Analysts at the news prominent news outlet Bloomberg have expressed optimism regarding the authorization of spot BTC ETFs. Analysts think that the chances for the authorization of the Bitcoin ETFs are higher within this year. This development was witnessed after the triumph of Grayscale against the federal regulatory agency for securities.
Bloomberg Analysts Say There is 75% Chance for the Approval of Bitcoin Spot ETFs This Year
Eric Balchunas (a well-known ETF analyst operating at Bloomberg) shared a post on X on the 30th of August. The analyst stated that there is a 75% chance for the authorization of Bitcoin exchange-traded funds. Previously, the respective chance stood at 65%. The increase in this factor is based on the decisiveness and unanimity behind the recent court decision regarding Grayscale.
The United States Securities and Exchange Commission (SEC) formerly denied Grayscale’s application for a spot BTC ETF. On this, the platform submitted an appeal with the US Court of Appeals Circuit against the SEC’s prejudiced treatment. As a result of this, the court showed decisiveness and unanimity in supporting Grayscale in its decision. The judges repudiated the arguments of the SEC unanimously.
In addition to this, the agency will keep on endeavoring to justify additional denials while it goes through deadlines. Another Bloomberg analyst named James Seyffart said that the spot ETFs of Bitcoin will potentially be authorized by 2024’s 4th quarter. He estimated that the approval odds would skyrocket to nearly 95% at that time.
It Would Not Be Surprising Even If the Securities Regulator Further Delays Its Decision, Says an Analyst
During 5 days, 7 applications for BTC spot ETFs are nearing the SEC’s 1st deadline decision. They take into account Valkyrie, Widsomtree, Invesco, Fidelity, VanEck, BlackRock, and Bitwise. Balchunas added that it would not be surprising if the US securities regulator delays the next applications concerning spot ETFs.
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