Speculation that the SEC is set to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) on Friday has reached a fever pitch on social media.
A tweet from Grayscale’s legal chief that he was “Just filling out some forms,” in addition to a widely shared tweet from a reporter has fueled speculation that approval could come through within the next day.
Several analysts still expect potential approvals to come next week, however.
In a Jan. 4 post to X (formerly Twitter), TechCrunch reporter Jacquelyn Melinek cited sources “extremely close to the matter” to suggest multiple ETFs would be approved and is “expecting something tomorrow.”
heard from sources extremely close to the matter that the bitcoin spot ETF is going to be approved by the SEC for *multiple* firms’ applications
— Jacquelyn Melinek (@jacqmelinek) January 4, 2024
Others have taken particular interest in a cryptic tweet from Grayscale’s chief legal officer stating he was “Just filling out some forms,” — which has garnered 1.9 million views and 6,700 likes since it was posted.
Meanwhile, the hashtag #BTCETF and the term “Bitcoin ETFs” is currently trending on Twitter and the price of Bitcoin has also been climbing since its sharp Jan. 3 drawdown, up 3.4% in the last 24 hours, per TradingView data.
BITCOIN ETF TOMORROW??
— DustyBC Crypto (@TheDustyBC) January 5, 2024
“The rumor mill is going full steam,” trader Scott Melkor said in response to the back-and-forth speculation across social media.
Analysts splash cold water on rumors
However, Bloomberg ETF analyst James Seyffart has described the speculation around a Jan. 5 approval as “noise” and said he still expects approval will arrive between Jan. 8 and Jan. 10.
Senior Bloomberg ETF analyst Eric Balchunas says the SEC is currently providing final comments and that issuers will soon file their final 19b-4 and S-1 forms soon afterward.
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Author: Tom MitchelhillDid you like this?
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