The US Securities and Exchange Commission (SEC) and Fidelity Investment recently held a meeting to discuss Fidelity’s application for a spot Bitcoin ETF. This meeting is part of a series of engagements between the SEC and asset managers seeking to launch similar products, indicating potential approvals in the future.During the meeting, Fidelity presented the Bitcoin ETF workflows, showcasing the operational model of its Wise Origin Bitcoin Trust. The presentation highlighted the importance of enabling physical creation and redemption to enhance trading efficiency and secondary market pricing. Fidelity also emphasized the efficiency of arbitrage and hedge through physical creations and the role of self-clearing ETF market-maker firms as Agency Authorized Participants.Following the meeting, Fidelity updated its filing with the SEC, adding to the growing optimism surrounding the potential approval of a spot Bitcoin ETF. Other asset managers, including BlackRock, Grayscale, and Invesco, have also met with the SEC to discuss their proposals.Analysts predict that the approval of a spot Bitcoin ETF will increase institutional demand for the cryptocurrency, potentially leading to a significant surge in its price. Various technical aspects of the proposed ETF, such as custody arrangements, investor risk disclosure, and creation and redemption mechanisms, have been the focus of these discussions.Hashdex and VanEck, among other prominent names, have been updating their applications, indicating their readiness for a potential approval. Bloomberg analyst James Seyffart suggests that the approval of a spot Bitcoin ETF could occur between January 5 and January 10, with the SEC potentially approving up to nine applications within this timeframe.As of now, Bitcoin is trading at around $44,318, experiencing a notable 14.25% gain in the last seven days.