Bitcoin

Gary

Spot

James

<div class="watcher-guru"> 
 <p>Bitcoin exchange-traded funds [ETFs] are still a hot topic of discussion. As the community speculates on the potential approval of these ETFs, a number of analysts are becoming increasingly positive about the likelihood of approval. Bloomberg analysts James Seyffart and Eric Balchunas, in particular, have heightened their more optimistic view regarding the possibility of Bitcoin ETF applications receiving the green light.</p> 
 <p>Seyffart recently shared on Twitter that both he and Balchunas raised their projected chances of spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> approval to 65%. It’s worth mentioning that just a few weeks ago, they had set the odds at 50%, indicating a significant increase in confidence. This revision also marks a substantial improvement from their previous prediction of a mere 1% probability, a couple of months back.</p> 
 <p>The analysts pointed out that various factors are influencing the situation. Gary Gensler, the chairman of the Securities and Exchange Commission [SEC], holds a crucial position in the approval process. They believe that pressure from BlackRock, a prominent financial firm, will also work in favor of the industry. They predict that Democrats may exert pressure on Gensler, making it politically unfavorable for him to deny the <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>s.</p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <p><strong>Also Read: SEC Names 8 Bitcoin ETF Applicants on Federal Register</strong></p> 
 <h4 class="wp-block-heading" id="h-grayscale-to-play-a-vital-role-in-bitcoin-etf-approvals">Grayscale to play a vital role in Bitcoin ETF approvals</h4> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>On June 29, 2022, the SEC declined Grayscale’s request to convert the Grayscale Bitcoin Trust into a spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>. On that very day, Grayscale lodged an appeal in a D.C. court, contesting the SEC’s ruling. The Bloomberg analysts highlight SEC’s potential legal setback against Grayscale as a factor that may support the approval of these ETFs.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">The lynchpin for this current thesis is a Grayscale victory over the SEC in Federal court. Which COULD set things up for a wave of SEC approvals sometime in the 4th quarter? All depends on how much Gensler wants to fight here.</p>— James Seyffart (@JSeyff) August 2, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Furthermore, the analysts also acknowledged Grayscale’s attempts to minimize competing filings. Recently, the company advocated for the simultaneous approval of all <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>s by the SEC.</p> 
 <p>The fate of these ETFs may still be uncertain. However, the forecast from Seyffart and Balchunas has instilled significant optimism within the community.</p> 
 <p><strong>Also Read: Multiple <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>s Will Divert ‘Smart Money’ From Canada to U.S.</strong></p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>Bitcoin ETF</li> 
  <li>btc</li> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
  <li>GrAYSCALE</li> 
 </ul> 
</div>

Spot Bitcoin ETF Approval Odds at 65%: Bloomberg

TheBitTimes

Other articles published on Aug 2, 2023

Crypto Analyst Predicts Massive Upside for Bitcoin as Global Liquidity Points to Price Acceleration

KX drives web3 adoption with crypto startup investments

Minnesota's biggest crypto scam: Man loses $9M to LinkedIn seductress

Ripple CEO And Deaton Condemn US SEC For Using XRP Market Report

Affirm Stock up by 26%; Will AFRM Stock Price Rally to $25.00?

TradFi And Crypto Giants Line Up With Ether Futures ETF Applications

Join our free newsletter for daily crypto updates!