The arrival of Bitcoin (BTC) mockery ETFs are the talk of the crypto land today. The day before yesterday it was announced that the asset manager Grayscale had won a lawsuit against the American Securities and Exchange Commission (SEC) to launch a decent spot ETF. sets this victory Will the gates open to the myriad of documents currently on the SEC’s desk? Bloomberg analysts believe so.
Bloomberg is positive
Bloomberg ETF analyst Eric Balchunas took to Twitter to announce that he hopes the large number of applications for bitcoin spot ETFs will be approved sooner or later. Due to Grayscale’s victory, Balchunas even adjusted his probability calculation upwards.
He previously indicated that he estimates the chance of the ETFs being approved at around 65%, but he’s now upped that percentage to 75%. It wasn’t just the fact that Grayscale achieved an important victory that mattered to him, but the manner in which the victory came about. The court ruled unanimously.
“The judges unanimously rejected the SEC’s arguments, and the agency will struggle to justify further denials given deadlines,” added fellow Bloomberg analysts James Seyffart and Elliot Stein.
NEW: @JSeyff And I’m raising our odds to 75% of spot bitcoin ETFs launching this year (95% by the end of 2024). While we factored Grayscale’s win into our previous 65% ratings, the unanimity and determination of the decision exceeded all expectations and left the SEC with “very little wiggle room.” @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@Eric Balchunas) August 30, 2023
Bitcoin ETFs are coming
As such, Bloomberg sees the odds for bitcoin ETFs as good and we may not have to wait long for a final SEC decision. Has a number of uses very soon because there is already a deadline. vRide Day is the first deadline scheduled for Bitwise’s trial. Applications from BlackRock, Van Eck, Wisdomtree, Invesco and Fidelity will follow on Saturday.
However, the SEC still has the ability to defer a decision on one or more of the filings. The SEC has pretty much always done this, so it might be wise not to get too excited just yet.
Nevertheless, it is clear that a lot will happen in the next few days. If the SEC gives the green light to bitcoin spot ETFs, it could send the entire crypto market into turmoil. The introduction of such exchange funds has been considered the “holy grail” for years, with which traditional investors can finally enter the crypto market without any problems.