The SEC’s Spot Bitcoin ETF Approval Is Not Near Yet – Analyst
No ETF Approval In Early January
The early approval of a Bitcoin spot exchange-traded fund is not something that Eleanor Terret, a reporter for a popular news media outlet, anticipates happening this week. She recently provided an update on X, in which she brought attention to the ongoing requirement that the US Securities and Exchange Commission (SEC) conduct a comprehensive assessment of the S-1 forms that have been submitted.
Terret added that the securities regulator is currently assessing all of the revisions made to the S-1 forms, after which it will provide feedback. According to her, based on interactions with issuers, the SEC must thoroughly evaluate all the changes made to the S-1s before releasing its official comments.
A Possible Delay
Meanwhile, some have voiced skepticism and worry that the SEC may provide excuses to delay the approval process. “Gary seems to have a knack for dragging things out, so I wouldn’t be surprised if there are more delays,” a member of a popular crypto community remarked.
Meanwhile, this view contrasts that of Gabor Gurbacs, an advisor at VanEck who remains a long-term optimist about the Bitcoin ETF approvals. According to his latest findings, institutional investors would likely invest around $100 million upon the ETFs’ approval.
This inflow, he said, would mostly be money already circulating through the banking system. Nevertheless, community members had contrasting views about when a Bitcoin spot ETF would be approved and what effect it could have on the market. Some are worried that the SEC will be slow to approve the ETF because of its recent history of questionable practices.
A Drop In Global Bitcoin ATM Installations
Meanwhile, on-chain data shows that the number of Bitcoin ATMs worldwide fell by about 11.1% at the start of 2023, following a decade of steady annual growth. The latest Coin ATM Radar data shows 33,628 crypto ATMs globally, down from 37,827 recorded a year earlier.
Throughout 2023, there was a fluctuation in Bitcoin ATM numbers, resulting in an overall decrease by the end of the year. The number of crypto ATM installations has been rising monthly since tracking started in October 2013, reaching a high of 39,376 in August 2022.
However, this trend stalled in 2023, especially in the US, where the number of ATMs fell by 15.4%, from 32,672 to 27,631, which accounted for 82% of the total worldwide. BitAccess, a leading ATM maker, had a 26% drop in installations, going from 9,160 in August 2022 to 6,774 by January 1, 2024.
Surprisingly, the number of Bitcoin ATMs produced by companies like Genesis Coin and General Bytes increased. Furthermore, a top participant in this space, Bitcoin Depot, expanded its operations to 28 states in the US and became a publicly traded firm on the Nasdaq in July.
More importantly, the company recorded a 3% year-on-year growth in revenue, reporting $179.5 million in Q3 2023. Coin ATM Radar data shows 498 crypto ATM operators in 71 countries, and the most popular cryptocurrency on these ATMs is still Bitcoin. However, these ATMs also accept Bitcoin Cash, Ethereum, and Litecoin.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. CreditInsightHubs is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
