Bloomberg analysts have asserted a strong likelihood of a Bitcoin (BTC) exchange-traded fund (ETF) debuting before the culmination of the present year, with an almost assured expectation by the conclusion of 2024.
As per the insights provided by Bloomberg ETF specialists James Seyffart and Eric Balchunas, there exists a 75% probability of a BTC ETF tied to the spot market entering the scene by the termination of 2023, and an elevated 95% probability of a launch by the conclusion of the subsequent year.
Balchunas conveyed that the odds have been revised in light of digital asset manager Grayscale’s victory in a legal battle against the U.S. Securities and Exchange Commission (SEC). The recent judicial verdict unanimously decreed that the SEC must reconsider its prior dismissal of Grayscale’s application for launching a BTC ETF to preclude any semblance of inconsistency or capriciousness.
“James Seyffart and I are revising our probabilities to 75% for the launch of spot Bitcoin ETFs this year (95% by the close of ’24). While we had incorporated Grayscale’s victory into our earlier estimation of 65% odds, the unambiguous and decisive nature of this ruling has surpassed expectations and significantly constrains the SEC’s discretion.”
According to Seyffart, the establishment of a spot market ETF centered around the foremost cryptocurrency by market capitalization is virtually a “fait accompli” for 2024.
“Numerous inquiries have arisen recently. Eric [Balchunas] and I have now revised our projections to 75% for the launch of a spot Bitcoin ETF in 2023, and we are firmly convinced that a launch is nearly assured by the culmination of 2024.”
Grayscale initially lodged a lawsuit against the SEC in June 2022, asserting that the regulatory body’s rejection of their proposal for a BTC ETF was characterized by discrimination.
At the time of composing this, Bitcoin is being traded at $27,166, reflecting a marginal 1.1% decrease in value over the past 24 hours.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.