We are just days from the tentative approval of the first spot Bitcoin ETF in the US market, as top players like BlackRock and others have been making all efforts to meet SEC requirements. In the latest, BlackRock, Hashdex, and Pando submitted their revised S1 filings to the SEC. on Friday, December 22.

Bitcoin ETF updated S1 Filings

BlackRock, Hashdex, and Pando Asset have filed updated S-1 filings, as reported by Bloomberg analyst James Seyffart. BlackRock has proposed a $10 million seed funding injection for its spot Bitcoin exchange-traded fund (ETF) scheduled for January 3. While the funding does not assure an instantaneous launch, it signals the ETF’s potential readiness for launch in the coming days.

The world’s largest asset manager BlackRock is planning for a $3 million seed funding next week, for its Bitcoin ETF. Michael Saylor, co-founder of MicroStrategy Inc., anticipates that the approval of the spot Bitcoin ETF, expected around January 10, could trigger a “demand shock” in the market. Saylor emphasized that the endorsement of spot ETFs would serve as a significant catalyst, addressing the current absence of a “high bandwidth, compliant” investment channel for crypto investors.

In a contrarian view, BitMEX founder Arthur Hayes issues a caution to the crypto community, expressing concerns about the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Hayes warns that if traditional finance (TradFi) asset managers, notably BlackRock, achieve excessive success with spot Bitcoin ETFs, it could lead to the complete destruction of Bitcoin

Key BTC Indicators to Watch

The Bitcoin price has been flirting around $43,500 over the anticipation of Bitcoin ETF arrival. Analysts like Michael van de Poppe expect that the Bitcoin price rally can continue up to $50,000 amid optimism surrounding the Bitcoin ETF approval, however, he expects the rally to peak in January 2024.

#Bitcoin fighting to continue going upwards here.

I’m expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards #Altcoins. pic.twitter.com/dnrluz5U9G

— Michaël van de Poppe (@CryptoMichNL) December 21, 2023

According to crypto analyst Ali Martinez, as the price of Bitcoin rises, there is a noticeable decline in the Estimated Leverage Ratio. This trend indicates that traders are actively reducing their leverage risk, signaling a more cautious approach in the cryptocurrency market, despite the upward movement in Bitcoin’s price.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.