Dive into insights from Bloomberg's Eric Balchunas, as he sheds light on the changing landscapes of Bitcoin ETF approvals.
Influenced by recent legal victories and setbacks, the future of Bitcoin investment could be on the cusp of a transformative era.
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Recent Updates from Bloomberg's Senior ETF Analyst
On August 30th, via a social media post, Mr. Eric Balchunas, a senior ETF analyst at Bloomberg, announced that in light of Grayscale's recent courtroom win, he's revised the likelihood of the ETF's approval from 65% to 75%.
He mentioned, "Judges have unanimously dismissed the SEC's arguments, and the SEC might find it difficult to justify any more rejections while faced with a deadline."
Balchunas suggests that the approval for a physical Bitcoin ETF might become almost certain by the 4th quarter of 2024, with the approval probability surging to 95% by then.
After observing recent legal and public relations setbacks, he added that any denial by the SEC will become "politically untenable."
Upcoming Deadlines for Bitcoin ETF Applications
In the following five days, seven physical Bitcoin ETF applications—including those from Bitwise, BlackRock, VanEck, Fidelity, Invesco, WisdomTree, and Valkyrie—are set to reach their initial decision deadlines by the SEC.
Balchunas remarked he "wouldn't be surprised" if the SEC decided to postpone their verdict on these Bitcoin spot ETF applications.
He further opined that the most likely outcome would be the SEC making an unexpected move by granting approval for physical Bitcoin ETFs all at once.
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