According to crypto analyst Crypto Rover, the long-awaited approval of the first Bitcoin spot ETF in the US could arrive within the next 49 days.
In a recent tweet, Crypto Rover explained why he expects Bitcoin spot ETF approval to be imminent before the end of 2023. The key drivers involve Ark Invest’s Bitcoin ETF application deadline arriving soon, as well as recent legal victories that strengthen the case.
Crypto Rover notes that if the SEC were to reject Ark Invest’s spot ETF application but then approve BlackRock or other large institutions’ versions, it would likely face legal challenges and accusations of unfair preferential treatment.
Additionally, with Grayscale winning a recent lawsuit against the SEC related to a Bitcoin spot ETF, the regulatory odds of approval continue to shift more positively.
Given these dynamics, Crypto Rover expects it is extremely likely at least one Bitcoin spot ETF will be given the green light before Ark Invest’s deadline, if not approved even sooner.
The long-awaited ETF approval would allow mainstream investment funds and retirement accounts access to Bitcoin investments for the first time, representing a potential trillion-dollar inflow tailwind.
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In summary, Crypto Rover presents a compelling timeline, suggesting the SEC is running out of reasons to keep delaying Bitcoin adoption via a spot ETF. Investors should brace for impact, as this floodgate could open to institutional inflows any day within the next 49 days.
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