There is a 90% Chance of Bitcoin ETF Approval by January: Analyst

• Several analysts see a 90% chance that Bitcoin ETFs will be approved by January.
• Mister Crypto thinks all ETFs would likely be accepted before January.
• David Parker believes an ETF approval would be beneficial for the Web3 sector.

According to the famous Bitcoin investor Lark Davis, several analysts believe there is a 90% chance that Bitcoin ETFs will be approved by January. Davis made the statement via a post on X (formerly Twitter) and was supported by other crypto users with a similar sentiment.

One of Davis’ respondents, Mister Crypto, noted that he has been saying the same thing for several months. According to him, all ETFs would likely be accepted before January and very likely this year.

David Parker, another X user involved with Web3, considers the potential ETF approval to be beneficial to his sector of the industry. According to Parker, an ETF approval could represent a new year present for those in the Web3 sector of the blockchain industry. He said:

Wow, January. That would be a nice New Year’s present for us web 3 people. I’m ready! Can be January or March, I’m so ready!

Open letters from Congress appear to ramp up pressure on the SEC over pending ETF approvals. In a recent post, Bloomberg’s Senior ETF Analyst, Eric Balchunas, said that the SEC has taken a different approach to engaging with the ETF applicants, suggesting that an imminent approval may be close. 

Balchunas noted that this has never happened before and that a rejection is unlikely. In his opinion, he is 75% positive of a likely ETF approval before the end of 2023.

Another strong voice in the industry who predicted a likely ETF approval soon is Steven Schoenfeld, a former executive at BlackRock. Schoenfeld estimated that the SEC would approve spot Bitcoin ETFs in the next three to six months. This timeframe falls between January and April 2024, in line with the popular opinion among several other crypto analysts.