Bitcoin ETF Experts Still Confident on Approval, Dismiss Market Dump 

Around $100 billion has left the crypto market over the past 24 hours as Bitcoin crashed in late trading on Jan. 3.

BTC slumped as much as 8% to bottom out at around $42,000 before recovering to reclaim $43,000 again on Jan. 4. 

Many have cited reports and rumors that the highly anticipated pack of spot Bitcoin ETFs will now be reflected by the US Securities and Exchange Commission.

While this remains a possibility, industry experts and analysts are still confident that they will be approved next week. 

Bitcoin ETF Approvals Still on The Table 

On Jan. 4, crypto YouTuber Lark Davis said, “Bitcoin dumped over a rumor started by Matrixport,” before adding: 

“Gives you a taste of what would happen if the SEC actually did deny the ETF. BUT, chances are still overwhelmingly in favor of an approval.”

January 10 is the final deadline for the Ark 21Shares spot BTC ETF application, however, it has been expected that the SEC will batch approve as many as 12 in the queue to prevent a first-mover advantage. 

Tether and VanEck strategist Gabor Gurbacs commented: 

“We are at the phase where markets dump based on some charlatan talking about Bitcoin ETF predictions. That’s just dumb. Most have learned nothing.”

Meanwhile, Bloomberg senior ETF analyst Eric Balchunas said that all the signs, such as continued meetings and filing amendments, were pointing to SEC approvals. 

Things you prob don’t do if you going to deny or delay. Hearing similar btw, and why why when we see updated (final) 19b-4s roll in that is sign approval imminent as SEC has been doing back and forth w issuers offline to perfect their 19b-4s vs doing numerous refilings a la S-1s https://t.co/1K0tUYD4xa

— Eric Balchunas (@EricBalchunas) January 3, 2024

He added that many people have asked him about the “rejection” report. 

“We have heard nothing to indicate anything but approval but I want to give the guy the benefit of doubt so I’m asking if he has any sources or if he just speculating. He seems to be Bitcoin bull and recently tweeted “executives” said approval is likely. So unsure why he flipped.”

According to Fox Business, “Sources close to the proceedings say the SEC could begin notifying issuers of approval on Friday, with trading beginning as early as next week.”

Crypto lawyer Jake Chervinsky was also confident that, after ten years, “we’re finally on the verge of having spot Bitcoin ETFs approved in the USA.”

It took over ten years, but we’re finally on the verge of having spot bitcoin ETFs approved in the USA.

(Yes, we are.)

Many deserve credit for this milestone, but chiefly @Grayscale and its lawyers, who had the guts to fight this out in court and won.

Let’s fight more in 2024.

— Jake Chervinsky (@jchervinsky) January 4, 2024

Grayscale in Talks With Big Banks on ETF 

In related news, crypto asset manager Grayscale is reportedly in talks with big banks, including JPMorgan and Goldman Sachs, to potentially play a key role in its proposed Bitcoin ETF.

Both are being considered to be “authorized participants,” entities that have the power to create and redeem shares of the fund, according to Bloomberg’s anonymous sources. 

The post Bitcoin ETF Experts Still Confident on Approval, Dismiss Market Dump  appeared first on CryptoPotato.