Grayscale Bitcoin Trust (GBTC) and VanEck have made crucial filings with the U.S. Securities and Exchange Commission (SEC), igniting hopes for the approval of a spot Bitcoin Exchange-Traded Fund (ETF). This move marks a pivotal moment in the crypto world, potentially paving the way for an influx of institutional investment.
Progress towards spot Bitcoin ETF
On Thursday, GBTC filed a Form 8-A registration with the SEC, a major step indicating progress towards the launch of a spot ETF. This follows closely on the heels of a similar move by Fidelity on January 3. Additionally, VanEck Bitcoin Trust has also registered its securities with the SEC. These filings are seen as a substantial advancement in the long-awaited approval of a spot ETF for Bitcoin.
Walter Bloomberg, a prominent financial analyst, highlighted these developments on social media, noting that the Form 8-A filing is a critical step for trading on an exchange. Bloomberg analyst James Seyffart echoed these sentiments, projecting that the SEC could start signaling its approvals as early as the end of the week, with a potential official approval between January 8 and 10. Seyffart anticipates that the gap between the approval and the actual trading of these ETFs will be short, measured in days rather than weeks.
Market response and expert predictions
The cryptocurrency markets have responded positively to this news, with a noticeable rebound in prices reflecting the renewed optimism. ETF expert Nate Geraci, citing Bloomberg reporter Yueqi Yang, remarked on Coinbase’s preparedness for these potential launches, suggesting that the industry is poised for significant growth.
In a bold prediction, veteran crypto trader Ash Crypto foresees Bitcoin reaching a peak of $250,000. Ash Crypto’s enthusiasm is rooted in the belief that the approval of a spot ETF would lead to a substantial inflow of capital into the cryptocurrency market, potentially driving Bitcoin and altcoins to unprecedented highs.
These developments come at a crucial time for the cryptocurrency sector, which has been seeking greater legitimacy and mainstream acceptance. The potential approval of a spot Bitcoin ETF by Grayscale and VanEck could be a watershed moment, attracting a new wave of investors and solidifying the role of cryptocurrencies in the broader financial landscape.
