(Bloomberg) -- Bitcoin traded just below the $47,000 mark on Tuesday, as investors await a decision from regulators on whether to approve the US’s first exchange-traded fund tied directly to the token.

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The world’s largest cryptocurrency briefly swung above $47,000 late on Monday boosted by excitement over several filings revealing what potential ETF issuers planned to charge in fees for the products, should they gain the green light. Bitcoin hovered around $46,643 at 7:00 a.m. in New York, a decline of roughly 1% in the last 24 hours.

The US Securities and Exchange Commission is expected to make a decision on some Bitcoin ETF applications by Wednesday, with spectators anticipating a slew of rulings to avoid awarding a first-mover advantage. Bitwise emerged from the pack on Monday as offering the cheapest fee for its planned ETF at 0.24% after an introductory no-fee period, while Grayscale’s planned Bitcoin Trust was the most expensive at 1.5%.

Read more: Grayscale’s 1.5% Fee Is Highest Among Proposed Spot Bitcoin ETFs

Several issuers including BlackRock Inc. and VanEck filed amended S-1 forms for their ETFs early Tuesday morning, responding to comments and feedback made by the SEC on some applications on Monday.

Bitcoin’s price has seen bouts of strong volatility since the start of the year, prompted by speculation around the proposed investment products. “We’re in for a massive week with one of the most significant events in crypto history taking place, the potential approval of a Bitcoin spot ETF,” eToro market analyst Simon Peters said in a note.

Meanwhile monthly options volume for Bitcoin last month reached $29.9 billion, its highest level since late 2021, according to a post by blockchain data analytics platform Kaiko on Tuesday. Options trading has seen “significant volume since October as traders are positioning for higher volatility ahead,” Kaiko’s Dessislava Aubert said in an email, with highs persisting through the end of 2023.

It’s not a given that SEC approval would immediately lead to a spike in Bitcoin’s price, Peters said, with recent hikes indicating that many may have bought ahead of the event.

“We could have a ‘sell-the-news’ situation and the price could spike lower, but I think this would only be short term,” he added in an email on Tuesday. “Or we could have a flurry of buying activity as retail traders try to front run the future inflows from institutional investors via this approved ETF.”

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