Bitcoin‘s price volatility continues, with large trades significantly impacting its value. As investors brace for more fluctuations, Valkyrie Investments’ co-founder and CIO, Steven McClurg, made critical comments today. His insights carry extra weight as Valkyrie is among the firms that have applied for an ETF.
McClurg confidently stated that the SEC would approve a spot Bitcoin ETF by the end of the working day on Wednesday, with the first trading day expected on Thursday. His firm is in ongoing discussions with the SEC, suggesting he may have undisclosed evidence supporting his claim.
The SEC has been in long discussions with issuers and seems to be shifting from its previously negative stance on BTC ETFs to a more solution-oriented approach, especially after the success of GBTC.
ETF filings are nearly complete, with AP agreements in place, S-1 forms uploaded, and everything set for official approval tomorrow. The final decision date for the joint ETF application by Ark and 21Shares is January 10, with the expectation that the SEC will offer the chance to be first to all prepared applicants.
The focus is on the trading volume figures for the first days, Thursday and Friday. McClurg expects Valkyrie’s ETF to attract between $200 million and $400 million initially, aiming for $5 billion within a few weeks. While BlackRock may draw $2 billion early on, the $5 billion target seems optimistic. The higher the inflow, the more Bitcoin’s price should rise. McClurg anticipates the launch of 10 ETFs simultaneously in the first wave, although not all 13 applications may cross the finish line at once.
