Well-known overseas analysts: The probability of spot BTC ETF being approved in the near future is as high as 98%

Compilation: Blockchain Knight

On Tuesday, well-known Crypto asset analyst Mike Alfred published an exchange article on The probability of approval before the 10th is as high as 98.7%stoking excitement in the Crypto asset community.

Alfred said: “The probability of spot BTC ETF being approved before January 10th is as high as 98.7%.”

He also added: “Many BTC miners are bullish for January Options have been trading like there is no expectation of anything but normal fluctuations over the next month. How can Wall Street be so indifferent on this issue?"

The tweet gained widespread approval, including support for XRP Attorney John E. Deaton, who responded to Alfred enthusiastically, agreed.

It is worth noting that John E. Deaton, who was recognized for representing more than 75,000 XRP investors in the SEC v. Ripple Corporation case, predicted in October that a spot BTC ETF would be launched by the end of this year or Decisive approval is expected by the end of the first quarter of 2024 at the latest.

As optimism rises in the Crypto asset space, some major companies are seeking approval of discussions and revised proposals for spot BTC ETFs in the United States.

On Monday, BlackRock, the world’s largest asset management company, submitted a latest proposal for its ETF, which incorporates the SEC’s preferred cash creation and redemption mechanism.

Initial proposals from various applicants were subject to intense scrutiny by the SEC, raising concerns about investor safety and market manipulation.

It is worth noting that the SEC has been actively engaging with several ETF applicants recently, holding multiple meetings with companies such as Grayscale Investments, Fidelity Investments and Franklin Templeton.

These meetings centered on key issues, particularly the choice between a physical model and a cash creation model.

Although the SEC generally favors the latter and considers it to be safer, BlackRock and other issuers have always advocated the adoption of the physical creation model.

This method allows companies to redeem BTC shares held by their ETFs. In an effort to address regulatory concerns, BlackRock has proposed a revised physical model, a move closely watched by market participants awaiting the approval of the first wave of spot BTC ETFs.

Having said that, market speculation continues. Bloomberg also recently predicted that the likelihood of the SEC approving a spot BTC ETF before January 10 is 90%.

The SEC is currently considering 13 related applications, and industry leaders expect that after this highly anticipated product is approved, there will be a large inflow of funds and a significant surge in BTC prices.