The countdown is on for a highly anticipated decision from the Securities and Exchange Commission (SEC) on a spot Bitcoin exchange-traded fund (ETF). Despite a January 10 deadline looming, analysts still see a high chance of approval.

Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% likelihood the SEC will approve a spot Bitcoin ETF. However, they caution there's still a small chance of an outright rejection or further delay from regulators needing more time.

"I would say if we don't see it in the next two weeks, it's more because they need more time," said Balchunas. While unlikely, he notes a rejection this late would be "the rug pull of the decade" after the extensive effort from issuers.

Vetle Lunde, an analyst from crypto research firm K33 Research, echoes this optimistic view, pinning the odds of an ETF rejection at just 5%.

The SEC has received over 9,500 comments on its Bitcoin ETF filings. While some users warn of risks, industry experts remain confident in eventual approval. This would open the crypto market to broader mainstream investment.