The US Securities and Exchange Commission (SEC) is “backed into a corner” on approving spot Bitcoin ETF applications.
Bloomberg analyst James Seyffart said in a webinar he attended with CryptoQuant that spot ETFs 90% chance of approval within the next week said that:
“The SEC will either have to find a new justification [çünkü] He rejected these ETFs on various grounds. The courts said those reasons were no longer important, so new reasons had to be found. […] I don’t think that’s an option for the SEC. Another option is [başvuruların] It would be possible to get him to withdraw, but again, I don’t think that’s likely because the SEC is backed into a corner. “I think they have to approve it.”
SEC representatives have met with applicants numerous times over the past few months. According to the information conveyed yesterday, issuers, Managed to address the SEC’s three main concerns about ETFs.
Commenting on how much money can flow into Bitcoin through spot ETFs, Seyffart said: “I don’t think we will exceed 100 billion in the first year or two. For comparison, a total of approximately $100 billion is held in gold ETFs in the United States.” said.
The Bloomberg analyst also noted that ETFs among institutional investors the spread of It may take months, He said these investors have to do their due diligence before making a purchase.
Seyffart, “It is necessary to understand that these people are among the most sophisticated traders in the world. “These are not random people sitting in their basement and hitting the buy button on Coinbase.” said.