According to Eric Balcunas, Bloomberg's senior ETF analyst, the SEC has called on companies applying for the Spot ETF, including the usual BlackRock and others, to go over "plumbing" (a term used to describe the underlying infrastructure that supports an ETF , in this case of Bitcoin. This includes the exchanges and their locations, the custodians who hold BTC, and the market makers who would provide the liquidity).

This suggests that the SEC is quite tight and is seriously considering approving ETF applications, which would be a huge step forward for the entire cryptocurrency industry.

In summary, what seems to concern the SEC most is the manipulation of this market, but there are all the conditions to find a solution.

The signal that is arriving is very positive for all of us investors, especially considering that all this would lead to making Bitcoin a legitimate and regularized asset in all respects.

To conclude, we must not delude ourselves because there are no certainties regarding ETF approvals, we must always be ready for anything, as always. On the other hand, no spot ETF has yet been approved to date. It's just a matter of time?

We'll find out by the end of 2023 or beginning of 2024, according to many market analysts.