A go-ahead from the U.S. Securities and Exchange Commission could trigger $10 billion in inflows to Bitcoin ETFs in the first year, says Bloomberg's James Seyffart.
The United States Securities and Exchange Commission (SEC) "has been backed into a corner" to approve a spot Bitcoin exchange-traded fund (ETF), in the opinion of Bloomberg analyst James Seyffart.
During a private webinar with CryptoQuant on Jan. 4, Seyffart said the investment vehicle has a 90% chance of receiving the green light next week, although challenges may still arise:
Seyffart's comments refer to the latest developments following BlackRock's filing for a spot BTC ETF in June. Since then, SEC officials have held dozens of meetings with asset managers in line for approval, addressing concerns and requesting adjustments. In addition, the regulator lost a court battle in August with one of the firms in the race, Grayscale, over the conversion of its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed BTC ETF.
