The Securities and Exchange Commission (SEC) is poised to announce a significant decision concerning Bitcoin ETFs, a move keenly awaited by the cryptocurrency market.
According to ETF analyst James Seyffart, the decision related to the ARK 21Shares Bitcoin ETF will likely be released by the end of tomorrow.
Although the official deadline is slated for Aug. 13, it falls on a Sunday, leading to the anticipation of an announcement a day earlier.
Seyffart predicts the decision will most likely come after the market closes and strongly believes that a delay is on the cards.
As reported by U.Today, major financial institutions of the likes of BlackRock, Bitwise, Van Eck, and Wisdomtree are all seeking approval for their respective Bitcoin ETFs. The coming days will be especially crucial for ARK 21Shares, whose second deadline precedes those of its competitors, potentially giving it a leading edge in the ETF race.
However, the path to Bitcoin ETF approval is not without hurdles. Concerns related to market manipulation, liquidity, and investor protection could potentially delay or even derail some of these proposed ETFs.
Crypto dominance: North America at the forefront
Delving deeper into the ETF landscape, Eric Balchunas, another prominent ETF analyst, recently highlighted that the top 15 best-performing equity ETFs this year are all crypto-related, with $WGMI taking the lead with a staggering +227% growth.
Interestingly, North America is the epicenter for crypto ETF trading, accounting for a whopping 98% of the global volume.
Balchunas forecasts that with the anticipated release of spot ETFs in the US, this dominance might further consolidate, possibly reaching 99.5%.