WisdomTree has filed its revised spot Bitcoin ETF prospectus (S-1 filing) with the US SEC. Bloomberg analysts predict a delay in SEC comments. Meanwhile, economic expert Lyn Alden predicts that BTC will rise in the coming years.
WisdomTree submitted its revised spot Bitcoin ETF to the SEC!
WisdomTree asset management company has filed a revised spot Bitcoin ETF prospectus (S-1 filing) with the U.S. Securities and Exchange Commission (SEC). Bloomberg ETF analyst James Seyffart says WisdomTree still plans to launch an ETF. However, others say they are leaving the spot Bitcoin ETF race behind as they have already filed revised applications. In this context, Seyffart makes the following statement:
All issuers were expected to file one of these at some point to potentially launch their ETFs. This is just one step in the process. It’s not something critical.
According to analysts, the SEC will give 90% approval to the ETF
Bloomberg senior ETF analyst says he excluded WisdomTree and Franklin from the race because they filed too late and should be held back. But he raises concerns about whether the SEC will wait for all S-1 filings to be updated before a second round of comments. As you can see from Kriptokoin.com, spot Bitcoin ETF applications, including BlackRock, are under evaluation. The SEC requested details on risk disclosures, new language, seeding and more context. VanEck highlighted plans to seed the BTC ETF with funds settled in physical BTC.
Bloomberg’s ETF analysts see the probability of spot Bitcoin ETF approval at 90%. They suggest the SEC will approve a spot Bitcoin ETF after the January deadline. Meanwhile, BTC price is down 3% in the last 24 hours. At press time, BTC was trading at $36,433. Additionally, trading volume has dropped by 10% in the last 24 hours. This indicates a decrease in traders’ interest.
Macro Expert: Bitcoin will rise in the coming years, but…
Macroeconomics expert Lyn Alden states that there is an upward trend on Bitcoin (BTC) in the coming months. Alden says he has “pretty high confidence” that the price of Bitcoin will rise in the next two years. However, the macro expert also states that Bitcoin may experience downward movements in the short term. Or, at best, it will trade in a range, she says. In this regard, Alden makes the following statement:
I think in the next two years BTC supply will decrease and demand will probably increase. This will be constructive for the price. Now he has come a long way in a short time. Therefore, it could drop 20%, retest the $31,000 breakout point, remain sideways in a choppy band for three months.
Alden also explains his views on potential bullish catalysts for Bitcoin in the coming months. In this context, Alden said, “In the spring of 2024, Bitcoin will experience another supply halving. In other words, the number of new coins produced every 10 minutes will be halved. “So you have a supply shock while demand is still pretty constant, and if you get BlackRock’s approval, if you get these easy ways to have a liquid vehicle that the trillions of dollars of existing locked-up capital of certain types can come into, the spot ETF could potentially create more demand.” says.
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