Todd Rosenbluth, senior director of ETF and mutual fund research at the research firm CFRA, said that crypto asset investors may take longer to wait for products to be traded on Bitcoin futures exchanges.
Rosenbluth speaks at CNBC’s “ETF Edge” on October 12 statement Although Bitcoin futures products may be the first encrypted ETF to be approved, he warned that the current overcast regulatory situation may cause further delays.
Have More than 20 exchange-traded products based on crypto assets Waiting for the approval of the US Securities and Exchange Commission, and the regulator has not yet passed any approval, but has repeatedly pushed the can to the ground.
The researchers suggested that regulators might wait for all these products to reach their goals in order to be approved at the same time to avoid “first mover advantage,” and then added:
“It is possible-in fact, we think it is very possible-we will see the Bitcoin futures ETF postponed to 2022 until the regulatory environment becomes clearer.”
Van Eck Associates CEO Jan van Eck commented that the main concern of the US Securities and Exchange Commission is the difference between the actual price of Bitcoin and the price of futures contracts, and the possibility that funds may become too large.
He stated that when Bitcoin rebounds, the performance of futures strategies may fall by up to 20% per year, and then added that “the SEC wants to have some understanding of the potential Bitcoin market.”
Van Eck also suggested that regulators need to gain more control over cryptocurrency transactions Recent threats to Coinbase And the exchange’s stable currency lending products. Other popular trading platforms, such as Robinhood, have been regulated and registered as broker-dealers.
Any speculation about the possible delay could hit the Bitcoin price, as analysts have hinted that large investors may buy BTC if the ETF is approved this month. The asset has risen by 37.5% in the past two weeks, reaching a local high of $58,000 on October 12, but more regulatory delays may offset the current market momentum.
Bloomberg senior ETF analyst Eric Balchunas still believes there is a 75% chance of ETF being approved This month.
Earlier this month, The U.S. Securities and Exchange Commission extends the deadline for four BTC ETFs — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF — 45 days.
In September, Van Eck’s physical support of the Bitcoin ETF was postponed for the second time this year, and the US Securities and Exchange Commission set the date for its decision on November 14.