Crypto markets and analysts are pretty confident that the first Bitcoin ETF will hit the US market before this month. The crypto community has been waiting for years, and such approval could result in a 2017-like bull run for BTC price.
According to the latest Bloomberg report, there is a possibility that four Bitcoin ETFs could come this month.
Four Bitcoin ETFs could hit the market this month
SEC chairman Gary Gensler recently suggested the possibility of getting a bitcoin ETF that tracks bitcoin futures. This means that these ETFs hold Bitcoin futures contracts offered by the CME Group and not the underlying asset.
As a result, Bloomberg reports that there are four proposals this month for Bitcoin futures ETFs that could get the green light from the SEC. James Seyffart, an ETF analyst at Bloomberg Intelligence, said:
“We are very optimistic about the approval here. We don’t see Gensler and the SEC making positive comments on a Bitcoin futures ETF from 1940 at the end of September and denying them all less than a month later. “
If the SEC follows its normal procedure without distinguishing between different products, ProShares’ Bitcoin futures ETF filing could be the first to receive SEC approval. The ProShares app has a provision that allows your funds to hold other Bitcoin instruments.
Another player with a good chance of getting Bitcoin futures ETFs approved is Valkyrie Investments. Unlike ProShares, Valkyrie’s proposed ETF will only hold Bitcoin futures. Speaking to Bloomberg, Nate Geraci, president of consulting firm ETF Store, said:
“Given that ETF issuers have been tirelessly tracking Bitcoin ETFs for over eight years, it seems a bit uncomfortable for the SEC to encourage further filings at this point just to disavow them. Approving Bitcoin futures-based Bitcoin ETFs seems like an easy way for the SEC and Chairman Gensler to “make a profit” on emerging crypto futuresism.
At press time, Bitcoin is trading at $ 54,575 with a market cap of $ 1.028 trillion. If the SEC approves a Bitcoin ETF, BTC will most likely hit $ 100,000 by the end of the year.
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