Analyst Says the SEC Might Approve a Bitcoin ETF as Early as October

James Seyffart, an analyst at Bloomberg Intelligence, thinks a Bitcoin ETF could be approved by the SEC as early as October 2021, once again reigniting the discussion around the highly anticipated derivative that the agency has failed to approve since 2017.

The Winklevoss Twins filed the first application, but it was quickly dismissed by the SEC on technicalities. However, since 2019, there have been many applications with big-shot banks submitting documents from 2020. Coinciding with the mega rally, which lifted Bitcoin to a new all-time, institutional involvement in an environment where regulatory compliance is being stressed builds the confidence for the SEC to approve any of the high-profile applications.

James is stirring the waters once more following last week's development described by news sources as a quick withdrawal of an Ethereum ETF application by one of Bitcoin ETF's applicants, VanEck and ProShares. According to the analyst, this bodes well with the SEC, who may, in turn, approve one as early as October 2021. In his view, the SEC might have reached out to the applicant, asking them to withdraw. However, the good news is that other applications are active, under review, which is overly positive. This increases the odds of the U.S. approving a Bitcoin ETF before the end of the year.