Bitcoin ETF News

SEC Expected To Approve Bitcoin ETF By This Month – Effect On Market.

The SEC is expected to approve the prospective Bitcoin ETF this month, according to Bloomberg chief analyst Eric Balchunas.

The recent price increase in Bitcoin (BTC) may be stoking speculation that an exchange-traded product would be approved in the coming weeks.

According to coinmarketcap, BTC prices have grown by 7% in the previous 24 hours and by 32% in the last week. This BTC pricing move alone could be a kind of promotion by large fund owners in anticipation of the US Securities and Exchange Commission’s approval of a future exchange fund (ETF).

On Thursday, Bloomberg chief analyst Eric Balchunas responded to an announcement from Morgan Creek Digital co-founder and partner Anthony Pompliano, saying, “Things will go crazy” if the ETF is approved in Q4. Balchunas also confirmed that he had a certain 75% permit nearby.

“While we are confident that Bitcoin futures ETFs will be approved quickly (like within two weeks), we are less confident that they will be as popular as a physically-backed ETF.” Nonetheless, it’s a big step.”

Given the comments made by SEC Chairman Gary Gensler, tomorrow’s product may be pre-approved, which will allow institutional investors to get a BTC disclosure and bet on its future price without holding anything back. Balchunas said he did not think a physically supported ETF would be approved anytime soon but said it would eventually: 

“At some point physical will happen. The timing is just so unclear though. Does anyone guess? Probably months or years.” 

He cited “many technical and anonymous reasons” in last week’s ETF approval forecast, adding that 75% was confident.

The current BTC pricing action driver, according to prominent expert Alex Krüger, is the ETF hype approval. “By the time the SEC announces the ETF, it will be in the medium price range,” he added. After evaluating current market behavior, Mike Bucella, a frequent partner at crypto venture firm BlockTower Capital, said he believes “people are working ahead for the BTC ETF of the future.”

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