Bitcoin ETFs have 75% chance of being approved this year: Bloomberg analysts
Bloomberg ETF Analysts Boosted Chances of Bitcoin ETF Timely Approval After Recent Grayscale Win against the SEC.
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Bloomberg analysts have raised the likelihood of a spot Bitcoin exchange-traded fund (ETF) being approved by the end of 2023, following a recent grayscale victory over the federal securities regulator. securities.
In an Aug. 30 post on X (Twitter), Eric Balchunas, senior ETF analyst at Bloomberg, said they had increased the odds to 75% from 65% previously — due to unanimity and of the decision of the United States Court of Appeals. Circuit issued its decision in the recent case.
"Judges unanimously rejected the SEC's arguments, and the agency will struggle to justify further denials as it faces deadlines," Bloomberg analyst James Seyffart added. and Elliot Stein, in a separate memo of August 30.
NEW: @JSeyff and I are increasing our odds to 75% of spot Bitcoin ETFs launched this year (95% by the end of 2024 ). Although we factored the grayscale victory into our previous 65% odds, the unanimity and decisiveness of the decision exceeded expectations and left the SEC with "very little wiggle room" via @ NYC Stein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023In his own X article, Seyffart added that one-time bitcoin ETF approvals will likely be a “done deal” by Q4 2024, estimating that the odds of approval have now climbed to 95% by here there.
Balchunas added that given the recent legal and public relations loss, an SEC denial would be “politically untenable.”
Beyond the legal loss, there is also the loss of public relations (which matters because it sets stories, changes your mind ). And it's been covered extensively in...
Bloomberg ETF Analysts Boosted Chances of Bitcoin ETF Timely Approval After Recent Grayscale Win against the SEC.
News
Join us on social networks
Bloomberg analysts have raised the likelihood of a spot Bitcoin exchange-traded fund (ETF) being approved by the end of 2023, following a recent grayscale victory over the federal securities regulator. securities.
In an Aug. 30 post on X (Twitter), Eric Balchunas, senior ETF analyst at Bloomberg, said they had increased the odds to 75% from 65% previously — due to unanimity and of the decision of the United States Court of Appeals. Circuit issued its decision in the recent case.
"Judges unanimously rejected the SEC's arguments, and the agency will struggle to justify further denials as it faces deadlines," Bloomberg analyst James Seyffart added. and Elliot Stein, in a separate memo of August 30.
NEW: @JSeyff and I are increasing our odds to 75% of spot Bitcoin ETFs launched this year (95% by the end of 2024 ). Although we factored the grayscale victory into our previous 65% odds, the unanimity and decisiveness of the decision exceeded expectations and left the SEC with "very little wiggle room" via @ NYC Stein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023In his own X article, Seyffart added that one-time bitcoin ETF approvals will likely be a “done deal” by Q4 2024, estimating that the odds of approval have now climbed to 95% by here there.
Balchunas added that given the recent legal and public relations loss, an SEC denial would be “politically untenable.”
Beyond the legal loss, there is also the loss of public relations (which matters because it sets stories, changes your mind ). And it's been covered extensively in...
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