Future-Based Bitcoin ETF has a “75% chance of approval” in October

Bitcoin Exchange Traded Funds (BTC) (ETFs) have a 75% chance of admission this month – in some form.

In comment This weekend, Eric Balchunas, senior ETF analyst at Bloomberg, said the US Bitcoin futures ETF is “likely on schedule” to receive regulatory green light.

Bitcoin futures ETFs “over a lot”

October began with the Securities and Exchange Commission (SEC) announcing a disappointing but not unusual delay in its decision to approve a Bitcoin ETF.

Instead of being approved or rejected this month, various applications will now be processed in November.

However, according to Balchunas, futures-based ETFs are unlikely to break the rally in the coming weeks.

“Yes, the SEC was able to approve a Bitcoin ETF, BUT, which is intended for physically assisted people under the 33 Act,” he told Twitter followers.

“Future ETFs filed under the 40s Act (which Genz loves) are very much alive and likely on schedule (we believe they are 75% likely to be approved by October).”

Balchunas was referring to SEC chairman Garry Gensler, who last week alluded to a permissive stance toward these tools.

“We then began to see filings under the Investment Company Act pertaining to exchange-traded funds (ETFs) wishing to invest in CME-traded Bitcoin futures,” he said in his closing remarks at the North American Asset Management Futures Conference.

“In combination with other federal securities laws, the ’40 Act provides significant investor protection for mutual funds and ETFs. I expect staff to review such records. “

Purpose The Canadian Bitcoin ETF, which was successful earlier this year and beat US offerings, continues to grow strong.

A long and winding ETF trail

The history of the Bitcoin ETF spans several years now and has seen many contentious moments when proponents are almost certain that the SEC will approve it.

Related: SEC Registrants Find DeFi and Approve a Physically Secured Bitcoin ETF

Initially, BTC price action can change significantly based on the rumors associated with such events, but that impact should wear off over time.

The Bitcoin futures contract itself was officially approved in December 2017, in the last few days when Bitcoin hit an all-time high of $ 20,000.