Bloomberg analysts say it is very likely that a Bitcoin (BTC) exchange-traded fund (ETF) will launch by the end of the year, and a near-guarantee by the end of 2024.
According to Bloomberg ETF experts James Seyffart and Eric Balchunas, there is a 75% chance that a BTC ETF will launch on the spot market by the end of 2023, and a 95% chance that one will launch by the end of next year.
Balchunas say that the opportunities were heightened after digital asset manager Grayscale won a lawsuit against the US Securities and Exchange Commission (SEC). In the lawsuit, which concluded this week, a federal court unanimously ruled that the SEC should reconsider the rejection of Grayscale’s application to launch a BTC ETF to avoid arbitrariness and arbitrariness.
says Balchunas,
“James Seyffart and I raise our odds to 75% of spot Bitcoin ETFs launching this year (95% at the end of ’24). While we have factored in the grayscale gain in our previous 65% odds, the unanimity and decisiveness of [the] ruling was above expectations and leaves SEC with ‘little leeway’.”
According to Seyffart, the creation of a spot market ETF based on the top crypto assets by market is effectively a “done deal” for 2024.
“Many people wondered yesterday. Eric [Balchunas] and I’ve moved up to 75% for the 2023 launch of a spot Bitcoin ETF and we think it’s almost a foregone conclusion that we’ll have one launched by the end of 2024.”
Grayscale originally sued the SEC in June 2022, alleging that the regulatory body’s rejection of their bid to launch a BTC ETF was discriminatory.
Bitcoin is trading at $27,166 at the time of writing, down 1.1% over the past 24 hours.
Don’t miss a single beat – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf to the Daily Hodl mix
Featured Image: Shutterstock/80’s Child