Wall Street analysts at JPMorgan and Bloomberg Intelligence predict that the U.S. Securities and Exchange Commission (SEC) will likely approve a Bitcoin ETF before January 10, 2024. Despite the SEC's misgivings about cryptocurrency, the analysts expect a Bitcoin ETF to arrive within a few months.

Crypto markets eagerly await the SEC's approval of several spot Bitcoin exchange-traded fund proposals. Institutional investors are also keen on SEC approval to gain digital asset exposure in their portfolios. A spot Bitcoin ETF would likely rally crypto markets with a flood of institutional investments from hedge funds.

SEC Chair Gary Gensler has not revealed the agency's intentions regarding the popular demand for a Bitcoin price ETF. Meanwhile, Coinbase's chief legal officer, Paul Grewal, expressed hope for SEC approval soon, as several firms have put forth robust proposals for these products and services.