Grayscale is pushing to convert its Bitcoin Trust into a spot Bitcoin ETF, supported by a recent court ruling. The Securities and Exchange Commission (SEC) is forced to reconsider the application. JPMorgan analysts predict that several spot Bitcoin ETFs will be approved within a few months, possibly before January 10, 2024. Grayscale's Bitcoin Trust, with $17.7 billion in AUM, could see fees reduced and the discount to NAV disappear after the ETF conversion.

Meanwhile, according to Matrixport, the potential approval of BlackRock ETF could cause Bitcoin prices to skyrocket to $42,000-$56,000. The Securities and Exchange Commission (SEC) is cautious, but the situation is ripe for change as institutional interest grows and potential for massive capital inflow