The market and investors are waiting with great curiosity for the SEC to announce its spot Bitcoin ETF decision.
According to The Block, Valkyrie Investments co-founder and CIO Steven McClurg said that spot Bitcoin ETFs are expected to be approved on Wednesday.
“SEC Will Approve Spot Bitcoin ETFs on Wednesday!”
Speaking to The Block, Steven McClurg stated that he thought this decision would be announced very soon and would be approved, and said:
“We expect the SEC to approve the ETFs by the end of business Wednesday and ETF trading to begin Thursday morning.
“We also estimate that $400 million will flow into spot Bitcoin ETFs within the first week after trading begins, with the entire market reaching $5 billion within the first few weeks.”
Valkyrie CIO also stated that he believes that not all ETFs will be approved at the same time and argued that 10 ETF applications will be approved in the first stage.
Finally, McClurg pointed out that the biggest expectation so far for Bitcoin spot ETFs is that they will attract more US institutional investors, and stated that the first money will probably come from retail investors:
“Outside the ETF gate will be mostly retail investors. The first money will come from the retail side, not from institutional investors.
“I also expect a lot of outflow from GBTC.”
*This is not investment advice.
