Analyst points to imminent signs of spot Bitcoin ETF approval

Bloomberg analyst James Seyffart believes that the US Securities and Exchange Commission (SEC) could approve all applications for the instrument at once in Jan. 2024.

In his opinion, this is indicated by the collection of opinions on the application to launch a spot Bitcoin ETF by Franklin Templeton and Hashdex, meaning that every applicant needs to be lined up for potential approval by the Jan. 10, 2024 deadline.

The expert posted an update on the filing noting that while the SEC was very early on the Franklin case, in fact, they were not supposed to make a different decision until Jan. 1. Additionally, it is notable that Franklin is the only issuer that has not yet filed an updated S-1.

There is still no spot Bitcoin ETF in the US. The potential launch of the tool in the future, analysts believe, could be one reason BTC and the entire crypto market has seen notable gains in Q3 of 2023.

Since early October, the cryptocurrency market has surged as traditional asset managers such as BlackRock prepared for spot Bitcoin ETFs, potentially attracting billions in investment from institutional backers into crypto markets.

Expectations of a possible US spot Bitcoin ETF helped drive inflows into digital asset investment products for the ninth straight week, according to CoinShares. Recent weeks have seen a massive surge in digital asset investments, with inflows totaling $346 million, led by Bitcoin (BTC) and Ethereum (ETH).