Bloomberg analyst James Seyffart expressed the opinion that the U.S. Securities and Exchange Commission (SEC) can no longer adhere to its previous hostile strategy towards cryptocurrencies and is likely to approve the first spot ETFs on Bitcoin.

According to him, the likelihood of approving such investment tools next week is 90%. This opinion is supported by active discussions in the crypto community about the impact of the new investment instrument on attracting large capital to the cryptocurrency niche and improving the reputation of coins. Seyffart believes that a positive decision will be made between January 8 and 10, 2024.

Seyffart also noted that the SEC will have to come up with a new reason for refusal, given that the court has already invalidated previous reasons for refusal. He suggests that the SEC may try to force companies to withdraw, but this is unlikely, as the regulator is in a difficult position.

The analyst also commented on the recent report from Matrixport, which caused panic among crypto traders. He is confident that Matrixport is mistaken in its assumptions regarding the actions of the SEC. After the approval of the ETF, in his opinion, at least 10 billion dollars will be invested in the crypto market through this instrument in the first year after its listing.

Seyffart also does not rule out the approval of spot ETFs on Ethereum, given that the SEC has long considered ETH a commodity, not a security. The first futures ETFs on Ethereum in the U.S. were registered for trading in October 2023.