Bernstein Research, a division of AllianceBernstein (NYSE:), projects the U.S. Securities and Exchange Commission (SEC) will approve the first spot Exchange-Traded Fund (ETF) by January 10, 2024. This prediction follows the SEC’s decision not to contest the Grayscale verdict and its ongoing involvement in ETF application dialogues.
Neel Maitra, a former SEC official, shares Bernstein’s anticipation of a forthcoming spot Bitcoin ETF. Maitra cites the substantial correlation between Bitcoin futures and the spot market as a key factor supporting this expectation.
Several prominent entities including BlackRock (NYSE:), ARK Investment Management, Fidelity, Bitwise, VanEck, Wisdomtree, and Invesco have submitted applications for spot Bitcoin ETFs. As of today, the SEC is reviewing eight to ten such proposals.
Despite recent price volatility, Bitcoin has maintained a monthly gain of 25.79%. The market demonstrated an optimistic response to unfounded news of a Bitcoin ETF approval, suggesting potential price increases upon actual endorsement.
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