Top Trader Says Bitcoin ETFs Coming “End of This Year/January 2024” Following SEC Action – Updates BTC Outlook

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.

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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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!