Cluster of Bitcoin ETFs Positioned for Potential SEC Approval, Says Analyst

Published: Nov 8, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

ETF analyst James Seyffart asserts the SEC could approve a swath of bitcoin spot ETFs together in a brief upcoming window. The analysis aligns with his forecast of >90% odds for approval by January 2024.

In a recent tweet thread, Seyffart said that a joint approval wave could occur because multiple recent filings faced simultaneous delay orders. 

Seyffart notes that the earliest window opens after the latest comment periods expire around November 17th, before new ones commence. This period allows for approving all pending filings together.

The 12 delayed applicants include heavyweights like BlackRock, Bitwise, VanEck, and Fidelity.

Seyffart believes the SEC could likely allow all players to launch spot ETFs fairly, following Grayscale’s legal win affirming bitcoin’s non-security status.

In his opinion, the SEC will most likely make a decision on the first nine on the list below. Seyffart asserted that it could happen at any point from now until January 10, 2024.

“This window for all 12 ends by 11/17. But theoretically SEC could make a decision on the first 9 on this list at any point from now until Jan 10, 2024.”

said Seyffart.

However, X user db noted that an ETF cannot be approved while it is in the comment period. He added that approvals still seem more probable in January 2024.

Despite remaining questions, the identified approval window provides a near-term point of focus for bitcoin ETF hopefuls. But the SEC’s opaque approach means conviction around specific dates remains elusive.

Bitcoin recently surged from a $26,000 level to the current $35,000 in anticipation of potential spot ETF approval. This anticipation by the community has pushed the price and could likely push it higher in the event of approval.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.