As ETF approval approaches, experts have unleashed a hypnotic obsession, and most recently, it came from the horse’s mouth. Bloomberg analyst James Seyffart estimated the cleanup date as January 5-10, 2024. His prediction followed a series of intentionally delayed dates, indicating that the SEC was working together to approve numerous ETF applications simultaneously. If true BTC heads towards a new ATH soon, Matrixport interprets that the spot Bitcoin ETF and the Federal Reserve’s rate cut could push the Bitcoin price to $63,140 by April 2024.
Will the ETF approval date be disclosed?
Seyffart’s analysis revolves around Hashdex and Franklin Templeton’s deadlines, and concludes that the window for approving applications for all 12 spot Bitcoin ETFs could fit between January 5 and 10. His prediction is consistent with one he and his colleague Eric Balchunas have been supporting for months. We are targeting January 10th as a potential approval date. This also means there is absolutely no chance of ETF approval in December, potentially extending into 2024.
Financial attorney Scott Johnsson agreed that regulators would likely approve the funds around Jan. 10, according to SEC filings. He said in a tweet: “It’s the only way that really makes sense. Surely we can lock this down.”
Financial Advisors Are Waiting for Bitcoin ETFs
However, Edelman Financial Services founder Ric Edelman highlighted the financial advisors’ recommendation to hold Bitcoin and recommend it to their clients. He noted that advisors own Bitcoin but are hesitant to offer it to clients because there is no ETF. Edelman emphasized the need to balance personal asset ownership with professional recommendations, arguing that an advisor’s Bitcoin ownership can increase trust and client connection.
Edelman noted that while 47% of advisors own Bitcoin, many are waiting for spot Bitcoin ETF clearance before recommending them to clients. The recommendation is delayed because advisors expect compliance departments to approve ETFs, making them a more attractive alternative for clients.
Market Reaction: Bitcoin Hits Highs in 2023
Bitcoin surged to a 2023 high of $37,980, reacting to the news showing a 2.4% increase in the past 24 hours. The recent bullish trend in the market has been triggered by expectations of the SEC’s possible approval of a spot Bitcoin ETF. This type of ETF invests directly in Bitcoin to influence its limited supply, which is different from traditional ETFs that deal with derivative contracts.
Recently, the SEC requested public comment on Bitcoin’s market manipulation risks, proposed funds, and anticipated ETF exchanges. In addition, opinions were requested on the exchange’s transaction demand management and ETF pricing method.