Bitcoin Futures ETF Likely To Be Approved In October: Bloomberg Analyst

Bloomberg Analyst Eric Balchunas believes that the SEC is likely to approve a Bitcoin futures ETF soon, and it could be launched as soon as October. 

What Happened: In a series of tweets, Eric has said that the recent Ethereum ETH/USD exchange-traded funds (ETFs) withdrawals by VanEck and ProShares are a good sign for Bitcoin BTC/USD futures ETFs and it could be approved soon by the U.S. Securities and Exchange Commission (SEC).

Eric was referring to a statement made by ETF analyst James Seyffart. 

In another tweet, Eric has said, "We think Ether withdrawal shows SEC has a nose in this and is in regular contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing. Further, ProFunds' Bitcoin MF was launched 77 days after filing. These are virtually same thing."

Eric says the most probable ETF that is likely to be launched is the one filed by ProShares.

However, he adds that this company should avoid the first-mover advantage here.

Why It Matters: Earlier this month, Blockchain Association's Karen Smith had said that SEC hadn't approved a single application for a Bitcoin ETF so far, and it isn't likely to anytime in the near future.

Smith said that until SEC Chairman Gary Gensler sees a certain regulatory regime in place, it is unlikely that a Bitcoin ETF will be approved in the country.

Industry experts believe that of all the entities that have filed a Bitcoin ETF application, Grayscale Investments GBTC has the best chance of having its application approved.

Read Next: Bitcoin ETF Proposals: The SEC's Long History Of Rejections