Nate Geraci, President of the advisory firm The ETF Store, believes that the long-anticipated approval of a spot Bitcoin ETF by the SEC could potentially happen this week.

Bitcoin has seen an impressive 40% surge in the past month, largely driven by heightened expectations of regulatory approval for a spot Bitcoin ETF.

There has been growing speculation, particularly surrounding applications from major asset management players like BlackRock and Fidelity, indicating that the SEC might be on the verge of making a significant announcement.

This speculation gained momentum after the conclusion of a rebuttal period earlier this week, a pivotal development following a delay in September.

As previously reported, Bloomberg analysts suggest a substantial possibility of approvals starting as early as January, with a window open until November 17 for potential approval.

Nate Geraci has pointed out the potential for the SEC to capitalize on this short window to issue 19b-4 approval orders. These orders could potentially pave the way for the consolidation of all existing spot Bitcoin ETF filings, potentially leading to a simultaneous launch.

Geraci emphasized that if approvals are granted, they would likely be for 19b-4 filings, which would enable rule changes facilitating the listing and trading of spot Bitcoin ETFs on exchanges.

Bloomberg's James Seyffart and Eric Balchunas have estimated a 90% likelihood of Bitcoin ETF approval by January.

While the SEC has previously approved ETFs based on futures, the awaited decision on a spot Bitcoin ETF could represent a significant milestone in the cryptocurrency market.

Bitcoin's current price, at $36,967 according to CoinMarketCap, reflects an impressive 105% increase over the past year.