Bitcoin Exchange Traded Funds (BTC) have a 75% chance of approval this month – in one form or another.
In comments this weekend, Eric Balchonas, chief ETF analyst at Bloomberg, said that US bitcoin futures ETFs “are probably on track” to receive the green light from regulators.
Bitcoin futures -ETFs are ‘very lively’
October began with the Securities and Exchange Commission (SEC) announcing a disappointing but not unusual delay in its decision to approve or reject a Bitcoin ETF.
It will now start processing different applications instead of allowing or rejecting them this month in November.
According to Balchunas, it is more than likely that futures ETFs will not go through in the coming weeks.
He told his followers on Twitter: “Yes, the SEC has started getting Bitcoin ETF approval, but this is for people who receive physical support under Law 33.”
“Forty ETFs (which Jeans loves) are still alive and likely to be on track (we think there’s a 75% chance of approval in October).”
Balchunas pointed to the head of the Securities and Exchange Commission, Harry Gensler, who indicated a weak position on instruments last week.
“Then we started seeing applications under the Investment Firms Act for Exchange Traded Funds (ETFs) that want to invest in CME-traded bitcoin futures,” he said in his closing remarks at the North American Futures Management Conference. …
“In combination with other federal securities laws, Act 40 provides significant investor protection for mutual funds and ETFs. I look forward to reviewing such documents by staff.”
The Canadian Bitcoin ETF, which received the green light earlier this year ahead of US applications, continues to gain traction.
Bitcoin ETF chart assignment. Source: Bybt
The ETF road is long and winding
Bitcoin ETFs have a history of several years and have seen many good or bad moments when the proponents were sure that the SEC would give its approval.
Related Topics: SEC Registrars Request Approval for DeFi and Physically Backed Bitcoin ETFs
Initially, the price of BTC may have changed significantly due to rumors related to such events, but this effect decreases over time.
Bitcoin futures even received official approval in December 2017, in time for the last days of Bitcoin’s rise to an all-time high of $ 20,000.