Bitcoin Skyrockets to Near 2-Year Highs, Awaiting Spot ETF Decision

By Ben Knight January 10, 2024 In Bitcoin, ETF, SEC
golden bitcoin and chart on monitor
  • Bitcoin’s near 100% run over the past six months has some analysts believing any spot Bitcoin ETF news has already been priced in.
  • In the short term, it’s possible that an official approval announcement may become a sell-the-news event.  
  • However, some estimates suggest that an ETF approval will bring in billions of dollars to the crypto market.
  • The SEC and issuers are working collaboratively on filings to ensure an approval sees no further delays.

Amid the furor surrounding the SEC’s fake tweet approving spot Bitcoin, the coin’s price surged to a nearly two-year high of USD $48K (AUD $71.8K). The market has had trigger fingers in response to any news on the impending crypto fund, as the community eagerly awaits traditional finance’s (TradFi) official entry into the industry. However, some analysts aren’t so bullish on the impact an approval will have on Bitcoin – at least in the short term.

Spot ETF News Already “Priced In”

According to Noelle Acheson, the writer behind Crypto is Macro Now, any announcement for a spot Bitcoin ETF may end up a sell-the-news event.

There’s a lot of uncertainty here…It could be the market is already discounting SEC approval and is primed for an excuse to sell.

Noelle Acheson

While it seems counter-intuitive that an immediate inflow of USD $2-5 billion could be a bad thing, there are reasonable arguments that a spot ETF approval may not have the positive impact many in the industry believe.

Bitcoin has enjoyed a stellar run over the past few months, nearly doubling in price from September last year. This bullish rally has long been tied to a potential spot ETF, and it’s certainly feasible that most of the medium-term gains to be made have already been realised. 


The crypto market has demonstrated they are itching to react to any news – rumours, fake tweets, literally anything – when it comes to the spot Bitcoin ETF. If the price movement in response to an official approval is a little disappointing, it wouldn’t be surprising to see FUD hit investors and BTC’s value drop.

However, this is all short-term speculation based on the psychology of crypto traders, rather than the fundamental benefits that a TradFi ETF will pose. A spot Bitcoin fund will usher billions of money into the industry and will likely attract high-profile investors that would otherwise steer clear of decentralised exchange and BTC custody. In the long-term, all the signs for Bitcoin are bullish – it might just take a while for the market to follow suit.

SEC Finalising ETF Filings

As the market goes back and forth between despair and euphoria, the SEC has put their nose to the grindstone as they attempt to meet a Wednesday deadline. The U.S. regulators delivered notes on the official ETF applications back to issuers within hours, as everyone scrambles to ensure all the filings were technically appropriate. According to a Bloomberg analyst, this spells good news for a sooner-rather-than-later approval.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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