Bloomberg analyst raises odds of Bitcoin ETF approval to 2-to-1

The odds of approval by the SEC for the Bitcoin-ETF rose to 2-to-1, according to Bloomberg analyst James Seyffart. Two weeks earlier, the expert judged the probability at 50%, and a few months ago at around 1%.

The expert explained that the decisive factor for Bitcoin ETFs would be developments around the SEC’s case against Ripple, as well asthe Grayscale case concerning the conversion of GBTC into an exchange-traded fund.

The firm’s success could lead to the simultaneous approval of all filings in the fourth quarter, Seyffart forecast. He noted that Gary Gensler’s readiness to fight would be decisive.

Beyond Ripple’s partial victory, the prospects were dramatically improved by Coinbase and BlackRock’s joint oversight agreement, said Seyffart.

As noted, following the latest in the SEC’s filing for a spot Bitcoin ETF, ValkyrieValkyrie, Fidelity Investments, WisdomTree and Invesco submitted.

A number of analysts welcomed the development. Bernstein analysts say the regulator cannot maintain its negative stance toward spot ETFs based on the first cryptocurrency for long.

Earlier, Galaxy Digital CEO Mike Novogratz linked Bitcoin’s rise to the Fed and BlackRock’s ETF decision.