Market observers anticipate some volatility ahead for Bitcoin (BTC) price. Among the reasons behind it is a spike in on-chain activity and the impact of an impending spot Bitcoin ETF (exchange-traded fund) approval by the US Securities and Exchange Commission (SEC).

BlackRock expects favorable news from the financial regulator regarding its spot Bitcoin ETF application by January 10. Interestingly, this date coincides with the SEC’s deadline to approve or reject the ARK 21 Shares spot Bitcoin ETF application.

Bitcoin ETF Decision Looms

Bloomberg senior ETF analyst Eric Balchunas explained SEC Chair Gary Gensler’s probable non-opposition to a Bitcoin ETF launch. He highlighted Gensler’s lack of substantive grounds for refusal and noted his proactive direction to the SEC staff to engage with the Bitcoin ETF applicants.

“[Gensler] is literally the one who directed the staff to put in thousands of man-hours to work with 11 issuers on 5-10 rounds of comments, and most recently telling them they want these lined up for 1/11 launch,” Balchunas added.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

This insight follows a series of discussions and meetings the SEC had with Bitcoin ETF applicants resulting in multiple amendments. Notably, BlackRock was among the many applicants who submitted a 19b-4 amendment on January 5 to the SEC.

Satoshi Nakamoto Wakes Up

Meanwhile, an intriguing occurrence unfolded when an unidentified individual transferred more than $1 million worth of BTC int

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Author: Oluwapelumi Adejumo

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