James Seyffart, ETF analysis analyst, Bloomberg Intelligence, predicted that the U.S. Securities and Exchange Commission (SEC) might probably be prepared with a call on spot Bitcoin ETF approval as quickly as November 8, 2023 till November 21 for varied filings. However, he has predicted with a 90% chance the conservative deadline earlier than which the Commission may approve a bunch of ETF filings.
Also Read: XRP Lawyer: Spot ETF Approval Timing To Create Perfect Storm For Bitcoin
Bitcoin ETF Approval: “No Kingmaker”
In a latest interview, Seyffart stated the US SEC would watch out to not announce a lone submitting approval to keep away from giving out a primary mover benefit amongst all of the 12 corporations vying for the primary ever spot ETF approval within the United States. He reiterated the earlier prediction odds at 75% by the tip of 2023 however warned that there could possibly be a bunch of approvals collectively when the announcement comes out.
“We think the SEC is going to try and allow most of not all of them to launch on the same day. They are not going to play kingmaker.”
The closing deadline for ARK 21Shares Bitcoin ETF falls on Jan 10, 2024. Seyffart added that it’s unlikely the SEC will deny ARK submitting by January 10 after which approve all the opposite ETF purposes in March 2024, therefore making the case for a preponed choice both in November or December 2023.
Spot Bitcoin ETFs: BTC Custody
Speaking in regards to the custodian strategies Bitcoin ETF suppliers may use, Seyffart predicted that corporations could be distributed among the many likes of Coinbase ($COIN) and Gemini relating to their crypto custody. He defined that the flip facet to it could be having the provision off chain, resulting in rise in demand to provide ratio of BTC. Also, the Bitcoin Halving scheduled for the second quarter of 2023 would solely additional cut back the BTC provide.
Hence, this leaves area for a bullish wave for Bitcoin BTC price, in proportion to the discount in provide in addition to different macroeconomic occasions just like the potential rate of interest cuts by the US Federal Reserve, within the second quarter of 2023. Will the BTC value attain upwards of $50,000 by the 12 months finish?
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