SEC November 9th begins the ‘eight-day window’ for approving a Bitcoin ETF for spot trading.

On November 9th, the SEC initiates the 'eight-day window' to potentially approve a Bitcoin ETF for spot trading.

Author: Tom Mitchelhill, Cointelegraph; Translation: Song Xue, LianGuai

The U.S. Securities and Exchange Commission (SEC) may approve all 12 pending Bitcoin ETFs.

Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that, starting from November 9th, the SEC has a “window” to approve all 12 Bitcoin ETF applications, including Grayscale converting its GBTC trust product in the days leading up to November 17th, but emphasized that this is only a possibility.

“The SEC has also issued delays to BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie,” Seyffart wrote in a post on X (formerly known as Twitter) on November 8th.

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“If the agency wants to allow all 12 applicants to launch – as we believe – this is the first available window since Grayscale’s court victory was confirmed.”

The reason for this brief window is that when the SEC extended the deadline for some pending Bitcoin ETF applications, it chose November 8th as the last day of the evaluation period.

From November 17th onwards, the evaluation period for 3 applications including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF will restart, meaning they will not be approved or rejected until after November 23rd at the earliest.

Although the window for accepting all 12 applications ends on November 17th, Seyffart added that technically, the SEC can make decisions on 9 of the applications anytime before January 10th.

Technically, the nine pending Bitcoin ETF applications could be approved at any time before January 10th. Source: James Seyffart

Although the approval of Bitcoin ETFs cannot be guaranteed, Seyffart and Balchunas estimate a 90% chance of approval before January 10th next year.

Grayscale is negotiating with the SEC on GBTC conversion

According to a report from CoinDesk on November 9th, while market experts eagerly await the SEC’s decision, it has been reported that crypto asset management company Grayscale has started discussions with regulatory agencies regarding its application to convert its trust product GBTC into a spot Bitcoin ETF.

According to insiders, since winning the court case against regulatory agencies on August 29th, Grayscale has been in contact with the SEC’s trading and market departments as well as the company’s finance department.

With the increasing possibility of Bitcoin ETF approval, optimism in the cryptocurrency market has also increased, and the price of Bitcoin has risen by over 30% in the past 3 months. The significant rise in Bitcoin has also boosted the price activity of other major assets.

In the past month, Solana (SOL) has achieved an astonishing 93% growth, while Ripple (XRP) and Ether (ETH) have grown by 36% and 20% respectively.

Although many in the industry believe that the approval of ETFs will kickstart the next bull market, other analysts are skeptical about the sustainability of the upward trend.

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