Bloomberg ETF expert shared a new prediction for the potential approval of the Bitcoin spot ETF in 2024.
Bitcoin spot ETF products are financial assets which allow people to invest in Bitcoin directly on behalf of the ETF issuer. Currently no Bitcoin spot ETF product is available in the US. Nearly a dozen Bitcoin spot ETF applications are waiting to seek approval from the United States Securities and Exchange Commission (SEC) for their applications.
On 29 Nov 2023, Bloomberg’s senior analyst Eric Balchunas took to X (formerly Twitter) to give a response to people who are asking about the current probability of the potential approval of Bitcoin spot ETF applications.
Eric said that previously in Oct they predicted that there were 90% chances for these applications to get approval by 10 January 2024 and this is still the same. In short, the probability for these applications to get approval is still 90%.
In short, we can say that sentiments on Bitcoin spot ETF approvals are still positive despite the several legal developments between the SEC & crypto companies.
Yesterday Swiss asset manager Pando Asset also joined the fund managers who are waiting for Bitcoin spot ETF applications with the SEC.
On 30 Nov 2023, Grayscale, a digital assets fund manager firm which is also seeking approval to swap its Bitcoin investment fund Green Bitcoin (GBTC) into Bitcoin spot ETF product, introduced some changes in its GBTC product agreement after 5 years.
With the new agreement related to management fee method, & structure management, Grayscale confirmed that it is in preparation phase for its Bitcoin spot ETF product launch.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $37,935 & this trade price is 10.6% higher over the last 30 days of trade price. The 50% increment in the Bitcoin trade price this year was contributed by the news related to Bitcoin spot ETF approval possibilities.
Read also: Coinbase CEO Says SEC Only Wants Crypto Regulation By Enforcement