The First Bitcoin Futures ETF Hits US $60,000 Again

The First Bitcoin Futures ETF is Likely to be Approved by the US on Monday. BTC Price Hits US $60,000 Again.

Eric Balchunas, the senior ETF analyst of Bloomberg, has said that the ProShares Bitcoin Strategy ETF is likely to be the first BTC Futures exchange-traded fund to be launched in the United States as the deadline of decision is on October 18, 2021 (Monday). On October 19, the Invesco Bitcoin Strategy ETF is likely to be approved.

He tweeted that the Bitcoin Futures ETFs are now pretty much done and are expected to hit the market next week. Balchunas went on to add that the odds are now more than 90%. He tweeted:

"JUST IN: Bitcoin futures ETFs are said not to face any opposition from the SEC, according to multiple sources confirming this (aside, I’m hearing the same thing). It's pretty much a done deal. Expect launches next week. "

Gary Gensler, SEC chairperson, had spoken out in favor of CME (Chicago Mercantile Exchange) traded Bitcoin futures filed under a 1940s law, which weighed heavily on the potential for a long-awaited approval.

The October 25 deadlines for ETF applications from VanEck and Valkyrie are also approaching. Reports indicate that the SEC is also going to approve them too. On October 14, Ark Invest has partnered with 21Shares to file for an Exchange Traded Fund that will trade in BTC Futures. It indicates that Ark Invest is also pretty sure of its product approval by the SEC. 

In anticipation of the big day ahead on Monday, the spot market of bitcoin (BTC) has also started to achieve new heights. After 6 months of ups and downs, the BTC/USD pair has hit the US$60,000 mark. The BTC price is now 7% away from reclaiming its all-time high (ATH) level of US$64,804 (achieved on April 18, 2021).  At press time, the BTC price was hovering around US$59,068.78. The year-to-date (YTD) increase of bitcoin in 2021 is 10.1.09% currently.