The United States Securities and Exchange Commission (SEC) is entering an eight-day period, starting from November 9, where it could potentially approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications. This news comes from Bloomberg ETF analysts James Seyffart and Eric Balchunas, who noted that the SEC now has an opportunity to greenlight these applications.

Seyffart mentioned that the SEC issued delay orders for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie simultaneously. The analysts believe that the SEC may be inclined to allow all 12 applicants to launch during this specific window. Read more: SEC Delays Spot Bitcoin ETF Decision For Leading Firms Amid Government Shutdown Concerns

The reason for this time-sensitive scenario is linked to the SEC’s extension of the deadline for some of the pending spot Bitcoin ETF applications. The last day for comments was set for November 8. Starting from November 17, the comment period for three applications, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, would restart. As a result, approval or denial for these ETFs would not come before November 23, at the earliest.

However, even though the window to consider all 12 applications closes on November 17, Seyffart explained that the SEC still has the option to make decisions on nine of the twelve applications anytime before January 10. The analysts believe that there is a 90% chance of approval for a spot Bitcoin ETF before January 10, 2024.

SEC's Eight-Day Window To Consider 12 Spot Bitcoin ETFs Begins

Meanwhile, crypto asset manager Grayscale has been in discussions with the SEC regarding its GBTC trust product’s conversion into a spot Bitcoin ETF. This move follows Grayscale’s court victory against the SEC on August 29. 

Also Read: SEC Expected To Approve Spot Bitcoin ETF, Says Mike Novogratz

As the prospects of a Bitcoin ETF approval have brightened, optimism within the crypto market has surged. Over the last three months, Bitcoin’s price has surged by more than 30%, igniting notable price rallies in other major assets. Solana (SOL) experienced a remarkable 93% growth in the past month due to scaling improvements, while Ripple (XRP) and Ether (ETH) posted gains of 36% and 20%, respectively.

Although many industry experts believe that an ETF approval could kickstart the next bull market, some analysts remain cautious about the sustainability of the current rally.

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Ripple’s Game-Changing Event: What To Expect On November 8-9

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