January 10th this year could be the most important day, and calling it a historic turning point certainly doesn’t seem exaggerated. And the hours are ticking down. The SEC’s final decision on the spot Bitcoin ETF is expected between 00:00 and 02:00 EET.
Spot Bitcoin ETF
The date January 10, 2024, has arrived, and everyone is wondering whether spot Bitcoin ETFs will start trading on US exchanges this Thursday. We will get the answer in a few hours. Some community observers are particularly excited because the long-awaited potential ETF approval date coincides with the 15th anniversary of Hal Finney’s “Running Bitcoin” tweet.
VanEck strategy advisor Gabor Gurbacs said this is no coincidence and expects the decision to be announced between 16:00 and 18:00 ET.
Analysts like Balchunas mentioned that there is a small chance that ETFs could be postponed again due to the SEC’s X account being hacked about 24 hours ago. For this to happen, the application made by Ark&21Shares would need to be temporarily withdrawn, but as time progresses, this possibility is weakening.
Moreover, exchanges have announced the last step, “ETF Listing Acceptance.” So, only one step remains, which is for the SEC to announce the “ETF Approval” that everyone is waiting for.
Bitcoin Current Situation
Bitcoin is still about 51% below its all-time high (ATH), but institutional appetite remains strong. A report from CoinShares on Monday heralded an inflow of $151 million in the first week of 2024. Previously, many market experts had predicted that the potential approval of a BTC ETF could be a “buy the rumor, sell the news” event, but the second major price drop in the last 10 days has convinced experts that the fault lines ready for an earthquake have already been broken.
Standard Chartered expects a rise to $200,000 by the end of 2025 if ETFs are approved, while many experts, emboldened by the fact that we are in a halving year, are talking about six-figure price targets.
Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, and 21Shares, Fidelity, Bitwise, and Franklin Templeton are fully prepared, and we will make evaluations for the year 2024 on the COINTURK YouTube channel after the official approval announcement in a few hours. If excitement keeps you awake, we look forward to our broadcast, which will start at the latest by 01:00 after the ETF approval at 00:00.
