The SEC has no option but to approve the Bitcoin spot ETF.

Grayscale has already won its lawsuit against the SEC, so it's only a matter of time before the first ETF is introduced.

The final deadline for the initial application is from ARK, set for January 10th, 2024.

If the SEC were to approve any ETF, it's likely that they would approve all of them at once. They wouldn't just accept BlackRock's and deny the rest.

Therefore, I expect the first BTC spot ETF to be introduced before January 10th, 2024.