BTC Price to Rally Beyond $40,000 As Bitcoin ETF Approval “Window” Opens

Bhushan Akolkar
November 9, 2023 Updated November 10, 2023
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Valkyrie Bitcoin ETF (BRRR) Soars 12%

After consolidating around the $35,000 level for a week, Bitcoin (BTC) has exhibited renewed vigor with a 3.5% surge, propelling its price to $36,500. This upswing aligns with a noteworthy development, as James Seyffart, Bloomberg’s senior ETF strategist, highlighted the commencement of a crucial window for potential Bitcoin ETF approval scheduled for Friday.

Bitcoin ETF Approval Window

In his recent note, Seyyfart updated that a brief window for the U.S. SEC to approve all 12 spot Bitcoin ETFs opens on Friday, November 9. Last month, the SEC has already issued delay orders for applications from giants like BlackRock, VanEck, Bitwise, WisdomTree, Fidelity, Invesco, and Valkyrie.

However, this is the first time that the window opens again after Grayscale’s victory, says Seyyfart. “This window for all 12 ends by 11/17. But theoretically, SEC could make a decision on the first 9 on this list at any point from now until Jan 10, 2024,” he added.

Joining this conversation, finance lawyer Scott Jhonson stated: “If there’s a hypothetical approval this week, there’s probably MINIMUM a month (and probably a couple) before any ETF actually launches. S-1s still under review and no real hard deadline for that process”.

Putting further light on this, James Seyfarrt highlighted the necessity of completing two essential steps for an ETF launch. While the approval of 19b-4 is one path, S-1s still require approval from the Division of Corporation Finance. As of now, there is no indication that the latter step has been completed. It is plausible, and perhaps even probable, that there will be a significant time gap, possibly extending for weeks or even months, between approval and the actual ETF launch.

The developments clearly show for a fact that Bitcoin ETF approval is most likely to happen by the first week of January. Thus, Bitcoin continues to enjoy active investor participation.

BTC Price to $40,000

The recent BTC Price surge comes as traders have opened up new long positions. On-chain data provider Santiment noted that Bitcoin has surged by an impressive 37% in just two months, and during this rally, the ratio of traders opening bullish positions (as opposed to bearish) has reached the highest point in three months.

Furthermore, the total open interest on exchanges has significantly expanded to reach $7.2 billion. While the current enthusiasm and fear of missing out (FOMO) are running high, ideally, Bitcoin will maintain its upward momentum even after these sentiments subside.

Courtesy: Santiment
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.