Global Asset Manager Sees Bitcoin ETF as a ‘Done Deal’ in Early January

• Bernstein Research, a subsidiary of global asset management firm AllianceBernstein, strongly anticipates the U.S. SEC’s approval of a spot Bitcoin ETF by January 10, 2024.
• The SEC’s active engagement and response to the ETF applications, along with the market’s bullish reaction to related news, highlights the likelihood of this approval.

In the dynamic and ever-evolving world of cryptocurrency, Bernstein Research, an integral part of the global asset management powerhouse AllianceBernstein, has confidently asserted that the approval of a spot Bitcoin Exchange-Traded Fund (ETF) is almost a certainty in the early days of January 2024.

This bold claim is meticulously outlined in a memo circulated to TheStreetCrypto on October 30, where the firm unambiguously states,

“The probability of an approval by the Jan. 10 due date looks highly likely.”

This development has caught the attention of several media houses, including Findbold News, all of which are closely monitoring the situation and its potential ramifications.

The SEC’s choice not to appeal the Grayscale verdict has been identified by Bernstein Research as a crucial juncture in this narrative. The memo from Bernstein points out,

“The SEC’s direct interaction, providing edits and comments on the ETF applications, has significantly upped the chances of an approval coming through by the January 10 due date.”

This level of engagement from the SEC is a strong indication of their willingness to advance the process and possibly greenlight a spot Bitcoin ETF.

Related article: Bitwise Reloads: Revised Bitcoin ETF Proposal Takes Another Shot at SEC Approval

Expert Views and Market Anticipation Converge

Neel Maitra, a partner at Wilson Sonsini and former member of the SEC chairman Gary Gensler’s crypto division, has voiced his belief that the approval of a spot Bitcoin ETF is on the horizon, projecting its materialization in the ensuing months. Several major entities, including BlackRock, ARK Investment Management, and Fidelity, are in the application queue, awaiting the SEC’s decision. The market has responded positively to these developments, with Bitcoin’s value experiencing a surge following unfounded reports of an ETF approval, indicative of the potential for significant price gains upon official approval.

Presently, Bitcoin is trading at $34,200, showcasing a slight decrease of 1.24% on the day. However, it has managed to maintain a 25.79% gain over the past month. The market’s optimistic reaction to the unfounded ETF approval news underscores the high level of anticipation and the potential for impactful market movements following the SEC’s final decision.

From a personal standpoint, the prospective approval of a spot Bitcoin ETF stands as a monumental development in the realm of cryptocurrencies. It signifies a major stride towards mainstream acceptance and could serve as a catalyst for broader institutional adoption of Bitcoin. This, in turn, could inject significant capital into the Bitcoin market, contributing to its growth and stability.

The SEC’s constructive engagement in the application process is an encouraging sign, showcasing a shift towards a more cooperative and open-minded approach to cryptocurrencies. The positive market reaction to mere rumors of approval underlines the community’s readiness and eagerness for such a product. As we navigate through these exciting times in the cryptocurrency space, this development, if it comes to fruition, has the potential to mark a historic moment, further legitimizing and solidifying Bitcoin’s position in the financial world.

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