Galaxy CEO Teases Exciting Developments for Bitcoin ETF

Galaxy Digital and CEO Mike Novogratz opened the new 2024 with a post on X that says, “Big Things Are Coming.” On January 10, 2024, he predicted that the USA’s Securities and Exchange Commission (SEC) would approve his message regarding questions about ETFs at the Bitcoin spot.

Galaxy CEO: January 2024 SEC Decision on Bitcoin ETFs

On X, Mike Novogratz, CEO of Galaxy Digital, published the tweet for the New Year with excitement about what might happen soon. “Big Things Coming” denotes a group of issuers that submitted ETF applications for Bitcoin spots to the United States Securities and Exchange Commission (SEC) in 2023. Novogratz anticipates that the SEC will give its ruling at the start of this new year – approval or disapproval.

Happy New Year! Big Things Coming. #BlockYourCalendar pic.twitter.com/0nI3xPL6K3

— Mike Novogratz (@novogratz) January 1, 2024

Seeing his enthusiasm and approval of the first applications is what the CEO of Galaxy Digital predicted. Specifically to Novogratz in an interview with CNBC, the deadline he positioned for the SEC’s approval or rejection of a Bitcoin spot ETF present is January 10. The subject “ETFs on Bitcoin spot” in 2023 has gained a large amount of popularity with various issuers, which include BlackRock, Grayscale, Ark Invest, and 21Shares participating in the SEC’s decision.

Galaxy CEO: Bitcoin ETF Focus on January 10

While Novogratz said the deadline for Bitcoin’s ETF approval in the United States is on January 10, then James Seyffart from Bloomberg would instead indicate the period starts on January 5 until 10th, 2024. That perspective rhymes with the optimism of Galaxy Digital’s CEO, who also introduced the new hashtag #BlockYourCalendar to emphasize that.

Anyway, the crypto financial management and investment company wanted, in advance of even the fluctuations in bitcoin price, to take a position in case the SEC goes all the way with the approval of the first ETF on the bitcoin spot. In late October, Charles Yu, an associate researcher of Galaxy Digital, published a blog post stating that the price of BTC should grow by +74.1% during only the first year after launching spot Bitcoin ETFs in the USA.

In this sense, the estimated total market size for BTC-based ETFs will reach $14.4tn in the first year of launch. You further posited that the price would increase in the initial month of the introduction of the ETF by 6.2%, with follow-up downtrends in all the subsequent months until a monthly increase of 3.7% is realized within the twelfth month.

BTC Surpasses 2023 Annual High in 2024

Novogratz’s optimism is broadly shared by the crypto community’s insiders, as in the last 24 hours of these first two days of 2024, BTC price has pumped up by +7%. At the time of writing, BTC has reached $45,200, setting a new price for 2024, surpassing the annual high of 2023.

Bitcoin Fear and Greed Index is 71 – Greed
Current price: $44,151 pic.twitter.com/whOtmFMA58

— Bitcoin Fear and Greed Index (@BitcoinFear) January 2, 2024

Bitcoin sentiment rose a couple of hours ago; the Fear and Greed Index showed 71 Greed versus 65. In discussing Novogratz’s views on spot Bitcoin ETFs, some highlight 2024 as BTC’s halving year, making it Bitcoin’s pivotal year. The same goes for Michael Saylor, the CEO and founder of MicroStrategy, who posted the following:

Welcome to 2024, The Year of #Bitcoin. pic.twitter.com/wHCyH8RHJa

— Michael Saylor⚡️ (@saylor) January 1, 2024

Related Reading | Bitcoin Soars: Eyes on Federal Reserve and Economic Indicators