According to a group of exchange-traded fund (ETF) experts in Bloomberg, the US Securities and Exchange Commission (SEC) is now closer than ever to approve Bitcoin (BTC) futures ETF. This follows the agency’s chairman, Gary Gensler’s, previous remark that the SEC is indeed looking closely to the possibility of one day approving a BTC Futures ETF. Notably, industry analysts predict that the US SEC could approve such proposals as early as this October.
The Bloomberg analysts, namely James Seyffart and Eric Balchunas, issued a particular investor note this Tuesday that suggests that the sudden withdrawal of the ETH futures ETF proposals by ProShares and VanEck last week is what could potentially trigger the SEC to approve a BTC ETF proposal finally. According to them, ProShares and VanEck’s abrupt pulling of their respective ETH ETF proposals could translate to good news for potential BTC futures ETFs as the SEC has kept such proposals active. They then added that they see the SEC approving several proposals all at once so that they may avoid first-mover advantage instances.
Eric Balchunas noted that ProShares BTC futures ETF is among the most likely to get approval this October. With several other proposals still active on the agency’s list, there is still no telling which could potentially join ProShares’ as the most probable to have the highly-coveted SEC approval.
New note out today from @JSeyff re how the Ether ETF withdrawals adds to likelihood that a bitcoin futures ETF will be launched by end of October with ProShares as favorite, altho it could (and arguably should) be a group to avoid first mover advantage. pic.twitter.com/zXFFgmEHw6
— Eric Balchunas (@EricBalchunas) August 24, 2021