Spot Bitcoin ETF update: Operationally not ready filers may be left behind, experts say as countdown begins

• Spot BTC ETF decision is likely to come next week as institutions finalize their 19b-4 filings. Some filers are likely to lag.
• Citing “a lot of work is going on behind the scenes”, TechCrunch’s Melinek adjusts her stance on approvals coming today.
• Markets remain on standby, with Bitcoin price consolidation within the weekly supply zone.
• With the SEC looking to achieve a level playing field, the approvals may come all at once for all filers, Balchunas.

As markets look to the clock for what some say is an imminent approval, the US Securities and Exchange Commission (SEC) may not be ready yet to give a decision. This is despite recent claims, as reported, that were heavily inclined towards the financial regulator bursting the burble on January 5.  

Also Read: Analyzing possible short term implication of probable spot ETF approval on BTC price

Spot BTC decision expected next week amid final 19b-4 amendment reviews

The date is January 5, and with it, the window for spot Bitcoin exchange-traded funds (ETFs) is open and will remain so for the next five days to Ark Invest’s approval deadline, being the earliest filer. In a Thursday report, news spread, citing “sources extremely close to the matter,” that the SEC would be approving the spot BTC ETF for multiple firms’ applications.

Nevertheless, the decision may come next week as institutions finalize their 19b-4 filings with the US SEC expected to go through them afterward. Citing Fox Business’ Eleanor Terrett, “Expecting some amended 19b-4 filings today as well as some eleventh-hour phone calls concerning comments on S-1s and possible launch dates. The timeline for approvals still looking like next week but will all depend on how fast the SEC can read through comments and amendments made today.”

Whether the financial regulator will approve all eleven applications at once remains unclear, but will make for a good headline. Further, while the odds favor an all-at-once approval, there is also the concern about where they will all begin to trade on the same day. The readiness of one, or a few, if not all, could determine the expected launch date, with there being no certainty of whether all the filers have met the SEC's criteria or threshold 100%.

Some filers could be left behind despite SEC’s efforts not to play king-maker

Meanwhile, it remains clear that the SEC is looking to achieve a level playing field, which could be achieved through an across-the-board approval. This will keep the financial regulator from playing kingmaker. However, as it turns out, there is a possibility that certain filers could be left behind, with ETF specialist Eric Balchunas saying, “If someone is not 100% ready then too bad for them.”

James Seyffart corroborates the assumption, saying that while he, like Balchunas, anticipates an all-at-once approval, such an outcome is not guaranteed. In his opinion, filers that are “not be operationally ready to go day 1” could be sidestepped for a later date.

Meanwhile, Bitcoin price remains in the sideways range, consolidating within the weekly supply zone until such a time when there will be a clear breakout in one direction or the other, with $48,000 to the north, and $37,000 to the south, being the key levels to watch for the next short-term directional biases.

BTC/USDT 1-week chart