{"id":555408,"date":"2023-10-14T12:30:40","date_gmt":"2023-10-14T12:30:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555408"},"modified":"2024-06-11T07:05:51","modified_gmt":"2024-06-11T07:05:51","slug":"bloomberg-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bloomberg-spot-bitcoin-etf\/","title":{"rendered":"Bloomberg Analyst Predicts Likelihood Of A Spot Bitcoin ETF By January 2024"},"content":{"rendered":"

Following notable changes to the <\/span>ARK 21Shares Spot Bitcoin ETF application<\/span><\/a>, Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted that the US <\/span>Securities and Exchange Commission<\/span><\/a> (SEC) could approve a fund as early as next year.\u00a0\u00a0<\/span><\/p>\n

90% Chance Of Approval<\/h2>\n

In a <\/span>post<\/span><\/a> shared on his X (formerly Twitter) platform, Seyffart highlighted his team\u2019s prediction of the 90% chance that a Spot Bitcoin ETF will be approved by Ark Invest\u2019s January 10 deadline. January 10 is the day the SEC is expected to make a final decision (approval or denial) on <\/span>ARK Invest\u2019s<\/span><\/a> Spot Bitcoin ETF application.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Breaks Down The Factors Behind The Bitcoin Price Decline<\/a><\/div>\n

Their latest prediction comes amid the <\/span>recent amendment<\/span><\/a> ARK Invest and 21Shares made to their Spot Bitcoin ETF prospectus. These updates include further context to the fund and additional risk disclosures. These analysts believe that this sort of amendment only happens when a fund is on its way to being approved.\u00a0<\/span><\/p>\n

These Bloomberg analysts had earlier predicted (following <\/span>Grayscale\u2019s victory<\/span><\/a>) that there was a 75% chance that the <\/span>pending Spot Bitcoin ETF applications<\/span><\/a> could be approved this year and that the odds would rise to 95% by the end of next year if these funds weren\u2019t approved by then.\u00a0<\/span><\/p>\n

Eric Balchunas <\/span>noted<\/span><\/a> on his X platform that Invesco Galaxy had also <\/span>amended<\/span><\/a> its Spot Bitcoin ETF prospectus following the ARK 21Shares amendment. He stated that he expects other applicants to update their applications soon. This suggests that the SEC could approve all applications simultaneously, similar to what it did with the <\/span>Ethereum futures ETFs<\/span><\/a>.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price looking weak | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Spot Bitcoin ETFs Given Huge Boost Following SEC\u2019s Decision<\/h2>\n
Meanwhile, these Spot Bitcoin ETF applications were given a huge boost following the SEC\u2019s decision not to appeal the court\u2019s ruling in <\/span>its case against Grayscale<\/span><\/a>. The SEC had <\/span>until October 13<\/span><\/a> to appeal the Court of Appeal\u2019s ruling that it had acted arbitrarily and capriciously in disapproving Grayscale\u2019s application to convert its GBTC fund into a Spot Bitcoin ETF.<\/span><\/p>\n
Following its decision not to file an en banc application or appeal to the <\/span>Supreme Court<\/span><\/a>, Reuters <\/span>reported<\/span><\/a> that the appeals court is expected to issue a mandate laying out how the SEC could carry out its order, including the Commission reviewing Grayscale\u2019s application again.\u00a0<\/span><\/p>\n
Related Reading: US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric<\/a><\/div>\n
James Seyffart also <\/span>noted<\/span><\/a> that dialogue between Grayscale and SEC should begin next week. However, it remains uncertain if or when the SEC will approve these applications, especially considering that it has <\/span>delayed its decision<\/span><\/a> on all Spot Bitcoin ETFs till next year.<\/span><\/p>\n
Bitcoin has reacted positively to the news of the SEC\u2019s decision not to file an appeal, currently trading at around $26,849.76, up in the last twenty-four hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
Featured image from Forbes, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Following notable changes to the ARK 21Shares Spot Bitcoin ETF application, Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted that the US Securities and Exchange Commission (SEC) could approve a fund as early as next year.\u00a0\u00a0 90% Chance Of Approval In a post shared on his X (formerly Twitter) platform, Seyffart highlighted his team\u2019s prediction of the 90% chance that a Spot Bitcoin ETF will be approved by Ark Invest\u2019s January 10 deadline. January 10 is the day the SEC is expected to make a final decision (approval or denial) on ARK Invest\u2019s Spot Bitcoin ETF application.\u00a0 Related Reading: Crypto Analyst Breaks Down The Factors Behind The Bitcoin Price Decline Their latest prediction comes amid the recent amendment ARK Invest and 21Shares made to their Spot Bitcoin ETF prospectus. These updates include further context to the fund and additional risk disclosures. These analysts believe that this sort of amendment only happens when a fund is on its way to being approved.\u00a0 These Bloomberg analysts had earlier predicted (following Grayscale\u2019s victory) that there was a 75% chance that the pending Spot Bitcoin ETF applications could be approved this year and that the odds would rise to 95% by the end of next year if these funds weren\u2019t approved by then.\u00a0 Eric Balchunas noted on his X platform that Invesco Galaxy had also amended its Spot Bitcoin ETF prospectus following the ARK 21Shares amendment. He stated that he expects other applicants to update their applications soon. This suggests that the SEC could approve all applications simultaneously, similar to what it did with the Ethereum futures ETFs. BTC price looking weak | Source: BTCUSD on Tradingview.com Spot Bitcoin ETFs Given Huge Boost Following SEC\u2019s Decision Meanwhile, these Spot Bitcoin ETF applications were given a huge boost following the SEC\u2019s decision not to appeal the court\u2019s ruling in its case against Grayscale. The SEC had until October 13 to appeal the Court of Appeal\u2019s ruling that it had acted arbitrarily and capriciously in disapproving Grayscale\u2019s application to convert its GBTC fund into a Spot Bitcoin ETF. Following its decision not to file an en banc application or appeal to the Supreme Court, Reuters reported that the appeals court is expected to issue a mandate laying out how the SEC could carry out its order, including the Commission reviewing Grayscale\u2019s application again.\u00a0 Related Reading: US Mega Bank JPMorgan Predicts Harsh Drop In This Bitcoin Metric James Seyffart also noted that dialogue between Grayscale and SEC should begin next week. However, it remains uncertain if or when the SEC will approve these applications, especially considering that it has delayed its decision on all Spot Bitcoin ETFs till next year. Bitcoin has reacted positively to the news of the SEC\u2019s decision not to file an appeal, currently trading at around $26,849.76, up in the last twenty-four hours, according to data from CoinMarketCap.\u00a0 Featured image from Forbes, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":555416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,9960,656,1039,1119,89185,1144,78790,1944,89193,89646],"class_list":["post-555408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-etfs","tag-bitcoin-news","tag-bloomberg","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-spot-bitcoin"],"acf":[],"yoast_head":"\nBloomberg Analyst Predicts Likelihood Of A Spot 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloomberg Analyst Predicts Likelihood Of A Spot Bitcoin ETF By January 2024","url":"http:\/\/uniquehot.com\/news\/bloomberg-spot-bitcoin-etf\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bloomberg-spot-bitcoin-etf\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Spot-Bitcoin-ETFs-Small.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Spot-Bitcoin-ETFs-Small.jpeg?fit=320%2C213"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin etfs","bitcoin news","bloomberg","btc","btc news","btcusd","btcusdt","etf","etf news","spot bitcoin"],"dateCreated":"2023-10-14T12:30:40Z","datePublished":"2023-10-14T12:30:40Z","dateModified":"2024-06-11T07:05:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloomberg Analyst Predicts Likelihood Of A Spot Bitcoin ETF By January 2024\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bloomberg-spot-bitcoin-etf\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bloomberg-spot-bitcoin-etf\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Spot-Bitcoin-ETFs-Small.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Spot-Bitcoin-ETFs-Small.jpeg?fit=320%2C213\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin etfs\",\"bitcoin news\",\"bloomberg\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\",\"etf\",\"etf news\",\"spot bitcoin\"],\"dateCreated\":\"2023-10-14T12:30:40Z\",\"datePublished\":\"2023-10-14T12:30:40Z\",\"dateModified\":\"2024-06-11T07:05:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Spot-Bitcoin-ETFs-Small.jpeg?fit=320%2C213","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555408"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=555408"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/555416"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=555408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=555408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=555408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}