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U.S. spot bitcoin exchange-traded funds (ETFs) are expected to launch soon after exchanges filed amended documents suggesting they anticipate approval from the U.S. Securities and Exchange Commission (SEC). BlackRock, Grayscale, Fidelity, and other issuers have submitted amended 19b-4 filings, joining last month’s amended S-1 filings, in order to address feedback from the SEC.

Multiple issuers are expected to be approved simultaneously, with approvals anticipated next week according to individuals at two different issuers. The final deadline for SEC action on one application, by Ark 21 Shares, is Jan. 10, suggesting that the regulator may approve all final applications it is comfortable with by that date.

Grayscale, one of the issuers, sees its bitcoin trust (GBTC) eventually becoming a spot bitcoin ETF and has filed for the amendment to achieve this. Bloomberg reports that the SEC’s commissioners are expected to vote on the exchange-rule filings next week. However, both the 19b-4 filings and the S-1 filings still need to be approved by the SEC before the ETFs can officially launch.

Significant Milestone for the Crypto Industry

The approval of Bitcoin ETFs by the SEC would mark a significant milestone for the crypto industry, allowing for the creation of Bitcoin ETFs in the U.S. This can potentially lead to increased institutional adoption and accessibility for retail investors. It would provide a regulated and secure way for investors to gain exposure to Bitcoin without owning the underlying asset.

The anticipation of spot BTC ETF approval has already had a bullish impact on the cryptocurrency market. Bitcoin has reclaimed a crucial resistance level as support and reached its highest level in 21 months, hitting $45,000. The $45,259 resistance level remains a barrier, but the Relative Strength Index indicates there is still potential for further rise. A successful breach of $45,259 would be a significant step towards reclaiming $50,000 for Bitcoin, while a failure to breach it may lead to a retest of the $44,000 point.

It is worth noting that the SEC has previously delayed approving Bitcoin spot ETFs due to concerns about manipulation in the cryptocurrency industry. However, hopes for approval have been fueled by a recent court victory for Grayscale, which forced the SEC to review its proposal again.

By Joane

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