The U.S. Securities and Exchange Commission (SEC) is holding meetings today with major exchanges including Nasdaq, CBOE, and NYSE. 

The focus of these discussions is to finalize comments on the 19b-4 submissions made by Bitcoin (BTC) spot ETF issuers. 

This step is crucial as it could potentially pave the way for the much-anticipated approval of Bitcoin ETFs.

Indications of a positive outcome

Eric Balchunas, a senior ETF analyst, argues that the nature of these final meetings between the SEC and the exchanges is a hint toward a possible approval of the Bitcoin ETFs. 

Balchunas points out that the SEC has been engaged in a detailed and collaborative process with the issuers to refine their 19b-4 filings. 

This collaboration is a departure from the standard procedure of multiple refilings, indicating a more concerted effort toward a positive outcome. 

Despite some analysts of the likes of Matrixport's Markus Thielen predicting a rejection of the ETFs, Balchunas remains optimistic. 

He notes that the SEC staff, under the guidance of Chair Gary Gensler, has been dedicatedly working with issuers, which could sway the decision in favor of approval.

A Bitcoin price plunge 

As reported by U.Today, the cryptocurrency market experienced a shockwave today as Bitcoin's value abruptly dropped to $41,454. The decline has been attributed this decline to the market's anxiety over the potential rejection of the Bitcoin ETF proposals. 

This plunge is particularly notable as it coincides with the 15th anniversary of Bitcoin's genesis block. 

Despite earlier bullish forecasts, including a prediction by Matrixport for a surge to $50,000 on ETF approval, the market has reacted bearishly. 

The approval of a Bitcoin Spot ETF is seen as a pivotal event that could significantly boost Bitcoin's legitimacy in institutional portfolios and lead to increased investment inflows.