Negotiations between the US Securities and Exchange Commission (SEC) and companies that have applied to list spot ETFs have moved on to discussing key technical details, writes Reuters.

The publication’s interlocutors believe that the negotiations may be a sign that the regulator is preparing to approve these products soon. Thirteen companies, including Grayscale Investments, BlackRock, Invesco and ARK Investments, have filed with the SEC for a long time, and the approval/rejection process could begin as early as November.

In August, a court ruled that the SEC was wrong to reject Grayscale’s application to convert its Bitcoin trust fund into an ETF, and the regulator began discussing with future issuers the details that are typically discussed toward the end of the exchange-traded fund application process.

Regulators and companies are now discussing redemption mechanisms for Bitcoin ETF shares, as well as potential risks for investors, sources close to the situation say.

The market believes that a spot Bitcoin ETF will be a game-changer for the industry and will allow investors to gain access to the world’s largest cryptocurrency through a heavily regulated stock market.

Meanwhile, a new report from analytics company Glassnode notes significant volumes of funds flowing on cryptocurrency exchanges, which may indicate that institutional investors are preparing for the emergence of spot ETFs. Glassnode analysts claim that if at the beginning of the year the volume of bitcoins deposited and withdrawn on cryptocurrency exchanges averaged $930 million, now the figure has increased to $3 billion.

Hashdex, one of the first to announce the launch of a Bitcoin exchange-traded fund in the United States, said that the new product could appear in the second quarter of next year.