What Happened: Bloomberg’s senior ETF analyst, Eric Balchunas, has raised his confidence in Bitcoin (CRYPTO: BTC) Spot ETF approval from 90% to an even more optimistic 95%. His upgraded view followed fellow analyst James Seyffart outlining possible scenarios in case the SEC rejects the applications.

“What will happen if the 10% plays out? What happens to ARK?” a user on social media asked, referring to Cathie Wood-led Ark Investment Management, which is among the 14 applicants vying for a Bitcoin ETF proposal to get approval. 

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Seyffart’s scenarios included ARK withdrawing, regulatory pushback, or intervention by the Biden administration. “1) Ark withdraws with assurances about March (unlikely). 2) Genz goes nuclear & SEC denies using new reasons or ignores the court knowing they'd end up back in court (again–Unlikely). 3) Biden admin comes down and does something to stop this (unlikely),” he said.

Balchunas echoed Seyffart’s sentiments. “Well said, although I probably go with 5% at this point. But you gotta leave a little window open for these things,” he said.

Why It Matters: Industry leaders anticipate the SEC’s decision on Jan. 10 with optimism. While some caution against a “sell-the-news” scenario, reflected in recent altcoin market dips, the overall mood remains positive.

Price Action: At the time of writing, BTC was trading at $43,543 down 1.00% on Sunday, according to Benzinga Pro.

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