Futures-based Bitcoin ETF received “75% chance of approval” in October-Analyst

A bitcoin (Bitcoin) There is a 75% chance that an exchange-traded fund (ETF) will be approved in some form this month.

exist Annotation This weekend, Bloomberg’s senior ETF analyst Eric Balchunas stated that the US Bitcoin futures ETF “is very likely to receive regulatory approval as planned.”

Bitcoin futures ETF is “very active”

In early October, the U.S. Securities and Exchange Commission (SEC) announced a frustrating Not uncommonly delayed They decide whether to approve the Bitcoin ETF.

Various applications, instead of being allowed or denied this month, will now begin processing in November.

However, according to Balchunas, futures-based ETFs are more likely to pass the review in the coming weeks.

“Yes, the US Securities and Exchange Commission has begun to approve Bitcoin ETFs, but this is for the in-kind support under the 33-year bill,” he told Twitter followers.

“The futures ETF submitted under the 40-year bill (Genz likes) is very active and is likely to proceed as planned (we think the probability of approval in October is 75%).”

Balchunas mentioned SEC Chairman Garry Gensler, who hinted at a tolerant stance on these tools last week.

“Later, we began to see documents submitted under the Investment Company Law regarding exchange-traded funds (ETFs) seeking to invest in CME-traded Bitcoin futures,” he said Concluding remarks At the Future of Asset Management Conference in North America.

“When combined with other federal securities laws, the ’40 Act provides important investor protections for mutual funds and ETFs. I look forward to staff reviewing such documents.”

Canada’s target Bitcoin ETF was approved at the beginning of this year, beating the American product and continuing to grow.

Purpose Bitcoin ETF chart. Source: Bybt

A long and tortuous ETF road

The history of Bitcoin ETFs has spanned several years and has witnessed multiple moments of success or failure. Supporters are almost certain that the SEC will approve its approval.

related: SEC Registrants Seek DeFi and Physically Supported Bitcoin ETF Approval

Initially, due to rumors related to such events, the price trend of BTC may undergo major changes, but this effect will diminish over time.

Bitcoin futures themselves were formally approved in December 2017, just in time for the last few days of Bitcoin’s rise to an all-time high of $20,000.