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Bloomberg ETF analysts are predicting Valkyrieâs futures-based Bitcoin ETF will commence trading this week.
Commentators are predicting that a second futures-based Bitcoin exchange-traded fund (ETF) will have gone live by the end of the week following the launch of ProSharesâ Bitcoin Strategy ETF later on Tuesday.
On Tuesday, Bloomberg analyst Eric Balchunas predicted that Valkyrieâs Bitcoin (BTC) futures-based ETF is âlikelyâ to launch in the coming days after being certified for listing on the Nasdaq exchange last week.
If true, the milestone would make Valkyrieâs fund only the second Bitcoin ETF to launch in the United States, with ProSharesâ futures-based ETF slated to begin trading on the New York Stock Exchange under the ticker BITO on Tuesday.
Fellow Bloomberg analyst James Seyffart had initially predicted that Valkyrieâs Bitcoin Strategy ETF (BTF) would go live on the same day as ProSharesâ product. However, Balchunas tweeted earlier on Monday that Varlkyrieâs fund will âlikelyâ launch on Wednesday or Thursday, adding that ProShares will have the âmarket to itselfâ for the time being.
Update: Valkyrie not going live tomorrow. Likely looking to launch Wed or Thu tho, but we'll see. Anyway, $BITO will have market to itself tomorrow. https://t.co/G2Ucit6yxM
â Eric Balchunas (@EricBalchunas) October 18, 2021
Balchunas also noted that Valkyrie had updated its ticker from BTFD to BTF in its application.
Invesco bows out of race to launch futures-based Bitcoin ETF
Despite the bullish sentiment surrounding the United States Securities and Exchange Commission approving the U.S.â first Bitcoin ETF, Invesco announced it had withdrawn its application for a futures-based ETF on Monday.
While onlookers had predicted Invescoâs futures ETF would receive the green light from the SEC this week, the firm revealed on Monday that it had withdrawn its application, adding its intentions to work toward launching a spot Bitcoin ETF in partnership with crypto broker-dealer Galaxy Digital. Invesco stated:
âWe have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed, digital asset ETF.â
Related: SEC extends four Bitcoin ETF deadlines by 45 days
However, during Tuesdayâs episode of Anthony Pomplianoâs Best Business Show, Seyffart and Balchunas argued that the approval of a spot BTC-backed ETF is unlikely to happen anytime soon.
Balchunas asserted that SEC Chair Gary Gensler is much more âcomfortableâ with Bitcoin futures-based ETFs, as they offer greater consumer protections than spot-backed funds.
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