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The US Securities and Exchange Commission (SEC) may approve all 12 applications submitted to launch a spot bitcoin exchange-traded fund (ETF) within the next 8 days.
According to Bloomberg analysts James Seyfarth and Eric Balchunas, the SEC is opening an eight-day window from Nov. 9 to 17 in which all requests to launch spot bitcoin ETFs — including the conversion of Grayscale's Bitcoin Trust Fund (GBTC) ) to an ETF. Of course, these two analysts went on to emphasize that the approval of these requests is only a possibility.
While the deadline for all 12 filings is Nov. 17, Seyfarth added that the SEC could technically make a decision on nine of the 12 applications before Jan. 10. While approval of the spot bitcoin ETF is by no means guaranteed, Seyfart and Balchunas predict a 90 percent chance that these applications will be approved before January 10 of next year.
Meanwhile, while market participants eagerly await the SEC's decision, asset management firm Grayscale has begun discussions with the commission about its plan to convert its GBTC fund into a spot bitcoin ETF.
With the increase in the possibility of spot bitcoin ETF approval, optimism has increased in the crypto market and the price of bitcoin has grown by more than 30% in the last month. At the time of writing, Bitcoin is trading in the price range of $36,650, which is a 3.75% increase from the previous day.
Meanwhile, data from Santiment's analytics platform also shows that traders are opening new buy positions as Bitcoin price rises recently. In this regard, it should be noted that the open interest of Bitcoin has reached 7.2 billion dollars, which is the highest level since the beginning of August.
While many in the crypto industry are confident that the approval of a spot bitcoin ETF will kick off the next bull market, some analysts are still unconvinced that this rally has staying power.