ETF Analysts: Spot Bitcoin ETF Approval Odds at 65% Amid Pressure From Blackrock

According to James Seyffart and Eric Balchunas, 2 analysts specializing successful exchange-traded funds (ETFs) astatine Bloomberg, the likelihood of a spot bitcoin ETF debut successful the U.S. has surged to 65%. These analysts property this summation to “pressure from Blackrock and perchance Democrats,” a unit that could compel the U.S. Securities and Exchange Commission to act.

U.S. Spot Bitcoin ETF Odds Rise to 65%, Analysts Cite Blackrock Influence

Following a question of spot bitcoin ETF filings and revisions, the Securities and Exchange Commission (SEC) present finds itself with respective applications awaiting review. In the midst of June, Blackrock, the world’s largest plus manager by assets nether absorption (AUM), lodged its spot bitcoin ETF application, with respective different contenders rapidly falling successful line. Fast guardant to August 2, 2023, and Bloomberg ETF analysts James Seyffart and Eric Balchunas publically offered their insights regarding the SEC’s imaginable support of a spot bitcoin ETF.

“Based connected caller events and caller accusation Eric Balchunas and I are officially expanding our spot bitcoin ETF support likelihood to 65%. That’s from 50% a mates of weeks agone and 1% a fewer months ago,” Seyffart posted connected the societal media level X. Seyffart’s station besides shares a connection from some analysts which states:

“The likelihood of a spot bitcoin ETF launching this twelvemonth are up to 65%, successful our eyes, aft a flurry of developments: Gary Gensler downplaying his relation astatine the SEC, the commission’s tacit support of Coinbase’s Bitcoin exchange, Grayscale’s effort to minimize different filings and the SEC’s nonaccomplishment successful beforehand of the aforesaid judges successful the Grayscale case. Finally, unit from Blackrock and perchance Democrats could marque denying the ETFs politically untenable for Gensler.”

Seyffart emphasizes that his squad is speculating connected the timing of the Grayscale lawsuit dates, but asserts that they envision the easiest way arsenic simultaneous support for each 8 filers positive Grayscale, pursuing the courts’ overturning of the SEC’s denial. “The lynchpin” for this, Seyffart argues, is simply a triumph by Grayscale implicit the SEC successful national court. It could pave the mode for a surge of SEC approvals sometime successful the 4th quarter. However, that “all depends connected however overmuch Gensler wants to combat here,” Seyffart explains.

What bash you deliberation astir the 2 ETF analysts expanding the likelihood of a spot bitcoin ETF getting support from the SEC? Share your thoughts and opinions astir this taxable successful the comments conception below.