In the rapidly evolving cryptocurrency landscape, everyone is eagerly awaiting the approval of spot Bitcoin ETFs. However, recent comments by Ripple (XRP) CEO Brad Garlinghouse, and Bloomberg’s ETF expert James Seyffart, along with others, have gathered everyone’s attention.
Nate Geraci’s bullish statement
On November 13, 2023, pro-Bitcoin and ETF expert Nate Geraci made a powerful statement after the SEC extended the deadline for pending spot Bitcoin ETF filings. Nate stated that a “spot Bitcoin ETF could get approval this week.” This statement not only backed Bloomberg’s ETF expert but also went viral like wildfire.
This is not the first time spot Bitcoin ETF applications have been postponed. Since June 2023, ETF applications have been postponed several times without explanation. However, this postponement is also caused by several factors, including Grayscale’s spot ETF application rejection. The court ruling ordered a re-review of the rejected Grayscale ETF application, and if the SEC rejects it, they needs to submit a transparent and valid reason for the rejection.
BlackRock advocates equal treatment
Recently, on November 11, 2023, BlackRock argued that the SEC lacked legitimate reasons to treat spot-crypto and crypto-futures ETF applications differently. The firm’s application for a spot-Ether ETF questioned the SEC’s basis for denying spot crypto ETFs, emphasizing the approval of ETH futures ETFs linked to spot-ETH market pricing. BlackRock insisted on equal treatment for ETFs offering exposure to spot ETH.
Optimistic forecast: A wave of Bitcoin ETF approvals?
On November 10, 2023, Todayq News reported that the United States Securities and Exchange Commission (SEC) may approve all 12 pending Bitcoin ETF applications within the next 8 days, with a 90% chance of approval by January 10, according to Bloomberg ETF analyst James Seyffart. The market could see a wave of approval orders for these applications during this period.
This week, after all the positive news surrounding the Spot Bitcoin ETFs, the overall cryptocurrency market has surged. In the last three weeks, Bitcoin has surged significantly, rising over 25%. The potential approval of a spot Bitcoin ETF has sparked positive sentiments, causing Bitcoin to surpass the long-awaited $37,000 price level for the first time since May 2022.