Bitcoin ETF Filings Trigger Rising Levels of Confusion

10 months ago 28

ARTICLE AD BOX

The crypto community has been stirred with confusion and speculation over the recent Bitcoin exchange-traded fund (ETF) filings with the United States Securities and Exchange Commission.

“My understanding here is that this is just a securities registration. In order to list the ETF still needs a 19b-4 approval and they need an effective/approved/completed S-1 document,” James Seyffart stated.

Bitcoin ETF Filings Cause Confusion in Crypto Community

Fidelity Investments’ filing with the US SEC sparked confusion among online speculators. Although some construed it as an indication of approval for its spot Bitcoin ETF, analysts swiftly refuted such claims.

The filing states “an application for listing of the Shares of the Trust has been filed with and approved by Cboe BZX Exchange.”

Bloomberg ETF analyst James Seyffart addressed the news on X (formerly Twitter). Initially hesitant, he aimed to clarify the situation and prevent the spread of false speculations:

“Wasn’t gonna say anything but saw some takes about this meaning its already approved and about 5,000 questions.”

Crypto Enthusiasts Optimistic About Prospective US SEC Approval

The deadline for the US SEC approving the spot Bitcoin ETF is only days away on January 10.

Furthermore, the excitement is evident, with investors on the decentralized prediction platform Polymarket betting on this outcome.

Meanwhile, the odds stand at an 88% probability of approval by January 15, 2024. as evidenced by the trading price of the “Yes” shares of the relevant contract.

However, the 88% probability marks a significant increase from the 50% chance estimated just a month ago. The growing optimism is not without foundation. A recent report revealed the SEC was poised to notify the 14 applicants of spot Bitcoin ETFs about their approval status.

This news has sent waves through the crypto market, with Bitcoin’s value soaring 55% since early October.