Bitcoin Futures ETF has ‘75% chance of approval’ in October

Eric Balchunas, the senior ETF analyst in Bloomberg, said in the comments of a Twitter post that there is a 75% possibility that the United States Bitcoin futures Exchange-Traded Fund (ETF) will get approved this month, in some form or the other.

The analyst said this weekend that the BTC ETFs were “likely on schedule” for getting the green flag from the officials.

Bitcoin futures ETFs are coming soon

This month started with the announcement of the Securities and Exchange Commission (SEC) that they are delaying their decision on the authorization and acceptance of Bitcoin futures ETFs. This frustrated many people.

The numerous applications will start the processing in November without caring about the fact of denial or acceptance this month.

However, according to Balchunas, future-oriented ETFs tend to show more in the coming weeks than the others.

“Yes, the SEC has already begun to approve an ETF from Bitcoin, but that for the physically supported ones in ’33 Act.  The ETFs submitted under the ’40 Act (which Genz adores) are extremely alive. It’s likely on track (we believe a  75% chance of approval in October),” the Twitter thread stated.

Balchunas referred to Garry Gensler, SEC President, who indicated a permissive position on instruments last week.

Speaking at a Future of Asset Management Conference in North America, Garry said: “We have subsequently begun to see registrations in respect of ETFs under the Investment Corporation Act seeking to participate in CME-traded bitcoin futures.”

“The 40 Act provides substantial protection for mutual funds and ETFs for investors when paired with other federal securities legislation. I expect the employees to review such submissions.”

The history of Bitcoin ETFs has now lasted over several years. The proponents are certain that the SEC will approve the Bitcoin ETFs.

Initially, such events deeply influence and used to help speculators in aiming different BTC price targets.

Bitcoin futures itself received its legal approval in December 2017 when Bitcoin was aiming for its all-time high of $20,000.