The abrupt withdrawal last week by VanEck and ProShares of proposals for ether futures exchange-traded funds (ETF) bodes well for the U.S. Securities and Exchange Commission soon approving a bitcoin futures ETF, according to Bloomberg Intelligence’s ETF analyst James Seyffart.

VanEck and ProShares both pulled their applications just two days after filing them, suggesting the SEC reached out to the issuers and indicated an ether futures fund was not likely to be approved, Seyffart wrote in a note on Tuesday.
But the fact that both companies’ bitcoin futures ETF filings, as well as those of several other firms, remain active is a positive for their prospects, according to Seyffart. He expects at least one bitcoin futures ETF to launch in the U.S. in the fourth quarter, perhaps as soon as October.
Many of those bitcoin futures ETFs were proposed after SEC Chairman Gary Gensler indicated recently that he would look more favorably upon bitcoin ETFs that only trade bitcoin futures contracts.
If eventual bitcoin futures ETFs are able to operate successfully, and open interest and volume in ether contracts continue to rise, Seyffart said he believes it won't be long before ether futures ETFs are approved by the SEC.

Filecoin Foundation President on Decentralizing Data Storage

01:41

U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval

01:11

Why Bitcoin Is Not Keeping Pace With Nasdaq

09:08

Mona Founder on Future of the Metaverse

01:49

Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Withdrawal of Ether Futures ETF Proposals Good Sign for Bitcoin Futures ETF: Analyst

Bloomberg Intelligence’s James Seyffart thinks a bitcoin futures ETF could get approved as soon as October.

Filecoin Foundation President on Decentralizing Data Storage