Bitcoin Future ETFs are likely to be delayed until 2022, according to research firm CFRA.

Crypto asset investors may have to wait longer for Bitcoin futures exchange-traded products, according to Todd Rosenbluth, senior director at ETFs and mutual fund research at research firm CFRA.

Speaking on CNBC’s “ETF Edge” on October 12, Rosenbluth said that the Bitcoin futures product could be the first crypto ETF to be approved, warning that the current cloud regulatory situation could cause further delays.

There are more than 20 crypto asset-based exchange-traded products awaiting approval from the Securities and Exchange Commission, and regulators have yet to pass any, but could take to the streets at multiple events.

The researchers suggested that regulators could wait for all of these products to meet their targets so that a “first driver advantage” could be approved at the same time before adding:

“It’s possible – in fact, we think it’s probably – that we’re going to see a delay in the Bitcoin Future ETF until 2022, until the regulatory environment is clearer.”

Jan Van Eck, CEO of Van Eck Associates, commented that the main concern of the SEC is the disparity between the actual price of Bitcoin and the price of futures contracts, in addition to the possibility of the funds being too large.

When bitcoin is assembled, futures strategies can be reduced by up to 20% a year, he said before adding that “the SEC wants to get some visibility into the underlying bitcoin market.”

Van Eck further suggested that the regulator should gain more control over crypto trading which appears to be trying its latest threat against Coinbase and the exchange’s stable len products. Other popular trading platforms such as Robinhood are already regulated and registered as broker-dealers.

Related: Does the whale face Bitcoin Future ETF approval?

Any speculation about a possible delay could hurt the price of Bitcoin as analysts suggested that large investors could buy BTC in anticipation of ETF approval this month. Assets rose .5.5% last October and reached above 8,000,000,000 locally on October 12, but further regulatory delays could undo the current market momentum.

Eric Balchunas, a senior ETF analyst at Bloomberg, is still confident that there is a 75% chance that an ETF will be approved this month.

Earlier this month, the SEC extended the deadline for four BTC ETFs – Global X Bitcoin Trust, Valkiri XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Cryptoin Bitcoin ETF – for 45 days.

In September, Van Eck’s physically supported Bitcoin ETF was delayed for the second time this year, with a November 14 decision by the SEC.

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