Spot Bitcoin ETF Chances Increase
The probability of a US-based spot Bitcoin (BTC) Exchange-Traded Fund (ETF) being approved has risen to 65%, up from 1% just a few months ago.
Eric Balchunas and James Seyffart, Bloomberg ETF analysts, recently stated that the odds of a Bitcoin ETF being approved have seen a notable surge in the past month, due to a range of new developments in the crypto market and the refiling of ETF applications by companies such as BlackRock.
Seyffart commented that the outcome of the Grayscale case will have a considerable effect and their increased chances of approval will depend on Grayscale’s success in Federal court. He added that if Grayscale wins against the SEC, it could lead to a simultaneous approval of all spot Bitcoin ETFs by the end of the fourth quarter.
Seyffart pointed out that the BlackRock and Coinbase Surveillance Sharing Agreement (SSA) greatly changed the analysis of spot Bitcoin ETFs, in addition to the Ripple case, which is less significant but still holds relevance. We will update our views and opinions as new information comes to light.
Spot Bitcoin ETF Race Gathers Attention
The race to launch a spot Bitcoin ETF began on June 16 when BlackRock filed with the SEC. WisdomTree, Invesco, Valkyrie, and other institutional giants followed suit, with a surge of filings in the second quarter of 2023 despite the SEC previously rejecting all spot ETF filings. Analysts believe this year could be a crucial one for the spot Bitcoin ETF.
The spot Bitcoin ETF race has drawn attention from traditional financial institutions and analysts, and Balchunas believes that BlackRock’s involvement could be the best chance for approval of a spot Bitcoin ETF.
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