Bitcoin Reclaims $45,000 As ETF Hopefuls Make Final Filings

Bitcoin's price has hit $45,000 as the deadline for spot Bitcoin ETF hopefuls to file amended S-1 forms passes.

Per data from CoinGecko, Bitcoin is trading up 1.7% on the day at just over $45,100.

The price surge means that Bitcoin has erased losses sustained in last week's flash crash, as the crypto world waits with bated breath for the outcome of the U.S. Securities and Exchange Commission's (SEC) decision on whether or not to approve several applications for a spot Bitcoin ETF.

After exchanges planning to list the proposed ETFs filed their 19b-4 forms on Friday, crypto firms had until 8am ET Monday to file last-minute amendments to their S-1 applications.

In a flurry of filings, BlackRock, WisdomTree and VanEck revealed their ETF fees, while Ark Invest and Grayscale lowered their own fees, in what Bloomberg Intelligence analyst Eric Balchunas called an "ETF Terrordome."

Balchunas has raised the odds of a spot Bitcoin ETF being approved in January to 95%, with the SEC having a window until January 10 in which it could approve multiple applications simultaneously.

Speaking to Rug Radio last week, Balchunas suggested that should the SEC approve a Bitcoin ETF, the asset class could be worth as much as "$10 billion in year one."

Nevertheless, not everyone is as optimistic about the odds of a Bitcoin ETF being approved; crypto betting platform Polymarket currently places the chances of an approval before January 15 at 85%, while only 39% of financial advisers polled by Bitwise last week were confident that a U.S. spot Bitcoin ETF would launch in 2024.