Trading firm QCP Capital predicts that the Securities and Exchange Commission (SEC) will not approve a spot Bitcoin (BTC) ETF until 2024. In a recent post on Telegram, the company highlighted the growing anticipation surrounding the approval of spot Bitcoin ETFs. QCP Capital stated, “There has been a flurry of activity across numerous venues as participants continue to bet on the spot BTC ETF approval, as well as fear of missing out (FOMO) starting to kick in.”
The firm also pointed out recent developments that indicate institutional involvement in the market. BTC futures open interest on CME has surpassed that of Binance, which QCP Capital sees as a clear sign of institutions taking interest. Additionally, perp funding rates remain elevated, and term forwards and risk reversals have steadily climbed throughout the week, implying a growing belief in the potential approval of a spot BTC ETF. However, despite these indicators, the firm expects the approval to be delayed until January 2024.
