Investors and cryptocurrency enthusiasts have long awaited the approval of a Bitcoin Exchange Traded Fund (ETF) in the United States. A Bitcoin ETF would allow investors to gain exposure to Bitcoin without the complexities of holding the digital asset directly. Now, the US Securities and Exchange Commission (SEC) is expected to make key decisions on several Bitcoin ETF applications.

BlackRock, Fidelity, Bitwise, VanEck, Invesco, and WisdomTree are among the institutions awaiting the SEC's response to their Bitcoin ETF applications. The SEC has a 240-day deadline to approve, deny, or delay a decision for each application. Initial deadlines for some of the applications are approaching, with Bitwise's application set for consideration on Friday, and the others due the following day.

While investors and industry observers are hopeful for approval, it is unlikely that the SEC will grant approval this early in the process. The SEC recently requested more time to review another Bitcoin ETF application by Ark Invest and 21Shares. If the SEC were to adhere to the full 240-day timeline for each application, a decision on Ark and 21Shares would be made on January 10, 2024, with decisions on the other ETFs to follow in mid-March.

The approval of a Bitcoin ETF would mark a significant milestone for the cryptocurrency industry, making it easier for traditional investors to gain exposure to Bitcoin. However, concerns about market manipulation and volatility have made regulators cautious. Investors and enthusiasts will be watching closely to see how the SEC's decisions unfold in the coming days.