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Bitcoin ETF Experts Still Confident on Approval, Dismiss Market Dump 

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Around $100 billion has left the crypto market over the past 24 hours as Bitcoin crashed in late trading on Jan. 3.

BTC slumped as much as 8% to bottom out at around $42,000 before recovering to reclaim $43,000 again on Jan. 4.

Many have cited reports and rumors that the highly anticipated pack of spot Bitcoin ETFs will now be reflected by the US Securities and Exchange Commission.

While this remains a possibility, industry experts and analysts are still confident that they will be approved next week.

Bitcoin ETF Approvals Still on The Table

On Jan. 4, crypto YouTuber Lark Davis said, “Bitcoin dumped over a rumor started by Matrixport,” before adding:

“Gives you a taste of what would happen if the SEC actually did deny the ETF. BUT, chances are still overwhelmingly in favor of an approval.”

January 10 is the final deadline for the Ark 21Shares spot BTC ETF application, however, it has been expected that the SEC will batch approve as many as 12 in the queue to prevent a first-mover advantage.

Tether and VanEck strategist Gabor Gurbacs commented:

“We are at the phase where markets dump based on some charlatan talking about Bitcoin ETF predictions. That’s just dumb. Most have learned nothing.”

Meanwhile, Bloomberg senior ETF analyst Eric Balchunas said that all the signs, such as continued meetings and filing amendments, were pointing to SEC approvals.

He added that many people have asked him about the “rejection” report.

“We have heard nothing to indicate anything but approval but I want to give the guy the benefit of doubt so I’m asking if he has any sources or if he just speculating. He seems to be Bitcoin bull and recently tweeted “executives” said approval is likely. So unsure why he flipped.”

According to Fox Business, “Sources close to the proceedings say the SEC could begin notifying issuers of approval on Friday, with trading beginning as early as next week.”

Crypto lawyer Jake Chervinsky was also confident that, after ten years, “we’re finally on the verge of having spot Bitcoin ETFs approved in the USA.”

Grayscale in Talks With Big Banks on ETF

In related news, crypto asset manager Grayscale is reportedly in talks with big banks, including JPMorgan and Goldman Sachs, to potentially play a key role in its proposed Bitcoin ETF.

Both are being considered to be “authorized participants,” entities that have the power to create and redeem shares of the fund, according to Bloomberg’s anonymous sources.

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