Bloomberg ETF Research Analyst James Seyffart has taken to social media platform Twitter/X to share his opinion on rumors circulating on Crypto Twitter regarding the Bitcoin spot ETF supposedly getting the green light tomorrow.
Bloomberg ETF Research Analyst James Seyffart has taken to social media platform Twitter/X to share his opinion on rumors circulating on Crypto Twitter regarding the Bitcoin spot ETF supposedly getting the green light tomorrow.
A post cited by TechCrunch was published by the “Bloomberg Terminal” account, stating that the Bitcoin spot ETF will be approved for “multi-company applications” and “news expected tomorrow.”
Seyffart stated that he does not expect the Bitcoin ETF to go live tomorrow, but mentioned the time frame in which he believes this could happen.
Here’s When the SEC May Approve Bitcoin ETFs According to Seyffart
James Seyffart tweeted that he does not believe the securities regulator will approve multiple Bitcoin ETFs tomorrow. He rather expects this important event for the cryptocurrency industry to occur between January 8 and 10, as other experts predicted before.
Earlier this week, Matrixport published an article claiming that the US Securities and Exchange Commission is unlikely to give the green light to Bitcoin ETFs in January, contrary to the crypto community’s expectations.
This triggered a massive 7% Bitcoin drop, causing it to miss the $45,000 level. A staggering wave of liquidations emerged as traders liquidated $730 million worth of cryptocurrency assets, primarily Bitcoin and Ethereum positions, in a bid to save their funds.
Lark Davis on Bitcoin ETFs
Prominent crypto YouTuber Lark Davis believes that the approval of Bitcoin ETFs is unnecessary for Bitcoin to reach a new ATH. In today’s tweet, he stated that the previous peak of $69,000 was reached without this factor or without several major banks starting to defend Bitcoin as happened in 2023. Davis added that “Bitcoin reached $69,000 without a US BTC ETF.” Without each institutional sales team pushing it to their clients. No Hong Kong ETF. Without fair accounting rules.”
Therefore, he said that in the long term, it doesn’t matter if the Bitcoin ETF gets the green light today or later this year or if it is rejected by the SEC. Bitcoin has managed to reach $45,000 once again without ETFs or Wall Street funds coming in, Davis emphasized. He believes that Bitcoin will also be able to reach a market cap value of $10 trillion without them.
