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Bitcoin ETF Approval Speculation Fuels Social Media Frenzy

Speculation regarding the approval of a Bitcoin exchange-traded fund (ETF) by the SEC has surged on social media, with anticipation mounting for a potential announcement on Friday.

Fueling these expectations, a tweet from Grayscale’s legal chief mentioning that he was “just filling out some forms,” along with a widely shared tweet from a reporter, has intensified the speculation of an imminent approval.

While some analysts foresee the possibility of approvals as soon as the next day, others suggest that we might have to wait until the following week.

TechCrunch reporter Jacquelyn Melinek, in a January 4th post on X (formerly Twitter), cited sources “extremely close to the matter” and indicated that she was “expecting something tomorrow,” hinting at the potential approval of multiple ETFs.

One tweet that has caught the attention of many is from Grayscale’s chief legal officer, who cryptically mentioned that he was “just filling out some forms.”

This tweet has garnered significant attention with 1.9 million views and 6,700 likes since its posting.

Social media is buzzing with the hashtag #BTCETF and discussions around “Bitcoin ETFs,” while the price of Bitcoin has also experienced an uptick of 3.4% in the last 24 hours, following a sharp drop on January 3rd, according to TradingView data.

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However, not everyone is convinced of an immediate approval. Trader Scott Melkor acknowledges the vigorous rumor mill but remains cautious.

Bloomberg ETF analyst James Seyffart views much of the January 5th approval speculation as noise and anticipates approval to arrive between January 8th and 10th.

Attorney Joe Carlasare points out that the public comment period for several ETF applications extends until midnight on January 5th, making it “very unlikely” for approval to occur before the start of the next week in his view.

Eric Balchunas, senior Bloomberg ETF analyst, reveals that the SEC is in the process of providing final comments, and issuers are expected to file their final 19b-4 and S-1 forms soon.

Both forms must gain SEC approval before the ETF can commence trading, with the 19b-4 form being particularly crucial for the spot Bitcoin ETF’s effective approval.

Scott Johnsson, general partner at VB Capital, remains skeptical about an ETF approval before the next week, unless all 19b-4 applications are already clear and the SEC is open to simultaneous approvals.

Currently, 14 issuers are competing for the approval of a Bitcoin ETF, including BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity.

Investors and enthusiasts alike eagerly await the SEC’s decision, which could have a significant impact on the cryptocurrency market.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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