Cryptocurrency investors today saw the decision to postpone the application presented by Ark Invest. SEC will make decisions on many spot Bitcoin ETFs in the coming period. So when will the decision be announced for which application? What is the deadline for the ETF approval announcement?
In June, the largest player in the financial world, BlackRock, along with five other traditional finance (TradFi) institutions, applied for a spot Bitcoin ETF. This significant development revived the hope within the cryptocurrency community for the potential institutional acceptance of Bitcoin. Last month, the SEC reviewed all six proposals. Today, they postponed the application belonging to Ark Invest for 21 days with a request for comments.
While the securities regulator avoids providing a definite timeline for the final decision, we may expect an approval or rejection decision on one of the following dates.
Decisions will be made for 7 applications between September 1-4. We will probably see that another postponement decision has been made, and second decisions will be made for the 7 applications between September 16-19.
Definitive decisions will begin to be made in the first quarter of the next year. The first decision will be made on January 1 for Ark Invest’s application. Then, by mid-March, the final decision dates for all applications will have expired. By the time we reach mid-March, we may see that the SEC has approved one or more applications.
Halving, potential ETF approvals, the start of interest rate cuts, and many other reasons are pushing investors to go bullish in the first two quarters of the next year. The approval or approvals of the ETF, which will significantly affect the price of Bitcoin, are expected to come by March. The CEO of Ark Invest had said that there is a high probability of multiple applications being approved at the same time.
The price of Bitcoin did not react much to today’s ETF postponement. Except for speculators, most investors did not expect approval at such an early stage. Indeed, that’s what happened. The real excitement is likely to surround the markets in December as the final approval or rejection dates approach in January-March. The last month of 2023 may pass with a rise in anticipation of the Fed starting interest rate cuts, halving, and ETF approval.