Bitcoin ETF: Approval or Denial? Magic 8 Ball Says “Outlook Good”
TL;DR
Today (Wed 10) is the day that the Bitcoin ETF is expected to be approved.
As of this writing (Tue 9), nothing has been confirmed or denied. But there have been a few positive signals since we last covered the subject.
For example: Gary posted a thread on Twitter covering "Some things to keep in mind if you're considering investing in crypto assets". Those reading the market's tea leaves took this as a precursory 'heads up' to the public, before the ETF launches.
Full Story
So, today (Wed 10) is the day that the Bitcoin ETF is expected to be approved.
As of this writing (Tue 9), nothing has been confirmed or denied. But there have been a few positive signals since we last covered the subject, like:
The SEC sent feedback to ETF applicants outside of business hours on Monday (bureaucrats working outside of business hours? That's rare!). This could indicate a rush to get each application ready for approval, asap.
Gary posted a thread on Twitter covering "Some things to keep in mind if you're considering investing in crypto assets". Those reading the market's tea leaves took this as a precursory 'heads up' to the public, before the ETF launches.
Hopefully by the time you're reading this, this is all null n' void!
(And the ETFs have already been approved!)
But in case we're still experiencing radio silence from the SEC, here's some insight from Dave Nadig of VettaFi, that should help to calm any worries...
Speaking to the fact that Ark Invest's application technically requires a hard "yes" or "no" from the SEC today, Dave said:
"I wouldn't be surprised if we saw this dribbled out to Thursday, Friday...
Maybe we start trading [the ETF] on Tuesday/Wednesday next week."
Pointing to the fact that the SEC has been known to delay these 'final answers' for weeks in the past, saying:
"It's not like there's a law where they grab Gary Gensler and drag him to jail for not meeting a deadline."
The takeaway:
Government moves slow, even if it doesn't happen today/this week/this month - it looks like the SEC is gearing up to make it happen eventually.