoin ETF filings last December 29. And with everyone playing ball with the agency’s preferred in-cash redemption model for the new financial instruments, the projected dates couldn’t be farther from the truth.
Bitcoin Now
Bitcoin just crossed the $45,000 threshold just after the New Year’s festivities. These numbers were last seen in March 2022 as BTC dived all the way to $15,000 that year.
As of this writing at 10:00 AM UTC, the largest cryptocurrency by market cap soared by over 7% in the 24-chart as it sits at $45,679. The rally has also triggered a whopping 98% increase in the transaction volume of the cryptocurrency within that period as $30.86 billion of the digital asset moved between crypto wallets and exchanges.
The market cap of Bitcoin now lies at $894.74 billion, thanks to the surge. During that timeframe, the coin went from a low of $42,594 to a high of $45,899.
The present pricing notably squeezes down the gap between the current values of Bitcoin and its all-time high of $68,789 in November 2021 by 33%.
The rising numbers have dragged other cryptocurrencies upwards, too. Among the top ten cryptocurrencies by market cap, Solana (SOL) had the most gains as it jumped more than 12% followed by Avalanche (AVAX) by 10% in the daily chart.
Which Ones Will Get the Go Signal?
We are still keeping our radar on the companies that will get the SEC’s favor. It should be noted, however, that BlackRock, VanEck, Bitwise, Fidelity, Invesco, WisdomTree, Valkyrie, Ark Invest, and Grayscale have all complied with the needed revisions within the regulator’s posted deadline.
Companies such as Bitwise, Hashdex, and VanEck have launched their spot Bitcoin ETF ads already within the past two weeks, which signals their strong optimism for the approval of their applications.
Or this could also mean that, just maybe, they already know something that we have yet to figure out.