Put this date on your calendar: Bitcoin ETFs are coming soon

All attention is currently focused on the possible approval of spot Bitcoin (BTC) ETFs. As applicants rush to adapt their proposals to new requirements, Bloomberg analysts still expect the US Securities and Exchange Commission (SEC) to green light the exchange funds in January 2024.

Bitcoin exchange funds on the way

On December 18, BlackRock made a change to its iShares Bitcoin ETF, taking into account certain SEC requirements. Bloomberg analyst James Seyffart noted that this change is likely to appease the SEC, which may object to a model in which a third party buys and sells Bitcoin on behalf of the ETF. Parties who do not adjust this in their application run the risk of being left out, says Seyffart.

What this means for the market is significant. Seyffart and his colleague Eric Balchunas remain optimistic that despite the short-term adjustments, spot Bitcoin ETF approvals are likely in the first days of January 2024. January 10, in particular, is a date to keep an eye on, according to analysts.

On this date in January, the first Bitcoin ETF can be approved

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Consequences for the BTC price

The future for Bitcoin ETFs looks bright, but it is not without difficulties. The SEC still has the ability to delay decisions, which it has done many times in the past. However, the expectation remains that the first approvals will come soon, which will represent a long-awaited milestone for the crypto industry. These potential approvals could usher in a new wave of institutional and private investment that could have a positive impact on Bitcoin price and the broader crypto market.

The launch of spot Bitcoin ETFs could be a major step forward for the acceptance and integration of cryptocurrencies into traditional financial systems. The start of 2024 could usher in a new era for Bitcoin and cryptocurrencies

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