SEC could approve Bitcoin Futures EFT

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According a report from Bloomberg yesterday, the SEC could approve Bitcoin Futures EFT's very soon.

According a report from Bloomberg yesterday, the SEC could approve Bitcoin Futures EFT’s very soon, with the agency being reported to be ‘unlikely’ to block the products from launching on the stock exchange, nor extend it’s decision date as it has done many times with regular Bitcoin ETF’s.

Chairman Gary Gensler has on a number of occasions said that the SEC could approve Bitcoin Futures EFTs, and is more open to this than an ETF which tracks the Bitcoin spot price.

Chair’s comments seem to suggest SEC could approve Bitcoin Futures ETF soon

Following Gensler’s comments, numerous investment firms, including Galaxy Digital, have filed Bitcoin futures ETF applications with the regulator. Bloomberg’s report was released just a few hours after the regulator advised US citizens via a tweet to carefully weigh the potential risks and benefits before they invest in a Bitcoin futures contract.

Although the note refers to an investor bulletin published in mid-June, sources familiar with the matter have affirmed that the SEC could allow a Bitcoin futures ETF to begin trading as soon as next week.  

erhaps buoyed by the news, Bitcoin rallied and retested the key psychological resistance at $60,000 for the first time since April of this year.

From an on-chain perspective, whales appear to be preparing for a positive outcome. Addresses holding 100 to 100,000 BTC have bought over 30,000 BTC worth roughly $1.8 billion in the last three days. Meanwhile, more than 10,000 BTC have been removed from known cryptocurrency exchange wallets within the same period.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

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