Will Tomorrow Be Bitcoin’s Lucky Day? Expert Discusses Odds of BTC ETF Approval

TL;DR

• The crypto sector anticipates the US SEC’s decision on spot Bitcoin ETFs from top finance companies.
• Crypto Rover points to the date as the SEC’s appeal deadline for Grayscale’s ETF, suggesting possible approval for all Spot ETFs if untouched.
• Industry figures, including Cathie Wood, speculate that the SEC could simultaneously greenlight multiple spot BTC ETF applications.

Friday the 13th Seems Like a Pivotal Date

It is safe to assume that most cryptocurrency participants eagerly await the US SEC’s approval or dismissal of the numerous filings for spot Bitcoin ETF coming from finance giants, such as BlackRock, Fidelity, Invesco, and many others.

Some analysts have predicted that a possible nod from the regulator could trigger a bull run for the primary digital asset and infuse optimism in the entire sector. 

And while some believe that development would not occur soon, the popular cryptocurrency investor and trader using the X (Twitter) handle Crypto Rover thinks such an approval could happen tomorrow (October 13). 

They reminded that the date marks the deadline for the watchdog to appeal the Grayscale Bitcoin Spot ETF decision.

“If they don’t appeal the court’s decision, they will have no further options to decline any other Spot Bitcoin ETFs, and thus, they will be forced to approve them all. So if the SEC doesn’t appeal by the end of Friday, we are essentially guaranteed to see all the Spot ETFs approved,” the trader assumed.

It’s Either None or Many of Them at Once

Another person who believes the SEC could say “yes” to many of the spot BTC ETF applications simultaneously is Cathie Wood – CEO of ARK Investment Management:

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“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once.”

James Seyffart – an ETF analyst at Bloomberg Intelligence – backed her thesis, suggesting the agency’s “path of least resistance” would be to greenlight all or at least many of the applications filed until now. 

A spot BTC ETF tracks the live price of the leading digital currency and gives investors a chance to have exposure to Bitcoin without actually owning amounts of it. The product has so far seen the light of day in multiple regions, such as Canada and Europe, but not yet in the United States.