U.S. asset managers remain optimistic despite a misleading SEC social media post suggesting approval of spot bitcoin ETFs. The SEC faces a critical decision on Wednesday regarding Ark Investments and 21Shares’ application for a spot bitcoin ETF. Multiple applications, including ones from industry giants like BlackRock and Fidelity, await SEC approval.

These ETFs could revolutionize bitcoin, allowing investors exposure without direct ownership and offering a significant boost to an industry plagued by controversies. Though unnamed industry insiders expected the SEC’s approval for Ark/21Shares and others, the SEC hasn’t confirmed its decision, remaining tight-lipped about the process.

The recent confusion caused by the fake SEC post triggered investigations but doesn’t seem likely to disrupt the approval process. ETF issuers have revealed their planned fees, a crucial step before a launch, with some firms preparing requests for SEC approval for a Thursday launch.

Despite the uncertainty, analysts believe the SEC leans toward approving these products, expecting significant investment inflows that could drive bitcoin to $100,000, as per Standard Chartered’s projections. Andrew Bond of Rosenblatt Securities sees this as a pivotal moment for legitimizing bitcoin as an asset class.

Bitcoin’s recent volatility, initially surging to $48,000 before dropping back due to the fake post, underscores the anticipation around ETF approval. This potential approval represents a shift for the SEC, historically concerned about market manipulation risks. Last year’s court ruling favoring Grayscale Investments’ ETF application compelled the SEC to reconsider its stance.

ETF issuers aim to address market manipulation concerns by collaborating with Coinbase Global for surveillance of the underlying bitcoin market. However, some investor advocates caution against approval, citing bitcoin’s immaturity. Even SEC Chair Gensler, while highlighting crypto’s risk, has hinted at potential approval through recent court decisions.