Futures-based Bitcoin ETF has ‘75% chance of approval’ in October — analyst

An exchange-traded Bitcoin (BTC), fund (ETF), has a 75% chance to be approved this month.

Eric Balchunas from Bloombergs senior ETF analyst stated that the United States Bitcoin futures ETFs are “likely on time” for regulatory approval.

Bitcoin futures ETFs are “very much alive”

October began with the Securities and Exchange Commissions (SEC), announcing a long, frustrating delay in their decision about whether or not they would approve Bitcoin ETFs.

Instead of being denied or allowed this month, the various applications will be processed in November.

Balchunas says that Futures-based ETFs will be more popular than others in the next weeks.

He stated that the SEC had approved bitcoin ETF approval, but only for physically-backed ETFs under the 33 Act.” He told his Twitter followers.

“The futures ETFs that Genz loves are still alive and likely to be approved on time (we believe 75% chance of approval in Oct).

Balchunas was referring to Garry Gensler (SEC chair), who last week suggested a permissive position regarding the instruments.

“Subsequently weve begun to see filings pursuant to the Investment Company Act in regard to exchange-traded fund (ETFs), seeking to invest in CME -traded Bitcoin futures,” he stated in closing remarks at Future of Asset Management North America Conference.

“The 40 Act, when combined with other federal securities laws provides substantial investor protections for mutual funds or ETFs. I look forward for the staff to review such filings.”

Canadas Purpose bitcoin ETF was approved at the beginning of the year. It beat the U.S offerings and continues to grow.

Chart of the Bitcoin ETF. Source: Bybt
Long and winding road to ETFs

Bitcoin ETFs have had a long history. They have seen many make-or-break moments, in which the SEC was almost certain to approve them.

Related: SEC registrants seek DeFi approval and physical backed Bitcoin ETF approval

Although initially, BTCs price action could be affected by rumors about such events, this effect is gradually decreasing over time.

Bitcoin futures received official approval in December 2017. This was just in time to take advantage of Bitcoins last few days at the all-time high of $20,000.