[Unbounded Club: How far are ETFs from us]

The fake news of "SEC Approving Bitcoin Spot ETF" caused the crypto market to experience an illusory and short-lived "bull market". While denouncing the operability of the crypto market, we are also wondering: How far away are ETFs from us?

Let’s analyze the current situation together:

1. ETF approval process: The maximum time is 240 days, and the SEC must make a final decision, agree or reject. The latest deadline for Global X Bitcoin Trust is November 21, 2023, but it is expected that this may be delayed. Currently, it has only entered the second round of review period, while other ETF applications have entered the third round and are unlikely to be approved first. The important time point is in mid-January next year, and there will be 8 ETFs waiting for resolution.

2. SEC’s attitude change: The SEC no longer simply and rudely postpones or rejects various ETF applications, but actively communicates and dialogues, requiring issuers to explain or update terms and rules. The SEC did not appeal against Grayscale, paving the way for GBTC’s application to transform into a spot ETF.

3. Influencing factors: The intervention of traditional asset management giants such as BlackRock, Fidelity and Invesco plays a unique role in government supervision. This change in attitude alleviates the SEC’s concerns about the future market and opens the door for the emergence of more Bitcoin spot ETFs.

Due to the certainty of the market's reflection after the ETF is passed, it also makes it difficult for the ETF to pass. However, due to the positive effect of the intervention of traditional asset management giants, regulators' concerns about future market development have been alleviated, which has also opened up more possibilities for the approval of Bitcoin spot ETFs. Next, we will focus on the ruling in January 2024. Bar!