Source: Adobe Stock
Analysts are now eyeing a potential window for the approval of Spot Bitcoin exchange-traded funds (ETFs), setting the time frame between January 5 and 10, 2024.
Previous deadline of November 17 by analysts passed without any discernible action from the Securities and Exchange Commission (SEC).
Deadline for Hashdex and Franklin Templeton ETF Around Jan 5 – 8
James Seyffart, an ETF specialist from Bloomberg Intelligence, shed light on this updated timeline, pinpointing the deadline for Hashdex and Franklin Templeton around January 5-8.
This aligns with the broader window of January 5-10, where approval for all twelve spot BTC ETF filings could potentially materialize.
This revised timeline quashes any lingering hopes for a December approval, with recent SEC developments pushing the odds to the year 2024.
Seyffart and colleague Eric Balchunas maintain their prediction of a 90% likelihood of approval by January 10.
Okay the window for potential spot #Bitcoin ETF approval is looking like its gonna be between Jan 5 & Jan 10 2024. I spoke with @thomasg_grizzle & @ScottW_Grizzle this morning and nailed this call. https://t.co/sOU950QlXj pic.twitter.com/y9JYdEpjNH
— James Seyffart (@JSeyff) November 30, 2023
Financial Advisors Waiting to Provide BTC Access to Clients
Financial advisors, eagerly anticipating Spot Bitcoin ETF approval, are poised to provide access to BTC for their clients. Ric Edelman, founder of Edelman Financial Services, a $250 billion asset management firm, underscores the significance of ETF approvals for financial advisors.
Edelman predicts a surge in interest, citing that 12% of advisors currently recommend Bitcoin, while 47% own the asset.
Edelman emphasized the importance of Bitcoin ownership among advisors for credibility.
He notes that advisors often grapple with the conflict of owning Bitcoin while not recommending it to clients, presenting a potential challenge.
Among the 47% of advisors who own BTC, many are eagerly awaiting the availability of spot BTC ETFs, anticipating compliance department approvals for this innovative investment product.
In a recent memo, the US SEC disclosed that it engaged in discussions with Grayscale on Thursday regarding the prospective transformation of the Grayscale Bitcoin Trust into an ETF.
The regulator body had initially opposed this transition, but Grayscale contested the decision in a legal battle, ultimately emerging victorious.
The post Analysts Set New Potential Window for Spot Bitcoin ETF Approval appeared first on Cryptonews.
