Eric Balchunas, a Bloomberg senior analyst, speculated that an application for Bitcoin ETF would likely approve by October.
The ETF analyst took to Twitter to reveal his speculations on Bitcoin ETF after ETF provider ProShares and investment manager VanEck withdrew their applications for offering Ethereum ETF.
The Twitter post revealed that ProShares and VanEck withdrew their applications two days after filing for an Ethereum ETF to the US Securities and Exchange Commission. The Bloomberg analyst shared his views with Bitcoin intelligence ETF analyst James Seyffart after referring to his Tweet and note on the topic.
Reasons for the withdrawal of ETFs were not given, however, Balchunas back then speculated that it was likely due to the SEC disagreeing with an Ethereum ETF and conveying their views to the companies on the same.
In another Tweet by analyst James Seyffart, he released an image summarizing the application status of Bitcoin and Ethereum ETFs. He wrote:
“Gonna add some additional color from our piece: We’ve seen a slew of 1940 Act Bitcoin Futures ETF products and if they follow the relatively standard 75-day launch window we will could see a launch in October. but we think SEC should hold back and launch a handful at once.”
At a symposium in August, SEC Chairman Gary Gensler revealed that if the ETFs limited to Bitcoin futures were to be traded on the CME (Chicago Mercantile Exchange), the SEC staff would likely review the applications.