Bloomberg Analyst Discloses Feasible Schedule for Approval of Bitcoin ETF

Bloomberg’s ETF research analyst, James Seyffart, recently addressed the buzz on Crypto Twitter regarding the imminent approval of spot Bitcoin ETFs. Contrary to circulating rumors, Seyffart expressed skepticism about the Securities and Exchange Commission (SEC) giving the green light tomorrow. Instead, he proposed a time frame for potential approval.

Responding to TechCrunch’s post suggesting the approval of a Bitcoin spot ETF tomorrow, Seyffart clarified that he anticipates this significant event occurring between January 8 and 10. Dismissing the idea of immediate approval, Seyffart aligns his timeline with other experts’ predictions, diverging from the Crypto Twitter speculations.

Matrixport’s Impact on the Market:
Earlier this week, Matrixport’s report raised doubts about the SEC’s likelihood of approving spot Bitcoin ETFs in January. This unexpected revelation was expected to trigger a 7% Bitcoin crash, eroding the $45,000 level.

As a result, traders faced a wave of liquidations totaling $730 million, mainly in Bitcoin and Ethereum positions, as they sought to protect their assets amid the market turbulence.

Lark Davis’s Perspective:
Crypto influencer Lark Davis offered an alternative viewpoint, asserting that Bitcoin’s journey to a new all-time high (ATH) does not depend on ETF approval. Highlighting Bitcoin’s previous peak at $69,000 without a U.S. BTC ETF or widespread institutional endorsement, Davis emphasized Bitcoin’s ability to thrive independently.

He stated, “Bitcoin reached $69,000 without a USA BTC ETF. Without every institutional sales team promoting it to their clients. Without a Hong Kong ETF. Without fair accounting rules.” Davis remains optimistic about Bitcoin’s potential to achieve a $10 trillion market capitalization value without the immediate need for ETF validation.

The anticipation surrounding Bitcoin ETF approval continues, with Seyffart providing a nuanced timeline and Davis emphasizing Bitcoin’s resilience beyond regulatory approval.

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Bitcoin