The cryptocurrency market is eagerly awaiting the US Securities and Exchange Commission’s (SEC) announcement of a crucial decision regarding Bitcoin ETFs while Bitcoin consolidates below $29,500.
As per ETF analyst James Seyffart, by the end of today, the decision regarding the ARK 21Shares Bitcoin ETF should be made public.
Despite the fact that the official deadline is set for August 13, it falls on a Sunday, therefore an announcement is expected a day early. Seyffart asserts that a delay is imminent and that the decision will most likely be made after the market closes.
Bitwise, BlackRock, Van Eck, and Wisdomtree are among other significant financial companies, who are in a race to opt for permission for their various Bitcoin ETFs. The coming days shall be crucial for ARK 21Shares as its second deadline is nearer compared to those of its rivals, however, it will also provide it an advantage in the fight for an ETF.
The road to Bitcoin ETF certification is not without obstacles, though. Some of these proposed ETFs may be delayed or possibly abandoned due to worries about market manipulation, liquidity, and investor protection.
Eric Balchunas, another well-known ETF analyst, recently pointed out that the top 15 best-performing equities ETFs this year are all tied to cryptocurrencies, with $WGMI leading the pack with a startling +227% gain. Surprisingly, North America is the core of the world’s crypto ETF trading, with 98% of the total volume. Balchunas predicts that this dominance could further solidify and even reach 99.5% with the anticipated introduction of spot ETFs in the US.
