The hype around the approval of the first-ever Bitcoin ETF in the US is gaining steam as a total of four Bitcoin Futures ETF proposals are due for a final decision by the end of October. Many ETF proponents have been speculating that October could become a crucial and historic month for the crypto world as SEC is expected to give its verdict.
The latest update in the Bitcoin ETF saga saw Valkyrie make key changes to their Bitcoin ETF proposal earlier today. The investment group added a ticker symbol for their upcoming ETF product. According to Eric Balchunas, a Bloomberg ETF analyst, last moment changes likes these indicate a possible sign of approval.
People keep asking me what I’m looking for first to confirm SEC approval and it is these type of updated prospectus filings. That’s what happens right bf a launch, they fill in all the XXs and add ticker. That said, this is bitcoin so WTF knows for sure lol.
— Eric Balchunas (@EricBalchunas) October 13, 2021
The US SEC chief Gary Gensler a couple of months back stated that Futures market-based crypto ETF has a higher chance of approval than the physical BTC ETF proposals. Following this statement, nearly a dozen companies either withdrew their earlier ETF proposal to file a Futures one. Cathie Wood’s Ark Invest has become the latest to file for one as well.
The fact that SEC recently approved an ETF that tracks the prices of companies that hold or trade Bitcoin and crypto assets also made many believe that Bitcoin Futures ETF approval is on the cards in October.
Bitcoin ETF Approval Could Help $BTC Bulls
October has begun on a bullish note for the crypto market, especially Bitcoin ($BTC) which managed to post a new 5-month high this week. The top cryptocurrency is back in the bullish zone after a bearish September where it lost nearly 25% of its market cap falling in the sub-$40K price zone again. However, now the bulls seem to be in charge, and once it manages to breach $60K resistance, the all-time-high of $64,683 won’t be a big hurdle.
The approval of the first US-based Bitcoin ETF could act as a catalyst for the market and could also help $BTC touch the $100K price target predicted by many. $BTC was trading at $57,714 with a 4% surge over the past 24-hours.