Bloomberg’s senior ETF analyst Eric Balchunas made remarkable statements about the spot Bitcoin (BTC) ETF application process.
Eric Balchunas dated 17 November in your post spot Bitcoin exchange-traded fund (ETF) It included remarkable details about the applications and the new move of the US Securities and Exchange Commission (SEC) regarding the process. balchunas SEC’s Trading & Markets He stated that his department contacted US-based exchanges about Bitcoin ETFs this week.
This emerging development positive Describing it as news, Balchunas included the following statements between the lines of his statement:
There are rumors that the SEC’s Trading & Markets division is contacting exchanges this week on spot Bitcoin ETF 19b-4s, asking ETFs to opt for cash creation (not in exchange for goods) and asking exchanges to issue corrections in the coming weeks. Although this was expected, it is still a positive sign.
SEC’s request from brokerage firms With cash, not Bitcoin The experienced name interprets it as a step towards doing business, but also issuer He suggested that it would also allow organizations and exchanges to act without the need for third-party institutions for Bitcoin transactions.
On the other hand, so far only 2-3 applicants Stating that the cash generation method is taken into account, the analyst hinted that this situation may result in the applications being updated again. Again early 2024 The possibility of ETF approval for 90% He said that it was and that this latest development did not change much about the 90% probability.
James Seyffart, another Bloomberg analyst who shared a post in parallel with Balchunas’ statements, said: Franklin Templeton spot Bitcoin ETF will be postponed he suggested.
Seyffart was right in his prediction, and the SEC soon Global X’s and announced that Franklin Templeton had postponed its spot Bitcoin ETF applications.
Following the announcement made by the analyst, Bitcoin made a rapid comeback on November 17 at around 20:00 CET. $36,900 from $35,980 rose up to the band.