{"id":549528,"date":"2023-08-31T09:00:48","date_gmt":"2023-08-31T09:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=549528"},"modified":"2024-06-11T08:13:29","modified_gmt":"2024-06-11T08:13:29","slug":"bloomberg-analysts-raises-approval-chances-of-spot-bitcoin-etf-to-75","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bloomberg-analysts-raises-approval-chances-of-spot-bitcoin-etf-to-75\/","title":{"rendered":"Bloomberg Analysts Raises Approval Chances Of Spot Bitcoin ETF To 75%"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bloomberg senior analysts Eric Balchunas and James Seyffart have raised their approval odds of the first Bitcoin spot exchange-traded fund (ETF) in the United States (US) to 75%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This development comes after the US District of Columbia Circuit ruled against the US Securities and Exchange Commission (SEC), stamping out the regulator\u2019s denial of Grayscale\u2019s conversion of its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Court \u201cUnanimity And Decisiveness\u201d Unexpected, SEC Now In Tight Spot, Analysts Say<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to his<a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/22548798?s=20\" target=\"_blank\" rel=\"noopener nofollow\"> X post<\/a> on August 30, Eric Balchunas explains that the new stance from him and his colleague was based on certain developments in Grayscale\u2019s case against the SEC.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin-etf-could-see-us-crypto-etf-volume-rise-to-99-5\/\" target=\"_blank\" rel=\"noopener \">US Bitcoin ETF Approval Could See North America\u2019s ETF Volume Rise To 99.5%<\/a><\/p>\n<p><span style=\"font-weight: 400\">Although the Bloomberg analyst stated that a Gracyscale victory had been factored<a href=\"https:\/\/bitcoinist.com\/bitcoin-spot-etf-odds-65-bloomberg-analysts\/\" target=\"_blank\" rel=\"noopener nofollow\"> into their last 65% approval<\/a> odds of a Bitcoin spot ETF, the court&#8217;s \u201cunanimity and decisiveness\u201d in ruling against the SEC was quite unanticipated.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NEW: <a href=\"https:\/\/twitter.com\/JSeyff?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@JSeyff<\/a> &amp; I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of &#39;24). While we factored Grayscale win into our prev 65% odds, the unanimity &amp; decisiveness of ruling was beyond expectations and leaves SEC w &quot;very little wiggle room&quot; via <a href=\"https:\/\/twitter.com\/NYCStein?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@NYCStein<\/a> <a href=\"https:\/\/t.co\/IyEGmWjuHa\" rel=\"nofollow\">pic.twitter.com\/IyEGmWjuHa<\/a><\/p>\n<p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/22548798?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, Balchunas explains that the SEC now faces a PR loss as Grayscale\u2019s victory received media coverage from top media firms across the country. Combining this situation with the recent court defeat, the commission&#8217;s denial of the Bitcoin spot ETF will be \u201cpolitically untenable.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">In their official report, both Balchunas and Seyffart also highlighted that the SEC\u2019s dilemma worsens as it faces its first deadlines on seven Bitcoin spot ETF applications between September 1 and September 4.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, following the recent court ruling, the Bloomberg analysts believe the securities regulator will likely give a delayed order.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-549529 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/F4yR2FkWQAArRi_.jpeg?w=860&#038;resize=860%2C365\" alt=\"Bitcoin\" width=\"860\" height=\"365\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/F4yR2FkWQAArRi_.jpeg?w=924 924w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/F4yR2FkWQAArRi_.jpeg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/F4yR2FkWQAArRi_.jpeg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/F4yR2FkWQAArRi_.jpeg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/F4yR2FkWQAArRi_.jpeg?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"text-align: center\">Source: Bloomberg<\/pre>\n<p><span style=\"font-weight: 400\">Finally, if the SEC is somehow able to deny all applications, the analysts state the financial agency will struggle to reject Hashdex\u2019s unique proposal.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On August 25, the Brazillian asset manager<a href=\"https:\/\/bitcoinist.com\/hashdex-bitcoin-spot-etf-unique-application\/\" target=\"_blank\" rel=\"noopener nofollow\"> filed to introduce<\/a> a mixture of Bitcoin spot and futures ETF, secured by the Exchange for Physical (EFP) transactions, instead of a surveillance-sharing arrangement (SSA) with a crypto exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Based on all the factors listed above, Balchunas and Seyffart rate the approval chances of a Bitcoin spot ETF in 2023 at 75%, with the potential of these odds rising to 95% at the end of 2024.\u00a0<\/span><\/p>\n<h2 class=\"related-reading-shortcode\"><span style=\"font-weight: 400\">Bitcoin Poised For Massive Gains If Spot ETF Gains Approval<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Following the influx of Bitcoin spot ETF applications in June, there has been much optimism about the potential effects these trading products could have on the premier cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A Bitcoin spot ETF tracks the price of BTC, granting investors indirect exposure to the asset without the risks of direct investment in the cryptocurrency itself. According to <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-to-185000-if-spot-etf-is-approved-expert\/\" target=\"_blank\" rel=\"noopener \">hedge fund expert Tom Lee<\/a>, a spot ETF will likely create a high demand-to-supply ratio of the largest crypto asset, pushing its prices of BTC as high as $185,000.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-etf-race-gets-hotter\/\"> Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week <\/a><\/p>\n<p><span style=\"font-weight: 400\">The market leader <a href=\"https:\/\/wncen.com\/breaking-news-ticker\/breaking-grayscale-triumph-sec-crushed-gbtc-rockets-towards-etf-bitcoin-targets-28000\/\" target=\"_blank\" rel=\"noopener \">rose by over 7% following Grayscale\u2019s court victory<\/a> to trade at $27,974.42, according to<a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener nofollow\"> data from Coingecko<\/a>. However, BTC soon experienced a price correction, finding support around the $27,000 price zone. <\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at 27,229.89 with a 0.9% loss in the last day.<\/span><\/p>\n<pre style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/wgmxvWze\/\" alt=\"Bitcoin\" width=\"1480\" height=\"906\">BTC trading at $27,223 on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Forbes India, chart from Tradingview.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg senior analysts Eric Balchunas and James Seyffart have raised their approval odds of the first Bitcoin spot exchange-traded fund (ETF) in the United States (US) to 75%.\u00a0 This development comes after the US District of Columbia Circuit ruled against the US Securities and Exchange Commission (SEC), stamping out the regulator\u2019s denial of Grayscale\u2019s conversion of its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. Court \u201cUnanimity And Decisiveness\u201d Unexpected, SEC Now In Tight Spot, Analysts Say According to his X post on August 30, Eric Balchunas explains that the new stance from him and his colleague was based on certain developments in Grayscale\u2019s case against the SEC. Related Reading: US Bitcoin ETF Approval Could See North America\u2019s ETF Volume Rise To 99.5% Although the Bloomberg analyst stated that a Gracyscale victory had been factored into their last 65% approval odds of a Bitcoin spot ETF, the court&#8217;s \u201cunanimity and decisiveness\u201d in ruling against the SEC was quite unanticipated. Furthermore, Balchunas explains that the SEC now faces a PR loss as Grayscale\u2019s victory received media coverage from top media firms across the country. Combining this situation with the recent court defeat, the commission&#8217;s denial of the Bitcoin spot ETF will be \u201cpolitically untenable.\u201d In their official report, both Balchunas and Seyffart also highlighted that the SEC\u2019s dilemma worsens as it faces its first deadlines on seven Bitcoin spot ETF applications between September 1 and September 4.\u00a0 However, following the recent court ruling, the Bloomberg analysts believe the securities regulator will likely give a delayed order.\u00a0 Source: Bloomberg Finally, if the SEC is somehow able to deny all applications, the analysts state the financial agency will struggle to reject Hashdex\u2019s unique proposal. On August 25, the Brazillian asset manager filed to introduce a mixture of Bitcoin spot and futures ETF, secured by the Exchange for Physical (EFP) transactions, instead of a surveillance-sharing arrangement (SSA) with a crypto exchange.\u00a0 Based on all the factors listed above, Balchunas and Seyffart rate the approval chances of a Bitcoin spot ETF in 2023 at 75%, with the potential of these odds rising to 95% at the end of 2024.\u00a0 Bitcoin Poised For Massive Gains If Spot ETF Gains Approval Following the influx of Bitcoin spot ETF applications in June, there has been much optimism about the potential effects these trading products could have on the premier cryptocurrency.\u00a0 A Bitcoin spot ETF tracks the price of BTC, granting investors indirect exposure to the asset without the risks of direct investment in the cryptocurrency itself. According to hedge fund expert Tom Lee, a spot ETF will likely create a high demand-to-supply ratio of the largest crypto asset, pushing its prices of BTC as high as $185,000. Related Reading: Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week The market leader rose by over 7% following Grayscale\u2019s court victory to trade at $27,974.42, according to data from Coingecko. However, BTC soon experienced a price correction, finding support around the $27,000 price zone. At the time of writing, Bitcoin is trading at 27,229.89 with a 0.9% loss in the last day. BTC trading at $27,223 on the daily chart | Source: BTCUSD chart on Tradingview.com Featured image from Forbes India, chart from Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":549536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86326,1039,1119,7523,3799,10667],"class_list":["post-549528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-spot-etf","tag-bloomberg","tag-btc","tag-grayscale","tag-sec","tag-tom-lee"],"acf":[],"yoast_head":"\n<title>Bloomberg Analysts Raises Approval Chances Of Spot Bitcoin ETF To 75%<\/title>\n<meta name=\"description\" content=\"Bloomberg senior analysts Eric Balchunas and James Seyffart have raised their approval odds of the first Bitcoin spot ETF in the US to 75%.\u00a0\" \/>\n<meta name=\"robots\" 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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