Social influencers on X are actively preparing for the possible approval of a spot Bitcoin BTC/USD ETF, an event whose timing remains uncertain.
What Happened: Founder of GlobalMacroInvestor, Raoul Pal took to X on Thursday and said, “If you care whether the BTC ETF is priced in or not, your time horizon is too short. It is all noise in the grand scheme of what lies ahead. Don't f**k This Up.”
Veteran trader, Kong Trading took to X on Friday and stated, “BREAKING: MULTIPLE BITCOIN SPOT ETF’S TO BE APPROVED POTENTIALLY AS EARLY AS TOMORROW!!!!!”
Eleanor Terrett, Fox Business journalist and producer, states on her X platform that some amended 19b-4 filings are expected Friday, along with last-minute comments on S-1s and possible launch dates.
Emphasizing how the investor community has adapted to the ETF sector, Information Chief of Bitwise Matt Hougan states on his X platform that after spending more than a decade educating people about ETFs, thanks to the Bitcoin ETF race, everyone is talking about Authorized Participants, 19b4 applications, and cash- vs. in-kind creations.
Also Read: Spot Bitcoin ETF Debate Heats Up: 'We Have Heard Nothing To Indicate Anything But Approval'
Why Does It Matter: Matthew Sigel, head Of Digital Assets Research at VanEck, in a live session on X hosted by The Block, stated that he has heard from a source about BlackRock Inc BLK being ready with $2 billion in inflows within the first week. He added that advisors do have an appetite for the spot ETF product rather than investing in Bitcoin directly.
Bloomberg analyst Eric Balchunas in the same session said that around eight to nine applications will be approved in the first batch and that the GBTC filing would likely be in the second batch of approvals.
Regarding the approval process, it is anticipated that not all the 19b-4 filings will be finalized until Jan. 10. Approval for the S-1 filings is expected to continue into the week of Jan. 16, following which the ETFs will be allowed to commence trading.
Venture Capital and X user, Adam Cochran took to his platform and said “I think most people are overestimating the impact of the ETF short term while underestimating it long term.”
He added that while short-term inflows might not generate much excitement, over the course of the next year, every advisor is expected to allocate at least 1% of their clients' portfolios to an ETF linked to an asset that has delivered returns of approximately 160% in a single year.
“Just slow enough to make you doubt, until you turn around and see BTC up at $500k a coin and you're still sidelined waiting on a big dip.” Cochran added.
Read Next: 2024 Crypto Outlook: Influencers Optimistic On Bitcoin ETF, Shibarium, And Dogecoin
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