"Investors must be empty right if the crypto market is bland at the end of the year."
Amidst a bullish cryptocurrency market, Bloomberg ETF analysts James Seyffart and Eric Bulchunas expect there to be a 65% chance the Securities and Exchange Commission (SEC) will approve a spot Bitcoin (BTC) ETF.
Please note that the crypto market has climbed 50% over the past few weeks and 1% over the past few months, but the BTC price is still maintaining flat momentum despite growing confidence in ETF filings.
Several asset management companies such as Blackrock, Citadel, Valkyrie and Fidelity are vying for approval of spot BTC ETFs while Grayscale is fighting in court against the SEC for the conversion of Grayscale Bitcoin Trust (GBTC) to spot ETFs.
According to Seyffart and Bulchunas, SEC Chairman Gary Gensler has not only spoken about the importance of a collective decision by all agency commissioners to approve ETFs but also the SEC's agreement to trade BTC but not altcoins as well as BlackRock's filing.
While John Deaton, the lawyer representing Ripple (XRP) holders in the lawsuit between the digital asset and the SEC, has agreed with the analyst's prediction that Grayscale's victory in the GBTC case could defeat the SEC.
Seyffart expects the final decision for the GBTC case to happen at the end of 2023 and it may be approved after December 31, 2023 but before September 1, 2024, but it should be noted that there is another important event which is the halving of BTC in April 2024.
As of this writing, the price of BTC has plunged by 2.48% to $29,191 in the last 24 hours with a market cap of $567 billion and has recorded a 0.65% decline over the past week.
