There is a potential window of eight days, spanning from November 9 to November 17, during which the United States Securities and Exchange Commission (SEC) might approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications.
Bloomberg ETF analysts James Seyffart and Eric Balchunas have suggested that the SEC has an opportunity to greenlight these ETFs, including Grayscale’s conversion of its GBTC trust product, leading up to November 17th.
The brief approval window is linked to the SEC’s decision to extend the deadline for several pending spot Bitcoin ETF filings, with November 8th as the final day of the comment period. Seyffart noted that the SEC issued delay orders for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie simultaneously, creating the potential for the approval of all 12 filings during the specified timeframe.
![SEC's first decision on Spot Bitcoin ETFs due today image 48](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/11/image-48.png?resize=710%2C339&ssl=1)
![SEC's first decision on Spot Bitcoin ETFs due today image 48](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/11/image-48.png?resize=710%2C339&ssl=1)
After November 17th, the comment period for three filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, would restart, delaying potential approval or denial until at least November 23.
Although the window for accepting all 12 filings closes on November 17, Seyffart suggested that the SEC could theoretically make a decision on nine of the twelve applications at any time before January 10.
![SEC's first decision on Spot Bitcoin ETFs due today image 49](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/11/image-49.png?resize=1024%2C448&ssl=1)
![SEC's first decision on Spot Bitcoin ETFs due today image 49](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/11/image-49.png?resize=1024%2C448&ssl=1)
While approval of a spot Bitcoin ETF is not assured, both Seyffart and Balchunas estimate a 90% chance of approval before January 10th, 2024. Grayscale, a crypto asset manager, is reportedly in talks with the SEC regarding its application to convert its GBTC trust product into a spot Bitcoin ETF. Since winning its court battle with the SEC on August 29th, Grayscale has engaged with the SEC’s Division of Trading and Markets and the Division of Corporation Finance.
As optimism regarding Bitcoin ETF approval has grown, the crypto market has experienced a surge, with Bitcoin’s price rising over 30% in the last three months. This rally has positively impacted other major assets, with Solana (SOL) gaining 93% in the past month due to scaling improvements. Ripple (XRP) and Ether (ETH) also experienced growth, rising 36% and 20%, respectively.
While many industry participants believe that ETF approval could initiate the next bull market, some analysts remain skeptical about the sustainability of the current rally.
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