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Bloomberg’s ETF research analyst James Seyffart has taken to the Twitter/X social media platform to share his take on the rumors circulating the Crypto Twitter about spot Bitcoin ETF allegedly to be green-lit tomorrow.
A post citing TechCrunch was published by the “Bloomberg Terminal” account, stating that Bitcoin spot ETF is to be approved for “multiple firms’ applications” and “news expected tomorrow.”
Seyffart stated he does not expect Bitcoin ETF to get a go tomorrow, but he named the time frame when he believes this could happen.
Here’s when SEC may approve Bitcoin ETFs per Seyffart
James Seyffart tweeted that he does not believe the securities regulator will approve multiple Bitcoin ETFs tomorrow. He rather expects this important for the cryptocurrency industry event to happen between Jan. 8 and 10, as other experts predicted before.
Earlier this week, Matrixport published an article stating that the Securities and Exchange Commission of the U.S. is unlikely to green-light spot Bitcoin ETFs in January, contrary to the crypto community’s expectations.
This triggered a massive Bitcoin crash of 7%, making it lose the $45,000 level. An astounding wave of liquidations emerged as $730 million worth of cryptocurrency assets, mainly Bitcoin and Ethereum positions, were liquidated by traders in an attempt to save their funds.
Lark Davis on Bitcoin ETFs
Prominent crypto YouTuber Lark Davis believes that the approval of Bitcoin ETFs is unnecessary for Bitcoin to reach a new ATH. In today’s tweet, he stated that the previous peak of $69,000 was reached without this factor or without multiple major banks beginning to advocate Bitcoin as it happened in 2023. Davis added that “Bitcoin reached $69,000 without a USA BTC ETF. Without every institutional sales team pushing it to their clients. Without a Hong Kong ETF. Without fair accounting rules.”
Therefore, he said that in the long run, it does not matter whether the Bitcoin ETF gets the green light today or later this year or gets rejected by the SEC at all. Bitcoin has managed to reach $45,000 once again without any ETFs or Wall Street funds coming in, Davis emphasized. He believes Bitcoin will be able to reach a $10 trillion market capitalization value without them too.
Mushumir Butt
Tomiwabold Olajide
Gamza Khanzadaev
