JP Morgan Predicts SEC Will Be Forced To Approve Bitcoin ETF


JP Morgan analysts, spearheaded by Nikolaos Panigirtzoglou, have forecasted that the US Securities and Exchange Commission (SEC) will likely be forced to greenlight several spot Bitcoin Exchange-Traded Funds (ETFs). This prediction comes on the heels of Grayscale’s significant legal triumph against the SEC.

Last week, a federal court mandated the SEC to revisit its prior rejection of Grayscale’s bid to convert its BTC Trust (GBTC) into an spot ETF. The court’s decision was rooted in the SEC’s “arbitrary and capricious” stance, where it failed to elucidate its differential treatment of futures-based ETFs and spot-based Bitcoin ETFs. The court emphasized that the SEC’s rejection lacked a solid foundation, especially given the close correlation between the spot market and the CME futures market.

How To Get Free Crypto  

JP Morgan Predicts Spot Bitcoin ETF Approval

Nikolaos Panigirtzoglou remarked in a note, “The SEC would have to retroactively withdraw its previous approval of futures-based Bitcoin ETFs to defend its denial of Grayscale’s proposal. Such a move would be very disruptive and embarrassing for the SEC.” He further added, “Given the circumstances, it appears more probable that the SEC will approve the pending spot Bitcoin ETF applications from several asset managers, including Grayscale.”

The SEC’s recent announcement to delay decisions on spot ETFs from financial behemoths like BlackRock, Fidelity, and Invesco until mid-October has further fueled speculations. JP Morgan analysts interpret this postponement as a strategic move by the SEC to potentially approve multiple spot Bitcoin ETF applications simultaneously.

This approach would not only eliminate any first-mover advantage but also foster competition, which could lead to a reduction in ETF fees. Panigirtzoglou stated, “it looks more likely that the SEC would be forced to approve the spot Bitcoin ETF applications that are still pending from several asset managers, including that from Grayscale.”

However, it’s not all sunshine and rainbows. While the potential approval of spot ETFs in the US is a significant milestone, JP Morgan analysts have also sounded a note of caution. They highlighted that spot BTC spot ETFs have been operational in regions like Canada and Europe for a while but haven’t witnessed substantial investor traction. The analysts further noted, “Outflows from gold ETFs over the past year haven’t significantly benefited Bitcoin funds, including futures ETFs.”

Coinbase Banner  

A few days ago, Panigirtzoglou also predicted that the current sell-off may be nearing its end, as open interest in CME BTC futures contracts has declined. He foresees the crypto market bottoming out in the coming weeks and a rebound in the second half of the year.

At press time, BTC traded at $25,974.

BTC hovers below $26,000, 4-hour chart | Source: BTCUSD on

Featured image from, chart from

Go to Source
Author: Jake Simmons

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.