Bitcoin Taps $60,000 on Futures ETF Hype

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  • Bitcoin tapped $60,000 overnight as ETF hype kicked up a gear
  • There are strong indications that a Bitcoin futures ETF could be approved on Monday
  • Some analysts predict that 2022 is more a likely approval date

Bitcoin tapped $60,000 this morning after more hype surrounding the approval of a Bitcoin futures ETF. With deadlines for Bitcoin futures ETFs coming thick and fast in the next two weeks and no rejections yet by the Securities and Exchange Commission (SEC), talk of approval is driving the price towards all-time highs.

ProShares Deadline is Monday

Talk of a Bitcoin futures ETF being awarded has been rife since SEC chair Gery Gensler said he was “looking forward” to reviewing the Bitcoin futures ETF proposals put forward by the likes of ProShares. This is because the Bitcoin futures market is regulated much more tightly than the spot Bitcoin market, allowing the SEC to keep control over it.

The deadline for the ProShares Bitcoin ETF is Monday, and the fact that the SEC has not yet rejected the proposal, which it has eventually done for every other Bitcoin ETF application to date, is being taken as a sign by some that approval is imminent:

Bitcoin futures ETF applicants VanEck and Valkyrie also have their final decisions due on October 25, with Galaxy Digital application due to be considered by November 1, meaning we could see a flurry of Bitcoin futures ETFs on the market in a very short space of time.

Not Everyone Supports Bitcoin ETF in 2021 Theory

While some are confident that a Bitcoin ETF is imminent, others are more circumspect. Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA, told CNBC on Monday that, “It’s possible — in fact, we think it’s likely — that we’re going to see a delay of a bitcoin futures ETF until 2022, until the regulatory environment is more clear.”

Given that Bitcoin has rallied to $60,000 in anticipation of Bitcoin futures ETF approval, Monday could end up being a very red day indeed Rosenbluth’s prediction comes true.