QCP Capital Does Not Expect Spot Bitcoin ETFs to Hit the Market Until 2024
Trading firm QCP Capital does not expect the Securities and Exchange Commission (SEC) to approve a spot Bitcoin ( BTC) ETF until 2024.
In a recent post on Telegram, the company said the anticipation surrounding the approval of spot Bitcoin ETFs is reaching a fever pitch.
“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,” it said.
QCP added that recent developments indicate that institutions are serious about diving into the market, with BTC futures open interest on CME surpassing that of Binance, a clear sign of institutional involvement.
Likewise, perp funding rates remain elevated, and term forwards and risk reversals have steadily climbed throughout the week, which suggests a growing belief in the potential approval of a spot BTC ETF.
However, the firm expects this approval to be delayed until January 2024.
QCP said that despite the Bitcoin ETF setback, a new narrative surrounding a spot Ethereum ( ETH) ETF may emerge, offering enough momentum for crypto prices to continue their upward grind towards the end of the year.
“A new narrative surrounding a spot ETH ETF should be enough fuel for animal spirits to take hold once again with crypto prices steadily grinding higher towards the end of the year.”
The trading firm noted that supportive macroeconomic factors have also contributed to the positive sentiment surrounding risk assets.
While US job data has consistently pointed to a robust economy, recent soft data has painted a different picture.
Notably, the November non-farm payroll (NFP) figure not only fell short of expectations but also came in below consensus.
In the short term, the overall macro
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