The U.S. Securities and Exchange Commission (SEC) is at the center of heightened speculation within the crypto community regarding the imminent approval of multiple spot Bitcoin ETFs, possibly as early as this Friday.

Key industry figures, including TechCrunch reporter Jacquelyn Melinek, have fueled these speculations through tweets and hints on Jan. 5.

Melinek, a seasoned reporter, shared insights from sources ‘extremely close to the matter’ on X. She states that there is an expectation for the SEC to greenlight applications from multiple firms seeking approval for a spot Bitcoin ETF, with the decision potentially coming within the next 24 hours.

heard from sources extremely close to the matter that the bitcoin spot ETF is going to be approved by the SEC for *multiple* firms' applications

— Jacquelyn Melinek (@jacqmelinek) January 4, 2024

TechCrunch’s report coincided with a cryptic message from Grayscale’s chief legal officer, mentioning, ‘just filling out some forms.’ This message has widely been interpreted as a hint towards the impending approval of Grayscale’s ETF application. However, it’s exact meaning remains a mystery to anyone but Craig Salm.

Just filling out some Forms

— Craig Salm (@CraigSalm) January 4, 2024

The anticipation has given rise to the hashtag #BTCETF on Twitter, where supporters and skeptics actively share their opinions. The search term ‘Bitcoin ETFs‘ is also trending on the platform.

Analyst Skepticism and Regulatory Progress of SEC

Despite the optimistic atmosphere, some analysts remain skeptical. Bloomberg ETF analyst James Seyffart and attorney Joe Carlasare express doubts, with Seyffart dismissing the current buzz as ‘noise’ and predicting potential approvals between January 8 and January 10. 

Lot of noise about tomorrow. Sticking to this. I'm not expecting official #bitcoin ETF approval orders tomorrow. Still expecting them January 8th-10th. https://t.co/UV43sydHNz

— James Seyffart (@JSeyff) January 4, 2024

Carlasare highlights that the public comment period for several ETF applications closes at midnight on January 5, casting doubt on an approval happening before next week.

Senior Bloomberg ETF analyst Eric Balchunas notes that the SEC is in the final stages of commenting, with issuers expected to file their final 19b-4 and S-1 forms shortly. Both forms are crucial prerequisites for ETF trading, particularly for the spot Bitcoin ETF.

While skepticism persists, the market reacts positively to the prospect of a spot Bitcoin ETF approval. After a brief dip influenced by a Matrixport report suggesting potential rejection, Bitcoin has rallied back to $44,500. 

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