Bloomberg analysts point to 8-day window beginning Nov. 9 in which several spot Bitcoin ETFs could see approval Bloomberg analysts point to 8-day window beginning Nov. 9 in which several spot Bitcoin ETFs could see approval
However, there is no indication from the SEC that this will actually happen.
2 min read
Updated: Nov. 9, 2023 at 2:11 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bloomberg ETF analysts James Seyffart and Eric Balchunas posted a research note on Nov. 8 suggesting that an upcoming 8-day window opening on Nov. 9 may see approvals from the SEC for several proposed spot Bitcoin ETFs.
That tweet reads:
“New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.”
Seyffat commented further on the note on Twitter, stating that the current window for all 12 applications ends on Nov. 17. However, he said that the SEC could decide on nine of the 12 ETF applications over the next two months.
No guarantee
The fact that an approval window has opened does not guarantee that the U.S. Securities and Exchange Commission (SEC) will approve the pending applications. The agency has not stated that it will approve the applications.
Optimism around pending applications comes from several factors, including that the SEC requested comments on various proposals beginning in late September. Seyffarts’ note observed that several applicants received delay notices that placed the end of the comment period today, Nov. 8, opening up the collective approval period.
The fact that several applications are patterned after a proposal from BlackRock, the world’s largest asset manager, is also raising hopes for a spot Bitcoin ETF approval. BlackRock and many other applicants have addressed earlier concerns around market manipulation by adding a surveillance-sharing agreement with Coinbase.
Another reason for optimism is Grayscale’s recent court victory, which will compel the SEC to review the firm’s planned GBTC to ETF conversion.
Meanwhile, ARK Invest executive Cathie Wood has suggested that the SEC will likely approve multiple ETFs at once. This means that any timeframe that allows multiple ETFs to be approved simultaneously is noteworthy.
Bitcoin Market Data
At the time of press 2:11 am UTC on Nov. 9, 2023, Bitcoin is ranked #1 by market cap and the price is up 1.55% over the past 24 hours. Bitcoin has a market capitalization of $702.12 billion with a 24-hour trading volume of $18.39 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:11 am UTC on Nov. 9, 2023, the total crypto market is valued at at $1.36 trillion with a 24-hour volume of $44.34 billion. Bitcoin dominance is currently at 51.83%. Learn more about the crypto market ›
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Cathie registered ARK Investment Management LLC (“ARK”) as an investment adviser with the U.S.