People on social media are buzzing about the possibility of the U.S. Securities and Exchange Commission (SEC) giving the green light to a Bitcoin exchange-traded fund (ETF) today, January 5. This whole excitement started with some mysterious tweets and claims.
One tweet from Craig Salm, Grayscale’s legal bigwig, hinted at filling out forms, adding to the intrigue. Then there’s a widely shared tweet from Jacquelyn Melinek at TechCrunch, citing super close sources, saying multiple ETFs could get the nod on Friday. That got the #ETFBitcoin hashtag and ‘Bitcoin ETFs’ talk trending like crazy on Twitter.
But here’s the twist: Bitcoin took a hit, dropping from $44,700 to $43,200, despite a strong bounce back from the January 3 crash.
Analysts are waving the caution flag, saying not to get too hyped yet. Bloomberg’s ETF analyst, James Seyffart, called all the January 5 approval hype ‘noise’ and figures the real deal might come next week, around January 8 to 10.
Another Bloomberg analyst, Eric Balchunas, spilled some details, mentioning that the SEC is in the final comment phase. Issuers are gearing up to file their last 19b-4 and S-1 forms. These forms need the SEC’s thumbs-up before an ETF can hit the market. For the spot Bitcoin ETF to truly pass, it’s got to nail that 19b-4 form.
The spot Bitcoin ETF is a huge deal, especially in the U.S., and everyone’s waiting eagerly. Fourteen issuers, big names like BlackRock, Valkyrie, ARK Invest, and Fidelity, are all in the queue for this potential first-of-its-kind ETF.
