Bitcoin (CRYPTO: BTC) has seen its value increase by 15% since the start of the month. This uptick is closely tied to the progress surrounding spot Exchange-Traded Funds (ETFs).

The cryptocurrency's all-time high depends on the real flows that the actual ETF will bring. Otherwise, it may become a classic "sell the news," according to a report.

The trigger for this surge was the recent announcement by the U.S. Securities and Exchange Commission (SEC) that Jan. 5, 2024 will be the final deadline for rebuttal comments. This would seemingly pave the way for a probable approval of the first spot ETF in the following week.

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Crypto trading firm QCP Capital noted the symbolic significance of Jan. 3, 2024, which marks the 15th anniversary of the Bitcoin Genesis block — a fitting scenario where the SEC could approve the first spot ETF on this date. Such symbolism might be lost on the SEC, the firm noted.

As Bitcoin's price hovers around $44,000 leading up to the official announcement, questions arise about how much of this news has already been factored into its current value.

The real test, per a QCP Capital analysis, will be the actual flows brought in by the ETF in its initial weeks of trading.

Without substantial inflows, the market might witness a 'sell-the-news' scenario next year.

Notably, spot gains since mid-October have predominantly occurred during U.S. trading hours.

With the impending launch of the spot ETF, investors will not be short of options.

Currently, 13 applications are vying to be among the first approved.

Additionally, numerous leveraged and options-related ETFs with Bitcoin as the underlying asset are being filed, indicating a growing traditional finance ecosystem around Bitcoin and Ethereum (CRYPTO: ETH).

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