Commentators predict that a second Bitcoin Futures-based Exchange Traded Fund (ETF) will go live later today later in the week following the launch of the ProShares Bitcoin Strategy ETF.

19, Bloomberg analyst Eric Balchunas predicted that Valkyrie’s futures-based ETF on Bitcoin (BTC) will “likely” hit the market in the coming days, having been certified for listing on the Nasdaq exchange last week.

If that milestone hits, the Valkyrie Fund would only be the second Bitcoin ETF to launch in the United States, with the futures-based ProShares ETF expected to be listed on the New York Stock Exchange on October 19 with the code $ BITO is traded.

Bloomberg analyst James Seyffart originally suspect that the Valkyrie Bitcoin Strategy ETF ($ BTF) will go live on the same day as the ProShares product. However, Balchunas tweeted today that Varlkyrie’s fund is “likely” to launch on October 20 or 21, adding that ProShares will have a “market of its own” by then.

Update: Valkyrie won’t appear tomorrow. Expected to start on Wednesday or Thursday, but we’ll see. Nevertheless, $ BITO will have the market to itself tomorrow. https://t.co/G2Ucit6yxM

– Eric Balchunas (@EricBalchunas) October 18, 2021

Balchunas too Note that Valkyrie updated their code from BTFD to BTF in their application.

Invesco ends the introduction of Bitcoin ETF-based futures

Despite the optimism surrounding the SEC‘s approval of the first US Bitcoin ETF, Invesco announced on. October announced that it had withdrawn its application for a futures-based ETF.

While viewers had predicted that Invesco’s futures ETFs would get the green light from the SEC this week, the company announced on October 18 that it had withdrawn its application, adding that it intends to go along with the crypto -Broker Galaxy Digital to launch a spot Bitcoin ETF. Invesco says:

“We have decided not to pursue the introduction of Bitcoin Futures ETFs in the short term. However, we will continue to work with Galaxy Digital to provide investors with a full line of products with exposure to this transformative asset class, including finding a digital asset ETF.

Related: SEC extends four Bitcoin ETF terms by 45 days

However, in an October 19 episode of Anthony Pompliano’s “Best Trading Show”, Seyffart and Balchunas argued that admission of a BTC-backed spot ETF is unlikely anytime soon.

Balchunas claims that SEC chairman Gary Gensler is much “more comfortable” with Bitcoin futures-based ETFs because they offer better consumer protection than spot-backed funds.