Bitcoin Social Dominance Soars As Spot ETF Approval Nears: Santiment
10 January 2024 - 8:00AM
NEWSBTC
The crypto community is buzzing about the US Securities and
Exchange Commission (SEC) approving spot Bitcoin Exchange-Traded
Funds (ETFs). This anticipation has permeated market discussions
and significantly influenced social media metrics around Bitcoin.
According to Santiment, a leading on-chain analytics platform,
there has been a notable increase in Bitcoin’s social dominance in
recent times, particularly in short-term periods. Related Reading:
Bitcoin Enters Uncharted Territory with First Ever Golden Cross
Bitcoin Social Dominance Surge And Market Response Santiment’s data
reveals a spike in Bitcoin ETF-related conversations since
mid-October, marking the highest level of social interest since the
bullish rally. The top eight trending topics in these discussions
include ETF, BTC, week, approval, BTC ETF, Monday, spot, and Gary,
signifying the community’s focus on the potential ETF approval. 📈
The potential #BitcoinETF approval is seemingly on all of the
#crypto community’s mind as $BTC has surged above $46.1K for the
first time since April, 2022. Wide expectations presume several
#ETF applications will be approved simultaneously, which would
immediately (Cont) 👇 pic.twitter.com/60fc77UUp8 — Santiment
(@santimentfeed) January 8, 2024 This trend is not just a
reflection of growing investor interest but also points to the
impact of social sentiment on market dynamics. As conversations
around Bitcoin ETFs dominate social platforms, they highlight the
significant role of community expectations and speculative
discussions in shaping market trends. Amid this heightened social
chatter, Bitcoin’s market performance has mirrored the optimistic
sentiment. Yesterday, the flagship crypto surged past the $47,000
mark, a notable achievement since April 2022. Although there has
been a slight retracement, with Bitcoin currently trading around
$46,721, the asset maintains a 3.8% increase over the past day. ETF
Approval Anticipation: Analysts Offer Perspectives On SEC’s Swift
Response Notably, Bitcoin’s rally underscores the market’s
responsiveness to the spot ETF buzz and the potential impact of the
anticipated approval. So far, experts in the field have been
closely monitoring these developments, offering their insights into
the unfolding scenario. One significant observation comes from
James Seyffart, an ETF sector analyst, who offers an alternative
view to the speculation of an approval delay by the US SEC.
Seyffart acknowledges the SEC’s recent comments on the S-1 filings
of aspiring issuers, particularly regarding fee structures.
However, he interprets these developments not as signs of
postponement but as indications of the SEC’s readiness to progress.
1. This is true, comments came back on those S-1 documents with the
fees that we all went crazy over this morning (this isn’t out of
ordinary) 2. Expect to see more amendments tomorrow because of this
3. That said — I don’t think this is necessarily a delay signal
https://t.co/o2m0lIBSct — James Seyffart (@JSeyff) January 9, 2024
The promptness in the SEC’s feedback, Seyffart notes, is unusual
for the agency and suggests an eagerness to advance the approval
process. Echoing Seyffart’s opinion, ETF specialist Scott Johnsson
remarked on the unusual swiftness of the SEC’s recent feedback.
Related Reading: Jim Cramer Says Bitcoin Is Topping Off, Time To
Buy Bitcoin? Johnsson remembered how past ETF approvals, such as
the futures-based ones in 2022, did not require fully completed S-1
forms for 19b-4 approval. Johnsson suggests that the current swift
response from the US SEC likely indicates a deliberate effort to
accelerate the approval and introduction of spot Bitcoin ETFs.
Yes, it’s unheard of. And to remind everyone, S-1s do not NEED to
be complete when 19b-4s are approved. Take futures ETFs in 2022.
Hashdex didn’t even get initial comments until after its 19b-4 was
approved. More than anything, these quick comments demonstrate SEC
working to push… https://t.co/SjIUIHxQD4 — Scott Johnsson
(@SGJohnsson) January 9, 2024 This perspective offers a ray of hope
to the crypto community, eagerly awaiting a favorable decision that
could significantly impact the market and solidify Bitcoin’s
position in the broader financial landscape. Featured image from
Unsplash, Chart from TradingView
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