Eric Balchunas and James Seyffart said that the chances for Bitcoin spot ETFs applications to secure approval is still very high.
One month back half a dozen fund manager companies in the US applied with the United States Securities Exchange Commission (SEC) to secure regulatory approval for their corresponding Bitcoin spot ETF applications. At the time, Bitcoin trade price surged rapidly by 10-20% within a week but now people are not talking about Bitcoin spot ETFs, as the SEC officials indirectly hinted that they will reject the applications.
Recently Bloomberg ETF analysts Eric Balchunas and James Seyffart shared their opinion on the current status of Bitcoin spot ETF applications and said that there are still 75% win chances for the Bitcoin ETFs products.
Analysts noted that so far 12 filings have been submitted with the US SEC regarding Bitcoin & crypto ETFs and this is showing that companies are confident & feeling positive over the SEC’s stance on crypto.
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So Bloomberg ETF analysts believed that SEC’s stance toward the crypto sector is now changing and also the SEC body is in fear that it will face legal action if it will blindly rejects the applications.
According to ETF analysts, there are huge chances that regulatory approval for these application(s) may come in within the next 260 days but warned that there will remain remain uncertainty.
Bitcoin spot ETFs Vs Bitcoin proponents
This is a truth that approval of Bitcoin spot ETFs in the US will unlock more than $1 trillion in fund inflow in the Bitcoin market and that will further pump the trade price of Bitcoin.
But Bitcoin maximalists are not happy with Bitcoin spot ETFs applications and they want only regulatory rejection for such things.
According to the Bitcoin maximalists, Bitcoin spot ETFs products will push the Bitcoin market under the hand of big investors, and in that situation, Bitcoin will become a centralized financial asset, and also Bitcoin price growth will no more remain natural.
Read also: New York Attorney initiates investigation against Digital Currency Group (DCG)
Bloomberg ETF analysts say there is 75% chance for Bitcoin ETFs approval
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