Bitcoin ETF Gets Closer As Bloomberg Analysts Up Odds

Noah Jones
August 2, 2023
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In a big push for the crypto world, Bloomberg analysts now see a 65% chance of a U.S. spot bitcoin Exchange Traded Fund (ETF) launching this year, compared to their previous 50% estimation.

Bitcoin ETF approval odds

This news was released in an update to investors, providing confidence in the crypto market and giving enthusiasts hope that such an ETF will eventually be approved by regulators. With this news comes more exposure to the cryptocurrency space, as well as a deeper understanding of how the sector works and is regulated.

Prominent financial institutions like BlackRock, Fidelity, WisdomTree, and Valkyrie are seeking approval for a bitcoin ETF, aiming to make bitcoin investment more accessible. Although the SEC has previously rejected similar applications, experts are optimistic about the approval of some of these recent applications, particularly BlackRock’s, considering their history of successful ETF applications.

In a promising move, the SEC appears to have given its approval to Coinbase’s bitcoin trading platform. CEO Brian Armstrong has been instructed to remove all cryptocurrencies except bitcoin from the platform. This suggests that the SEC may be more open to considering bitcoin ETFs in the future. Seyffart and Balchanus noted that Coinbase plays a crucial role as a surveillance-sharing agreement partner and custodian in multiple filings.

Bloomberg Analysts are confident that there is strong institutional investor demand for such an ETF and expect that it will receive approval from the Securities and Exchange Commission and other regulatory bodies soon. This could be a major positive for those investing in cryptocurrencies as they can now look forward to increased liquidity with the introduction of such an ETF.

Noah is a crypto-journalist born in Miami (Florida), but He currently lives in Adelaide (Australia).
He has over 7 years of experience in crypto trading.

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