Bitcoin, the leading cryptocurrency, has experienced significant volatility, reaching $45,879 before facing a sell-off due to unfounded ETF rejection rumors, resulting in substantial liquidations. The market eagerly awaits the next move.
The U.S. Securities and Exchange Commission (SEC) has been silent on the status of the spot Bitcoin ETF, with issuers unable to provide clear updates. Information is scarce beyond internal sources and updates in the SEC’s filing system.
Leaks suggest that ETF managers will make final file updates by January 8, with official approval or rejection expected by January 11. Bloomberg analyst Eric Balchunas indicates that Wall Street is nearing the final stage for the spot Bitcoin ETF, with BlackRock and others adjusting their filings accordingly.
Revisions through S-1 filings are expected by 8:00 AM Eastern Time or 13:00 UTC (16:00 Turkey Time). Experts note that exchanges for crypto funds have submitted their 19-b forms after market close on January 5, with these forms being the last step before the SEC’s decision.
Following Monday’s updates, the SEC is expected to vote, but no public agenda is set before January 11, the anticipated ETF launch date. Balchunas suggests the SEC might decide using a delegation of authority policy, which implies approval, as previous rejections did not involve voting. The SEC has historically denied spot BTC ETFs citing market manipulation concerns, but with heightened market expectations and numerous issuer meetings within a month, further delays seem unlikely. A rejection could lead to the SEC facing legal challenges from major U.S. financial managers.
