Bloomberg analyst explains plan forward for spot bitcoin ETF: The SEC has been 'backed into a corner'

Episode 105 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Bloomberg Intelligence ETF Research Analyst James Seyffart.

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James Seyffart is an ETF Research Analyst for Bloomberg Intelligence.

In this episode, Seyffart shares why he believes a spot bitcoin ETF approval is on the way and how the market might react to the news.

Grayscale Investments’ win against the SEC in August over its application to convert its flagship Grayscale Bitcoin Trust (GBTC) product into a spot bitcoin ETF is another major factor in the SEC’s potential approval, Seyffart said.

“I think the SEC has kind of been backed into a corner here by the judges basically throwing out every decision and reasoning it's used to deny an ETF in the past,” he added. “I think the SEC and Chair Gary Gensler know that they were overplaying their hand a bit and are kind of forced into a corner right now.”

OUTLINE:
00:00 - Bitcoin ETFs Overview
04:30 - Bitcoin ETF Decision Timelines
07:47 - Spot Ethereum ETF Odds
09:54 - Spot Bitcoin ETF Odds
18:09 - Grayscale vs. SEC
24:35 - Crypto ETF Nuances
27:03 - Institutional BTC Demand
33:29 - Closing Thoughts