Aaryamann Shrivastava
FXStreet
- Bitcoin ETF applicants have been meeting with the SEC over the past week, BlackRock being the latest addition.
- According to James Seyffart, while the approval might come by January 10, listing could take some time.
- Bitcoin price is still hovering above $40,000, albeit exhibiting bearish signals on the daily timeframe.
The upcoming spot Bitcoin Exchange Traded Funds' (ETF) approval is set to be the second biggest event in 2024 after BTC halving. But while January 10 is going to be an important day, it will not see the launch of any of the ETFs that the Securities and Exchange Commission would approve. That might take some time.
Bitcoin ETF could reach customers by the end of January
According to Bloomberg ETF analyst James Seyffart, even if the SEC is to give the green light to spot Bitcoin ETF applications, the actual listing of the investment products might take some time. Seyffart stated,
"Not clear yet if we'd see a listing that week or even the week after. Could be a gap."
This makes sense for the market as there could be some kinks that would need to be ironed out before the applicants provide their customers with the products. This could very well be either before the end of January 2024 or by early February.
However, the market's optimism is intact as the SEC has been making positive moves with the applicants for the past week. The regulatory body has met with four of the issuers in regard to their Bitcoin ETF filings. This includes the likes of Grayscale, Franklin Templeton, Fidelity, and BlackRock, which made the list yesterday.
These meetings are being conducted in the presence of SEC's Division of Trading & Markets and the Division of Corporate Finance. Per Seyffart, these two divisions will be making the final call on whether or not and by when the applications will be approved.
Bitcoin price, on the other hand, has observed no effect of this development as it is still reeling from the correction noted at the beginning of the week. Trading at $40,917, the cryptocurrency is maintaining its presence above the key support level of $40,000 but is struggling to lock in recovery to $42,000 and beyond.
Read more about the same - Bitcoin price drop might trigger accumulation again after investors sell 40,000 BTC in a week
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