The cryptocurrency world is abuzz with excitement as the United States Commodity Futures Trading Commission (CFTC) has issued a notice that paves the way for spot Bitcoin exchange-traded fund Bitcoin ETF Options Second Hurdle. This development marks a significant milestone, with analysts and crypto executives predicting that these options could be listed very soon.
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The Ball is in the OCC’s Court
ETF analyst Eric Balchunas recently posted on X, stating, “The ball is now in the Options Clearing Corporation’s (OCC) court, and they are into it, so they’ll prob list very soon.” This optimistic outlook follows the CFTC’s Nov. 16 statement, which clarified that the CFTC does not have any further role regarding the clearing of these options. The responsibility now lies with the OCC, the sole issuer of all equity options.
CFTC Steps Back
The CFTC’s Division of Clearing and Risk (DCR) has made it clear that they have no further role in the clearing of spot Bitcoin ETF options. This announcement has been met with enthusiasm from the crypto community, with ETF analyst James Seyffart adding, “Here. We. Go.” The anticipation is palpable as the industry awaits the OCC’s next move.
Impact on Bitcoin’s Price
Crypto executives are optimistic that the listing of spot Bitcoin ETF options could have a major impact on Bitcoin’s price. Derive founder Nick Forster highlighted that investment firm SoftBank significantly influenced the Nasdaq in 2020/2021 by trading options in multiple multi-hundred-billion dollar names. Forster suggests that similar actions with Bitcoin, which has a fixed supply, could lead to significant price movements.
The Second Hurdle Cleared
Eric Balchunas explained that this development marks the second hurdle that spot Bitcoin ETF options needed to clear, following approval from the Securities and Exchange Commission (SEC). With the CFTC providing clearance and the OCC next in line, the path to listing these options is becoming increasingly clear.
Expert Predictions
Bitwise Invest’s Head of Alpha Strategies, Jeff Park, stated that Bitcoin ETF options are coming “sooner than you think.” Park expects the OCC to act quickly but remains cautious about predicting an exact timeline. He believes that while the end of 2024 is optimistic, approval by the year-end is not a certainty at this stage. “I wouldn’t short the odd,” Park added.
Bitcoin commentator British Hodl shared their prediction with their 76,000 X followers, estimating that the options could be listed in the first quarter of 2024.
SEC Approval
On Oct. 18, the SEC approved applications from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list the long-anticipated options for spot Bitcoin ETFs. This approval has set the stage for the current developments and has fueled the optimism within the crypto community.
Conclusion
The recent developments surrounding spot Bitcoin ETF options have brought the crypto world to the brink of a significant breakthrough. With the CFTC stepping back and the OCC poised to take the next steps, the listing of these options appears imminent. As the industry awaits the OCC’s decision, the potential impact on Bitcoin’s price and the broader crypto market remains a hot topic of discussion. Stay tuned for more updates as this story unfolds.
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