Bloomberg ETF analysts increase the odds of a spot Bitcoin ETF approval this year to 65%, up 50% from weeks ago and 1% a few months ago. The move comes amid several key events including SEC Chair Gary Gensler downplaying his role at the securities regulator and Grayscale’s attempt to minimize filings and SEC’s loss in front of the same judges in the Grayscale case.

Bitcoin ETF Approval Gets Necessary Boost

Bloomberg Intelligence ETF analyst James Seyffart on August 2 said chances of a spot Bitcoin ETF approval by the US SEC grows to 65% based on recent events and new information.

He cites several reasons such as Gary Gensler downplaying his role at the SEC and its approval of Coinbase’s Bitcoin exchange, Grayscale minimizing other filings and the SEC’s loss in the Grayscale case in front of the same judges. In addition, pressure from BlackRock to approve Bitcoin ETF and Democrats possibly making ETF denying difficult for Gensler.

Here’s the race as I’m watching it. We are completely guessing on the timing of the Grayscale case dates. But we think the path of least resistance is simultaneous approval for all 8 filers + Grayscale in the aftermath of the courts vacating the SEC’s denial. pic.twitter.com/Zy97iEj4Hg

— James Seyffart (@JSeyff) August 2, 2023

He claims that Grayscale’s victory over the US SEC in the lawsuit is a key trigger of spot Bitcoin ETF approval. It could make SEC approve multiple Bitcoin ETFs in the 4th quarter.

Meanwhile, Grayscale sent out a comment letter to the US SEC in relation to the spot Bitcoin ETF filings with the surveillance sharing agreements, with enough reasons to approve Bitcoin ETF.

Read More: After Bitcoin, Financial Giants Rush to Apply for Ethereum Futures ETFs 

Companies File Ethereum ETFs

While the SEC review Bitcoin ETF applications, Volatility Shares, Bitwise, VanEck, Roundhill, ProShares, and Grayscale have filed applications with the SEC for Ether ETFs.

Pressure is mounting on the SEC and the US Congress to approve Bitcoin ETF, and probably Ethereum ETFs, this year. Grayscale is now ahead of Ark Invest and 21 Shares’ Bitcoin ETF.

Bitcoin price jumped 2% in the past 24 hours, with the price currently trading at $29,454. The 24-hour low and high are $28,657 and $28,657, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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