BitcoinBTC has rocketed higher in recent weeks as hype builds around bitcoin’s “worst-kept secret.”
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The bitcoin price has surged toward $40,000 per bitcoin, up more than double where it was this time last year and helping ethereum, XRPXRP and other major cryptocurrencies to rally, as fears emerge dollar dominance is facing “a crypto-yuan hostile takeover” from China.
Now—after ethereum’s founder revealed a surprise crypto-based AI plan—Securities and Exchange Commission (SEC) documents have revealed the approval window for bitcoin spot exchange-traded funds (ETFs) filed by Wall Street giants that manage a combined $17 trillion (just as some think China and the Fed are gearing up to “flood the world” with trillions).
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“[Bitcoin spot ETF approval] window is officially January 5 to January 10,” Bloomberg Intelligence ETF analyst James Seyffart posted to X.
“Really this means that any potential approval orders are going to come on either Monday, January 8, Tuesday, January 9, or Wednesday, January 10. Mark your calendars people.”
The SEC is currently weighing around a dozen bitcoin spot ETF applications from some of the world’s biggest asset managers, including BlackRockBLK and Fidelity. Meanwhile, crypto asset manager Grayscale is working to convert its flagship bitcoin trust into a bitcoin spot ETF, scoring a legal victory that dramatically raised expectations that it will be successful.
“If [bitcoin spot ETF approval] doesn’t happen in this window, either [SEC chair Gary] Gensler and SEC have gone nuclear [or] they just aren’t ready and have somehow convinced Ark and 21Shares to withdraw their filing with some sort of future assurances,” Seyffart said, referring to Cathie Wood’s Ark and 21Shares’ joint bitcoin spot ETF application, adding he and fellow analyst Eric Balchunas put this at a less than 10% chance.
One influential bitcoin and crypto investor has called the arrival of a long-awaited U.S. bitcoin spot ETF is a rare example of a “buy the rumor, buy the news” event, with it being regarded as a watershed moment for institutional bitcoin, ethereum, XRP and crypto adoption.
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“[Bitcoin spot ETF approval] is important for institutional adoption; many asset allocators and asset managers look at vehicles like ETFs to use in the allocation process,” Anthony Rousseau, head of brokerage solutions at TradeStation, said in emailed comments.
“There is still a long road for education on how this would fit into a 60/40 portfolio but will likely be worked out by all the math wizards. This event would be considered a net positive for new capital inflows into the asset class”—including ethereum, XRP and other major cryptocurrencies.
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