Bitcoin surged to $45,000, reversing losses from the recent flash crash, reaching a 1.7% increase and trading at $45,100 according to CoinGecko data as the crypto community awaits the U.S. SEC’s decision on various applications for a spot Bitcoin ETF.
Ahead of the SEC’s ruling, exchanges seeking to list these ETFs submitted their 19b-4 forms by Friday, with crypto firms having until Monday morning to make last-minute amendments to their S-1 applications.
In a flurry of filings, BlackRock, WisdomTree, VanEck, Ark Invest, and Grayscale disclosed ETF fees, creating what Bloomberg analyst Eric Balchunas called an “ETF Terrordome.” Balchunas believes there’s a 95% chance of a Bitcoin ETF approval by January 10.
Balchunas anticipates a potential $10 billion value for the asset class in its first year if the SEC approves the ETF, but opinions vary. Polymarket rates the likelihood of approval by January 15 at 85%, while only 39% of polled financial advisers believe in a U.S. spot Bitcoin ETF launch in 2024.
