- A potential spot BTC ETF approval is expected to have many impacts on the coin’s price.
- It is expected to lead to a rise in institutional participation in the crypto market.
- Some even opine that it might lead to a significant jump in BTC’s price.
According to Bloomberg analysts, the long-awaited approvals of U.S. spot Bitcoin Exchange-Traded Funds (ETFs) could finally arrive in January, potentially fueling a significant price rally in 2024.
In a recent post on X (formerly Twitter), senior ETF analyst at Bloomberg, Eric Balchunas noted that there is a 90% chance that the U.S. Securities and Exchange Commission will grant its first spot ETF approval by January 10.
One of these amended filings came on December 22 when BlackRock submitted an amended Form S-1 with the SEC. According to the filings, the asset manager intends to allocate a seed fund of $10 million for its spot Bitcoin ETF.
Commenting on the significance of this move, Bloomberg analyst James Seyffart noted that this could motivate the SEC to grant its approval to BlackRock’s ETF application in early January.
Some Possible Impacts
An obvious impact of the potential approval of a s…
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