The US Securities and Change Fee (SEC) is prone to approve a Bitcoin (BTC) futures exchange-traded product (ETF) by the tip of October, in keeping with Bloomberg ETF consultants.

Bloomberg ETF analysts, Eric Balchunas and James Seyffart, issued an investor be aware on Tuesday suggesting that final week’s abrupt withdrawals of Ether (ETH) futures ETF proposals by VanEck and ProShares might set off SEC approval of a Bitcoin ETF. 

“VanEck and ProShares’ fast withdrawal of proposals for Ethereum futures ETFs is an efficient signal for a possible Bitcoin futures ETF, given the SEC has allowed these submitting to stay energetic. A launch might come as quickly as October, and we imagine the SEC ought to allow a number of directly to keep away from handing out a first-mover benefit,” the analysts mentioned.

Balchunas famous that ProShares’ Bitcoin futures ETF is among the many proposals to be almost certainly accepted by the U.S. securities regulator. “We expect Ether withdrawal exhibits SEC has nostril on this proper now and is in reg contact with issuers which ought to imply any kinks ironed out in order that they will launch 75 days after submitting,” he added.

Associated: Europe prepares for first Bitcoin futures launch amid US ETF stalemate

The most recent Bitcoin futures ETF forecast comes shortly after asset managers VanEck and ProShares abruptly withdrew their applications for Ether ETFs simply two days after filing paperwork with the SEC. Nevertheless, plenty of Bitcoin futures ETFs functions have nonetheless remained energetic, with asset managers like Valkyrie, ProShares, Invesco and VanEck submitting Bitcoin futures ETF filings earlier this year.

As beforehand reported by Cointelegraph, SEC Chairman Gary Gensler lately steered that the regulator might be open to approving Bitcoin futures ETFs underneath the Funding Firm Act of 1940.