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If SEC Begins Approving Bitcoin ETFs, ProShares Can Launch on 18 October: Bloomberg’s Chief ETF Expert

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Tue, 10/12/2021 - 13:33
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Yuri Molchan
Senior ETF analyst of Bloomberg says that the crypto community may be overestimating demand for Bitcoin ETFs; here's why
If SEC Begins Approving Bitcoin ETFs, ProShares Can Launch on 18 October: Bloomberg’s Chief ETF Expert
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Chief ETF analyst at Bloomberg, Eric Balchunas, has taken to Twitter to again bring up the subject of Bitcoin ETFs that may be approved by the U.S. Securities and Exchange Commission at the end of October and the start of November.

If all goes well, the company that submitted a Bitcoin ETF application first—ProShares—will be free to launch it in eight days.

"SEC has a few days left to delay on BTC futures ETF"

Balchunas has tweeted that there are just a few days to go before the U.S. regulatory agency, the SEC, either approves or delays Bitcoin futures ETFs, filings for which have been submitted throughout 2021, with Galaxy Digital and VanEck giants among the companies that have applied.

The first BTC ETF, according to the chief ETF analyst of Bloomberg, is that applied for by ProShares. On Oct. 18, it will be 75 days since the application was made to the SEC and its chief, Gary Gensler.

No news from the SEC so far about these Bitcoin futures ETFs, but the expert says that, in this particular case, no news is perhaps good news.

Related
Bitcoin Targets $80,000 after Rising 90% Since July Low: Bloomberg

"Demand for Bitcoin ETFs may be overestimated"

In a tweet that continues the thread, Balchunas stated that the crypto community may be overestimating the demand for these Bitcoin exchange-traded funds. He admits that if they are launched, it will be a tremendous step forward. However, he expects to see not more than $4 billion in them in the first year. That is a tiny amount of the money that is circulating on the crypto market—5% worth of crypto under management in investment funds, 3% of the Bitcoin futures market and only 1% of Bitcoin market cap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.