12/04 update below. This post was originally published on December 2
Bitcoin
The bitcoin price has surged toward $40,000 per bitcoin, up more than double where it was this time last year and helping ethereum, XRP
Now—after ethereum's founder revealed a surprise crypto-based AI plan—Securities and Exchange Commission (SEC) documents have revealed the approval window for bitcoin spot exchange-traded funds (ETFs) filed by Wall Street giants that manage a combined $17 trillion (just as some think China and the Fed are gearing up to "flood the world" with trillions).
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Bitcoin and crypto could be headed into an explosive new year that may bring wild ethereum price and ... [+]
"[Bitcoin spot ETF approval] window is officially January 5 to January 10," Bloomberg Intelligence ETF analyst James Seyffart posted to X.
"Really this means that any potential approval orders are going to come on either Monday, January 8, Tuesday, January 9, or Wednesday, January 10. Mark your calendars people."
12/04 update: The bitcoin price has surged higher, breaking above $40,000 per bitcoin for the first time since early 2022 as expectations soar a fully-fledged U.S. bitcoin spot ETF is just around the corner.
"Bitcoin’s rally to $40,000 signals a paradigm shift in the financial markets. Bitcoin has become accepted as a legitimate, transformative force in the financial markets, up over 60% since September as anticipation of bitcoin approvals builds on the cusp of the new year," Alex Adelman, the chief executive of bitcoin rewards app Lolli, said in emailed comments.
"Bitcoin ETFs promise to catapult bitcoin into even broader mainstream acceptance, bringing digital assets firmly into the fold of the traditional financial ecosystem. With escalating geopolitical conflicts, bitcoin is a particularly appealing investment now as a decentralized digital currency that exists outside the jurisdiction of any single government."
The SEC is currently weighing around a dozen bitcoin spot ETF applications from some of the world's biggest asset managers, including BlackRock
"If [bitcoin spot ETF approval] doesn't happen in this window, either [SEC chair Gary] Gensler and SEC have gone nuclear [or] they just aren't ready and have somehow convinced Ark and 21Shares to withdraw their filing with some sort of future assurances," Seyffart said, referring to Cathie Wood's Ark and 21Shares' joint bitcoin spot ETF application, adding he and fellow analyst Eric Balchunas put this at a less than 10% chance.
One influential bitcoin and crypto investor has called the arrival of a long-awaited U.S. bitcoin spot ETF is a rare example of a "buy the rumor, buy the news" event, with it being regarded as a watershed moment for institutional bitcoin, ethereum, XRP and crypto adoption.
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The bitcoin price has rebounded sharply this year, climbing as hype builds around a bitcoin spot ... [+]
"[Bitcoin spot ETF approval] is important for institutional adoption; many asset allocators and asset managers look at vehicles like ETFs to use in the allocation process," Anthony Rousseau, head of brokerage solutions at TradeStation, said in emailed comments.
"There is still a long road for education on how this would fit into a 60/40 portfolio but will likely be worked out by all the math wizards. This event would be considered a net positive for new capital inflows into the asset class"—including ethereum, XRP and other major cryptocurrencies.
