A crypto gambling website foresees a high probability that a spot Bitcoin (BTC) exchange-traded fund (ETF) will be approved by mid-January.
According to the crypto betting site Polymarket, there are 88% odds that the U.S. Securities and Exchange Commission (SEC) will approve a BTC spot ETF by January 15, 2024.
According to a recent report by Reuters, a spot BTC ETF might be approved as soon as tomorrow. In light of the possibility, several asset management firms, including BlackRock, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco, Fidelity, WisdomTree, and a joint venture between Ark Investments and 21Shares, have recently updated their filings with the SEC to launch Bitcoin ETFs that are tied to spot prices.
The SEC could decide by January 10, and if issuers meet the filing deadlines, they could launch by then. The report states that a total of 14 asset managers are aiming for SEC approval, hoping to overcome past rejections.
The SEC has not yet replied to the requests for comment.
Widely followed economist Alex Krüger issued a warning to traders yesterday about Bitcoin, saying that the crypto king could correct after the approval of a spot market ETF.
In a lengthy thread, the analyst told his 158,900 followers on the social media platform X that he believes the SEC approving spot market BTC ETFs will be a sell-the-news event.
He said that strong inflows after the launch of an ETF could help push BTC’s price up. However, if the inflows are weak or if the ETF bids get rejected, he says it could cause the flagship digital asset to plummet.
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