Bloomberg reports that the US Securities and Exchange Commission’s Bitcoin spot ETF approval raises the odds to 65%

Source: https://cdn.pixabay.com/photo/2017/12/17/14/12/bitcoin-3024279__340.jpg

• SEC Chairman Gary Gensler has softened the issue of crypto regulations due to increasing political pressure from Congress.
• Analysts argue that the SEC’s apparent endorsement of Coinbase as a crypto trading platform increases the odds of a Bitcoin ETF coming soon.

The current spot Bitcoin ETF The excitement has undeniably fueled hopes of a US listing amid increased demand from institutional investors. According to a recent study by on-chain intelligence platform Santiment, it’s around 15.87,000 Bitcoin Addresses with more than 100 BTCs have accumulated about 11.5 million coins, accounting for over 59 percent of the circulating supply. Interestingly, the said bitcoin whales have added about 27.75 coins over the past 12 weeks despite the recent market uncertainty.

The increased demand from institutional investors for digital assets is said to be even greater as more mutual fund managers look to Bitcoin ETFs. To name a few, BlackRock, Fidelity, WisdomTree, and Valkyrie have already applied to the SEC for a spot on the Bitcoin ETF.

Bloomberg analysts are raising expectations for a spot bitcoin EFT from EOY

According to analysts at Bloomberg Intelligence, led by James Seyffart and Eric Balchunas, the chances of the SEC approving a spot Bitcoin ETF before the end of this year have increased by 15 percent. Notably, analysts had previously issued a 50 percent forecast for EOY to approve a spot bitcoin ETF by the SEC, but circumstances have changed, and with it their estimate of 65 percent.

The analysts further argued that the BlackRock ETF, which also includes Coinbase as a partner in the monitoring sharing arrangement, is likely to be approved. The $9 trillion mutual fund manager has had a significantly high hit rate for an ETF approval since its inception, making its application a possible success. Additionally, the SEC does not want institutional or retail investors to access crypto firms like FTX and Alameda Research, which have been largely unregulated.

In a recent interview with Bloomberg, SEC Chairman Gensler downplayed his role at the agency when asked about crypto-related topics. Gensler pointed out in particular that the agency involves four other commissioners in the decision-making process.

“The distraction appeared to be a change in the way he usually handles these issues.”

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The analyst highlighted and further pointed out that despite the number of five members, the chairman has far more control and it would be unusual for the other two Democratic commissioners to make a different decision.

“We believe this could be a signal that aspects of the anti-crypto stance are becoming politically untenable for Gensler.”

The analyst also argued that once the SEC approves Coinbase as a crypto trading company, the likelihood of a spot Bitcoin ETF is high.

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“This confirms our view that the SEC will soften on crypto ETFs but then on bitcoin ETFs,” the analyst noted.

Meanwhile, the SEC still has a few days to approve, deny, or delay some Bitcoin ETF applications filed by Ark Invest, a company backed by Cathie Wood, among others.

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