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


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 US 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 US regulatory agency, the SEC, either approves or delays the 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 October 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.

“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 and that is only a tiny amount of the money that is circulating in the crypto market – 5 percent of worth of crypto under management in investment funds, 3 percent of the Bitcoin futures market and only 1 percent of Bitcoin market cap.

THAT SAID, the crypto crowd may be overestimating the demand for these ETFs. It's a big step no doubt but we see only $4b in first 12mo (and some think that's too high!) but that's just 5% of crypto fund aum, 3% of bitcoin futures, and 1% of bitcoin mkt cap and 1% of all ETF flow pic.twitter.com/1fALaph1TF

— Eric Balchunas (@EricBalchunas) October 12, 2021
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