Bitcoin ETF could be approved today, analyst claims

Eager anticipation builds in the crypto sector as a pivotal decision on the ARK 21Shares Bitcoin ETF approval is expected by Aug. 12.

The crypto community awaits the next step in Bitcoin (BTC) exchange-traded fund (ETF) approval. It is expected to be unveiled on Aug. 11, according to Bloomberg Intelligence analyst and ETF expert James Seyffart.

TIMELINE: I've had questions in DMs and mentions over the last few days. The next SEC deadline for #Bitcoin ETFs is @ARKInvest/@21co__'s on 8/13. That's a Sunday so we should see a decision by tomorrow. My bet is after market close tomorrow. We are fully expecting a DELAY. pic.twitter.com/meejrBZaQp

— James Seyffart (@JSeyff) August 10, 2023

Although the official decision on the ARK 21Shares Bitcoin ETF is due by August 13, the SEC is likely to announce its verdict on August 12, given the 13th falls on a Sunday.

This ETF, with its earlier deadline, might gain a competitive edge. However, concerns about market manipulation and investor protection pose challenges to Bitcoin ETF approval.

Bitcoin ETF forecasts

Prominent ETF analyst Eric Balchunas highlighted the growing significance of crypto-related ETFs. He predicts a further increase in their dominance, especially with potential spot ETFs’ introduction in the US.

Balchunas’s forecast, supported by insights from Galaxy Digital CEO Mike Novogratz, suggests approval within the next four to six months. Novogratz emphasized that Bitcoin ETF approval seems inevitable.

With several ETFs in contention, the battle for market dominance is heating up. Despite the optimism, regulatory complexities persist, with potential challenges and delays for ETF contenders.