Bitcoin ETF Approval Odds Now 95%, Bloomberg Analyst Claims

James Seyffart asserts Bitcoin Spot ETF has a 95% chance it will be approved on January 10.

Young Woman waiting for the ETF slot machine to stop spinning.
Created by Gabor Kovacs from DailyCoin
  • James Seyffart has increased the odds of a Bitcoin ETF approval to 95%. 
  • The Bloomberg analyst previously predicted a 90% chance. 
  • Seyffart shares what could happen if the SEC delays its decision again. 

Anticipation for a Bitcoin ETF Approval has reached unprecedented levels, especially after the SEC started accepting 19b-4 forms from exchanges and issuers. With the ETFs seemingly on the brink of approval, experts are already raising their glasses, calling it done, asserting there’s very little chance the SEC rejects applications in the following business week. 

95% Chance Bitcoin ETF is Approved

After key players in the race for the ETF successfully navigated one of the final steps in the SEC’s approval process, the atmosphere has been buzzing with excitement in anticipation of January 10, when the commission potentially announces its decision. 

While some experts warn about a ‘sell-the-news’ event, pointing to the recent reactions in the altcoin market with leading players like Cardano, Avalanche, and Ethereum experiencing drops of up to 12%, Bloomberg analyst James Seyffart maintains an optimistic outlook.

Having initially predicted a 90% chance of the Bitcoin Spot ETF approval by January, Seyffart now asserts the odds of approval have increased to 95%, indicating a growing confidence that the proposals are unlikely to face further delays.

However, if the SEC decided to postpone its decision again, James Seyffart painted a picture of what could happen. 

What Happens if the Bitcoin ETF is Delayed Again?

The Bloomberg analyst highlighted key scenarios that might unfold if the Bitcoin ETF faces rejection next week. With a rising interest among younger investors, especially from Gen Z, the SEC’s denial could expose them to significant challenges, not only from the demographic but also from various legal avenues, triggering a storm of criticism and backlash against the commission.

Furthermore, Seyffart posits that in the event of rejection, the Biden administration might intervene despite their prevailing stance on crypto regulation. Such intervention could pose additional obstacles for the regulator, potentially making it more challenging to impede the progress of the Bitcoin ETF scheduled for next week.

On the Flipside

  • An anti-crypto nonprofit, Better Markets, urges the SEC to reject the pending ETF applications after it started accepting 19b-4 forms. 
  • A January 3 Matrixport report projected a likely rejection of all Bitcoin ETFs, sending the crypto market into a price crash.
  • There are rumors that BlackRock will buy $2 billion worth of BTC following the ETF approval.

Why This Matters

As the SEC’s decision looms, market participants are all on the edge in anticipation of January 10. The regulator’s decision could shape the market’s trajectory for the year’s first half.

Read about the SEC’s unofficial approval of Bitcoin ETFs:
Bitcoin ETF Inches From Finish Line: SEC Accepts 19b-4 Forms

Find out why this anti-crypto nonprofit is urging the SEC to reject applications:
Better Markets Jeers Bitcoin After SEC Unofficially Approves ETF

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.