According to Henry Jim, ETF expert at Research & Strategic Analysis System (RSAS) and BBGIntelligence, Cboe BZX has targeted the launch of six new bitcoin ETFs by submitting listing circulars with plans to register on 11 January 2024. Promising funds include big names such as Invesco Galaxy Bitcoin ETF ($BTCO), Franklin Bitcoin ETF ($EZBC), ARK 21Shares Bitcoin ETF ($ARKB), VanEck Bitcoin Trust ($HODL), Fidelity Wise Origin Bitcoin Fund ($FBTC) and WisdomTree Bitcoin Fund ($BTCW).

This important development signals a notable progress in integrating bitcoin into the traditional financial system. However, the final approval of the new ETFs is still subject to the approval of other influential exchanges such as Nasdaq and NYSE. The analyst also emphasises that the absence of key Rule 19b-4 approval notices on the SEC's website remains integral; without this notification, the listing of bitcoin ETFs cannot be completed.

This move marks a potential development in the cryptocurrency space, providing investors with additional exposure to bitcoin. However, it is worth noting that the funds are also exposed to other external factors such as market volatility and potential risks. Currently, the market remains highly unpredictable, which creates uncertainty about the future movement of the bitcoin price: up or down.