according to Bloomberg Analyst reports that recent changes managed in the prospectus for futures ETF by leading alternative asset manager Valkyrie indicate that Bitcoin ETF approval is imminent in the near future.
The ETF Bitcoin Futures is a prominent regulated financial product that allows investors and supporters to invest in the BTC market indirectly.
In simpler terms, it is a type of exchange-traded fund which allows people to get investment and income without having to go out and buy cryptocurrencies directly. With this type of trading asset, investors are given a chance to explore other alternatives to earn more profits through Bitcoin.
Analyst Eric Balchonas stated that the companies will actively update their proposals while they are ready to go ahead with the launch and move forward with the said project. According to Balchunas, the addition of Valkyrie at the last minute usually indicates that the approval of the Bitcoin Futures ETF is about to happen.
The growing hype around the approval of the first-ever Bitcoin ETF is gaining more momentum as the approvals were due to receive their final decision in October.
Why were Bitcoin ETFs rejected?
Gary Gensler, the head of the US Securities and Exchange Commission, previously stated that crypto, which is based on the futures market, has a higher chance of gaining approval than a physical ETF proposal.
As a result, some of the leading companies that were looking to apply for their ETF proposals withdrew their applications to apply for the latest ETF futures contract. Ark Invest is one of the first organizations that recently applied for a futures ETF.
Balchunas took to Twitter to announce and make it clear that many people will ask him about signs that can confirm SEC pre-approval. He further explained citing the last minute Valkyrie Index update as an example that could be taken as a positive sign indicating imminent SEC approval.
Meanwhile, bitcoin prices are up 28% since the beginning of October and have maintained a steady pace ever since. Many crypto enthusiasts have credited the recent rally in BTC for the fact that the SEC will soon certify the Bitcoin Futures ETF.
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