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- Bitcoin made a 4.8 percent surge in the last 24 hours to trade at $28k as spot Bitcoin ETF excitement builds.
- Several industry experts have admitted that a spot Bitcoin ETF approval is imminent after the SEC decided against an appeal in the Grayscale case.
The crypto market is all green today with Bitcoin and other altcoins enjoying an incredible run in the last 24 hours. According to analysts, the current run can be linked to the decisions of bulls to bet on a possible spot Bitcoin Exchange-Traded (ETF) approval. Recently, Grayscale won an appeal against the US Securities and Exchange Commission after its spot Bitcoin ETF application was rejected. The Grayscale has always maintained that the SEC’s decision to approve Bitcoin futures-based ETFs while rejecting the spot-based counterparts despite having the same setup and relying on the Bitcoin price demanded a serious explanation.
According to the District of Columbia Court of Appeals in Washington, the SEC was wrong to reject the application. The court agreed that this decision was “arbitrary and capricious.”
A Grayscale spokesperson stated that this is huge news to the entire crypto community.
This is a monumental step forward for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper.
The recent report that the SEC would not appeal the ruling indicates that it would have to review the application and improve the odds of approval of the already existing applications. According to Simon Peters, market analyst at eToro, the court ruling has had a massive impact on the Bitcoin price.
The news in the U.S. over Grayscale’s ETF application has potentially very significant ramifications for the bitcoin market. The story of spot price ETF approval has been a dominant narrative in the bitcoin market for several months now. As the barriers to approval fall hopes among investors continue to rise that we could see these products in the market sooner rather than later.
Industry Key Players Speak on Positive Bitcoin Spot ETF Approval
The former managing director of institutional financial firm BlackRock has also disclosed that a spot BTC ETF approval is imminent. With the impact on the crypto market, he stated that about $150 billion to $200 billion of capital could get into the spot Bitcoin ETF by next year. former SEC chair Jay Clayton has also stated that despite the delays in decision-making, approval was going to happen sooner or later.
Bloomberg ETF analysts James Seyffart and Eric Balchunas have estimated that there is a 75 percent chance of the Commission approving a spot Bitcoin ETF.
James Seyffart and I are upping our odds to 75% of spot bitcoin ETFs launching this year (95% by the end of 2024). While we factored Grayscale’s win into our previous 65% odds, the unanimity and decisiveness of the ruling were beyond expectations and left the SEC with very little wiggle room.
Seyffart believes that it is a done deal to have at least an ETF by the end of 2024.
Initially, the deadline to make decisions on the applications filed by BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie was September 1- September 4. However, this was delayed as rightly predicted by the analysts.
As of press time, BTC was trading at $28,196.24 and had a bullish market sentiment. In the last seven days, the asset is trading at 2.5 percent and 4.85 percent in the last 24 hours.
