The likelihood of a Bitcoin spot exchange-traded fund (ETF) being approved in the US appears to have increased after the Securities and Exchange Commission (SEC) declined to appeal a recent court ruling in favor of Grayscale’s case.
Cryptocurrency analyst Michaël van de Poppe commented on the development on Twitter earlier today. “SEC isn’t appealing in the Grayscale case,” he wrote. “The inevitable is going to occur and most likely we’ll have Bitcoin Spot ETF’s end of this year/January 2024.”
An ETF would allow mainstream investors to gain exposure to Bitcoin without having to directly hold the cryptocurrency. Bitcoin spot ETFs have been repeatedly rejected by the SEC over concerns about manipulation and lack of regulation in crypto markets.
SEC isn’t appealing in the Grayscale case.— Michaël van de Poppe (@CryptoMichNL) October 14, 2023
The inevitable is going to occur and most likely we’ll have #Bitcoin Spot ETF’s end of this year/January 2024.
The institutional framework is being designed, through which buying the dips is the way to go.
$27K per Bitcoin is cheap.
The deadline for the SEC to appeal the ruling passed yesterday with no action taken.
“The institutional framework is being designed, through which buying the dips is the way to go,” added van de Poppe. At around $27,000 per bitcoin, he believes current prices are cheap.
Other crypto analysts have also suggested the lack of appeal indicates the SEC is prepared to finally approve a spot BTC ETF. Some have predicted product launches could happen before the end of this year or in early 2024 if an approval is granted.
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