---
title: "‘Rumor mill’ goes into overdrive for a spot Bitcoin ETF approval tomorrow"
url: https://diffcoin.com/rumor-mill-goes-into-overdrive-for-a-spot-bitcoin-etf-approval-tomorrow/
description: "Speculation that the SEC is set to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) on Friday has reached a fever pitch on social media. A tweet…"
published: 2024-01-05
updated: 2024-01-05
author: "Mila"
site: "Diffcoin"
---

# ‘Rumor mill’ goes into overdrive for a spot Bitcoin ETF approval tomorrow

Speculation that the SEC is set to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) on Friday has reached a fever pitch on social media.

A tweet from Grayscale’s legal chief that he was “just filling out some forms,” in addition to a widely shared tweet from a reporter has fueled speculation that approval could come through within the next day.

Several analysts still expect potential approvals to come next week, however.

In a Jan. 4 post to X (formerly Twitter), TechCrunch reporter Jacquelyn Melinek cited sources “extremely close to the matter” to suggest multiple ETFs would be approved and is “expecting something tomorrow.”

> heard from sources extremely close to the matter that the bitcoin spot ETF is going to be approved by the SEC for *multiple* firms’ applications
> 
> — Jacquelyn Melinek (@jacqmelinek) [January 4, 2024](https://twitter.com/jacqmelinek/status/1743008689936597263?ref_src=twsrc%5Etfw)

Others have taken particular interest in a cryptic tweet from Grayscale’s chief legal officer stating he was “Just filling out some forms,” — which has garnered 1.9 million views and 6,700 likes since it was posted.

Meanwhile, the hashtag #BTCETF and the term “Bitcoin ETFs” is currently trending on Twitter and the price of Bitcoin has also been climbing since its sharp Jan. 3 drawdown, up 3.4% in the last 24 hours, per TradingView data.

> BITCOIN ETF TOMORROW??
> 
> — DustyBC Crypto (@TheDustyBC) [January 5, 2024](https://twitter.com/TheDustyBC/status/1743080233316561387?ref_src=twsrc%5Etfw)

“The rumor mill is going full steam,” trader Scott Melkor [said](https://twitter.com/scottmelker/status/1742986460519915668?s=20) in response to the back-and-forth speculation across social media.

## Analysts splash cold water on rumors

However, Bloomberg ETF analyst James Seyffart has described the speculation around a Jan. 5 approval as “noise” and said he still expects approval will arrive between Jan. 8 and Jan. 10.

Senior Bloomberg ETF analyst Eric Balchunas says the SEC is currently providing final comments and that issuers will soon file their final 19b-4 and S-1 forms soon afterward.

> SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after. So I mean this is def as close to “done” as we’ve been but no official approval as far as I know.
> 
> — Eric Balchunas (@EricBalchunas) [January 4, 2024](https://twitter.com/EricBalchunas/status/1742989633561190454?ref_src=twsrc%5Etfw)

Both forms need to be approved by the SEC before an ETF can start trading, though an approved 19b-4 form is required for the spot Bitcoin ETF to be effectively approved.

***Related:*** ***Spot Bitcoin ETFs could be rejected if the SEC wants ‘more time’ — Analyst***

Scott Johnsson, the general partner at VB Capital, [said](https://twitter.com/sgjohnsson/status/1743026861456654820?s=46&t=MuRujqZUAz3TQE1vmr3c6A) he was “still skeptical” that an ETF approval would be issued before next week.

“Unless there are 19b-4 [applications] that are already all clear and the SEC doesn’t care about simultaneous approval (seems a stretch?)” wrote Johnsson.

There are 14 issuers vying for a spot Bitcoin ETF, including BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise and Fidelity.

***Magazine:*** ***Which gaming guild positioned itself best for the bull market?***

[Source link](https://cointelegraph.com/news/rumor-mill-heats-hopes-spot-bitcoin-etf-approval-tomorrow)