Spot Bitcoin ETF Approval Buzz Reaches Fever Pitch Ahead of Friday’s Decision

Rumors are swirling across social media as speculation peaks over the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC on Friday. The anticipation has been fueled by a tweet from Grayscale’s legal chief, who casually mentioned “just filling out some forms,” along with a widely shared tweet from a reporter. These signals have led many to believe that approval might be imminent.

Spot Bitcoin ETF Approval Buzz Reaches Fever Pitch Ahead of Friday’s Decision

Despite the buzz, some analysts are still projecting potential approvals to come in the following week. TechCrunch reporter Jacquelyn Melinek, in a January 4 post on X (formerly Twitter), cited sources “extremely close to the matter” and hinted at the approval of multiple ETFs, expressing expectations for an announcement as early as tomorrow.

A cryptic tweet from Grayscale’s chief legal officer, mentioning he was “just filling out some forms,” has generated significant attention, amassing 1.9 million views and 6,700 likes. This mysterious message has become a focal point of speculation.

The excitement has spilled over onto social media platforms, with the hashtag #BTCETF and the term “Bitcoin ETFs” currently trending on Twitter. Simultaneously, the price of Bitcoin has been on the rise since its sharp January 3 drawdown, experiencing a 3.4% increase in the last 24 hours, according to TradingView data. The crypto community is eagerly awaiting Friday’s decision, with the rumor mill in full swing.

Analysts Pour Cold Water on Speculation

However, according to Bloomberg ETF analyst James Seyffart, much of the buzz surrounding a potential approval on January 5 is mere noise. Seyffart maintains his expectation that approval is more likely to come between January 8 and 10.

Similarly, attorney and commercial litigator Joe Carlasare highlighted that the public comment period for several ETF applications extends until midnight on January 5. Given this timeline, Carlasare deems it ‘very unlikely’ for approval to be granted before the beginning of next week.

Senior Bloomberg ETF analyst Eric Balchunas clarified that the SEC is currently in the process of providing final comments. Following this, issuers are expected to file their final 19b-4 and S-1 forms in the near future.