Spot Bitcoin ETF window set between January 5 and 10, expert says as SEC publishes proposed rule changes

  • Bloomberg analysts James Seyffart says the window for spot BTC ETF approvals ranges between January 5 and 10, 2024.
  • It comes after multiple days, which Seyffart believes were deliberate as the commission plans to approve all ETF applications at once.
  • Meanwhile, Ric Edelman says financial advisors are waiting for spot Bitcoin ETF approval to provide BTC to clients.

Spot Bitcoin exchange-traded funds (ETFs) have been a key catalyst in driving the markets, setting the tone for Bitcoin price and the rest of the market as capital overflows from the BTC market went to altcoins. Regardless, experts remain optimistic that an approval is still coming despite multiple delays.

Also Read: SEC delays Franklin Bitcoin ETF a month ahead of deadline; all ETFs could be approved together now

Spot Bitcoin ETF approval window now set between January 5 and 10

Spot BTC ETFs approval window had been set to a hard deadline of November 17, but the SEC broke past it without a word. Recent revelations from ETF specialist, James Seyffart, indicate that there may be a new hard deadline, set between January 5 and 10 next year. Notably, this is between five and six weeks out  beginning press time.

Seyffart, an ETF specialist with Bloomberg Intelligence, reaches this conclusion after determining that the deadline for Hashdex and Franklin Templeton to be somewhere around January 5 and 8, putting the window from January 5 and 10 where all the twelve spot BTC ETF filings can be approved.

This aligns with the date that Seyffart and colleague, Eric Balchunas, have been predicting for months, January 10. It also puts out any possibilities of an approval in December as the SEC’s move this week pushes the odds to 2024, with Seyffart and Balchunas still clinging to the 90% bets.

Financial advisors waiting for spot Bitcoin ETF approval to provide BTC to clients, Ric Edelman

Meanwhile, Ric Edelman, the founder of Edelman Financial Services, a $250 billion asset management firm, says financial advisors are waiting for spot BTC ETF approvals to come in so that they can begin providing BTC to clients.

Edelman had predicted a surge with spot BTC ETFS during an interview with Laura Shin, noting that up to 12% of advisors currently recommend Bitcoin, while 47% own the asset and embrace it as an innovative technology.  With potential to “deliver outsized investment returns.” He also advised a cautious 1% portfolio allocation to crypto.

In his opinion, Bitcoin ownership among advisors adds to their credibility as clients tend to inquire whether BTC ownership is value addition, and an advisor would be better placed if they have actual exposure to the asset. In his words, “Advisors realize that they are having to deal with that conflict of owning Bitcoin but not recommending it for clients,” calling this a problem.

Out of the aforementioned 47% of advisors who own BTC, most of them are waiting for the spot BTC ETFs to become available so that they can provide this to their clients. This is in anticipation that every compliance department will approve the product.

Crypto ETF FAQs

What is an ETF?

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Is Bitcoin futures ETF approved?

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Is Bitcoin spot ETF approved?

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis