Analyzing the potential for approved Bitcoin exchange-traded funds (ETFs)
Bloomberg analysts have increased the probability of an approved spot Bitcoin ETF by the end of 2023. The recent victory by Grayscale against the federal securities regulator has influenced this change.
The confident projection from Bloomberg analysts
Bloomberg senior ETF analyst Eric Balchunas took to Twitter to announce the raised chances to 75% from the previous 65%. Balchunas cited the unanimous and decisive nature of the United States Court of Appeals Circuit's recent decision as the basis for this revised projection. Fellow Bloomberg analysts James Seyffart and Elliot Stein also expressed their agreement with the increased likelihood of approval.
Spot Bitcoin ETFs on the horizon
James Seyffart added that spot Bitcoin ETF approvals could be considered a "done deal" by Q4 2024. He estimated the approval odds to have risen significantly to 95% by that time. Eric Balchunas emphasized the political implications of a denial from the securities regulator, stating it would be "politically untenable" after the recent legal and public relations loss.
The upcoming "first deadline" decision
The Securities and Exchange Commission (SEC) has seven Bitcoin spot ETF applications due for a decision in the next five days. These applications come from prominent firms such as Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree, and Valkyrie. Balchunas suggested that the SEC might postpone these decisions, but he also expressed the possibility of a surprise approval for all the Bitcoin spot ETFs at once.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/bitcoins-exodus-from-exchanges-what-does-it-mean-for-the-market
