Firms Rush to Update for Launching Spot Bitcoin ETFs!

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• With only days left until the potential approval of the first spot Bitcoin ETF in the U.S. market, companies like BlackRock are making every effort to meet SEC requirements.
• According to Bloomberg analyst James Seyffart, BlackRock, Hashdex, and Pando Asset have submitted updated S-1 files.
• Michael Saylor, the co-founder of MicroStrategy Inc., anticipates that the expected approval of the spot Bitcoin ETF around January 10 could initiate a “demand shock” in the market.

Only Days Left for the Approval of the First Spot Bitcoin ETF in the U.S.: Firms Continue to Update Spot Bitcoin ETFs!

Companies That Want to Offer Spot ETFs Made an Update

With only days left until the potential approval of the first spot Bitcoin ETF in the U.S. market, companies like BlackRock are making every effort to meet SEC requirements. Most recently, BlackRock, Hashdex, and Pando submitted revised S-1 files to the SEC on December 22.

According to Bloomberg analyst James Seyffart, BlackRock, Hashdex, and Pando Asset have submitted updated S-1 files. BlackRock proposed a $10 million initial fund injection for the spot Bitcoin exchange-traded fund (ETF) scheduled for January 3. While funding does not guarantee an instant launch, it indicates that the ETF may be ready to launch in the coming days.

The world’s largest asset manager, BlackRock, plans a $3 million initial fund for the Bitcoin ETF. Michael Saylor, the co-founder of MicroStrategy Inc., anticipates that the expected approval of the spot Bitcoin ETF around January 10 could initiate a “demand shock” in the market. Saylor emphasizes that the approval of spot ETFs will serve as a significant catalyst for the current crypto investors, addressing the absence of a “high bandwidth, compatible” investment channel.

Arthur Hayes, co-founder of BitMEX, issued a warning to the crypto community regarding the possible approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). He expressed concerns that Bitcoin could completely disappear if traditional finance (TradFi) asset managers, especially BlackRock, achieve excessive success with spot Bitcoin ETFs.

Key BTC Indicators to Watch

The Bitcoin price is fluctuating around $43,500 in anticipation of the arrival of the Bitcoin ETF. Analysts like Michael van de Poppe suggest that the bullish sentiment around Bitcoin ETF approval could push the Bitcoin price up to $50,000, but they expect the rally to peak in January 2024.

According to crypto analyst Ali Martinez, there is a noticeable decrease in the Estimated Leverage Ratio as the price of Bitcoin rises. This trend indicates that traders are actively reducing leverage risk, displaying a more cautious approach in the crypto market despite the rise in Bitcoin’s price.