However, market speculation has been ongoing.
Source: zycrypto
Compiled by: Blockchain Knight
On Tuesday, renowned crypto asset analyst Mike Alfred published an article on X (formerly Twitter), asserting that the likelihood of the approval of a spot BTC ETF before January 10th is as high as 98.7%, sparking excitement within the crypto asset community.
Alfred stated, "The likelihood of the approval of a spot BTC ETF before January 10th is as high as 98.7%."
He further added, "Many BTC miners have been trading bullish options for January, as there are no expectations for next month other than normal fluctuations. Why is Wall Street so indifferent to this issue?"
This tweet received widespread agreement, including from John E. Deaton, a lawyer who supports XRP, who enthusiastically responded to Alfred, expressing his agreement.
It is worth noting that John E. Deaton has been recognized for representing over 75,000 XRP investors in the SEC v. Ripple case. In October, he predicted that a spot BTC ETF would receive decisive approval by the end of this year or at the latest by the end of the first quarter of 2024.
Amid the growing optimism in the crypto asset field, some major companies in the United States are seeking approval for discussions and revised proposals for spot BTC ETFs.
On Monday of this week, the world's largest asset management company, BlackRock, submitted a latest proposal for its ETF, which incorporates the cash creation and redemption mechanism favored by the SEC.
The initial proposals from different applicants have all been subject to strict scrutiny by the SEC, raising concerns about investor safety and market manipulation.
It is worth noting that the SEC has recently been actively engaging with several ETF applicants, holding multiple meetings with companies such as Grayscale Investments, Fidelity Investments, and Franklin Templeton.
These meetings have revolved around key issues, particularly the choice between the physical and cash creation models.
Although the SEC generally favors the latter, considering it to be more secure, BlackRock and other issuers have consistently advocated for the adoption of the physical creation model.
This approach allows companies to redeem the BTC shares held by their ETFs. In order to address regulatory concerns, BlackRock has proposed a revised physical model, and market participants eagerly await the approval of the first wave of spot BTC ETFs.
However, market speculation has been ongoing. Bloomberg recently predicted that there is a 90% likelihood of the SEC approving a spot BTC ETF before January 10th.
Currently, the SEC is reviewing 13 related applications, and industry leaders anticipate that upon the approval of this highly anticipated product, a significant amount of funds will flow in, and the price of BTC will soar significantly.
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