Valkyrie CIO, Chances Of Bitcoin ETF Approval More Than 50%

According to McClrug, he expected the ETFs to be approved, denied, or moved on this week. However, the Securities and Exchange Commission (SEC) quickly delayed the decision after losing the legal battle in the Grayscale Bitcoin ETF case last week to prevent further speculation. The SEC’s deliberation pushed back the approval of the Bitcoin ETFs to October this year.

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He mentioned the Grayscale ETF case and discussed what the SEC would do in the future as they can’t move on a dime and must proceed cautiously regarding appeal. The CIO of Valkyrie, Steven McClurg gave some brilliant insights into the possible outcomes of the approval in the interview.

Will Bitcoin ETFs Be Approved In October?

The interviewer asked the Chief Officer at Valkyrie, Steven if there would be a material movement for the ETFs to be approved in October this year and what that would mean for the market.

Steven answers, “I would actually give a greater than 50 % chance that we get an approval (for Bitcoin ETFs) sometime in October. Now that’s probably closer to 50 %, but I do believe that at the end of the day after the approval happens you still have to wait for a 75 days statutory window for the S1 to get approved that still puts you 75 days out, but I believe the day is going to be sometime in Q1 next year.”

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Also Read: Ethereum Soars In Unique Addresses After SEC Hints At Ether ETF Approval

How Material Could ETF Be Industry Wise?

McClurg answers that the prospect of ETF is very material. He said Bitcoin is held mainly by retail investors now. Financial Advisors represent a more significant section of cash for investments. But bigger than Advisors are Institutional investors, Pensions, Endowments, Sovereign Funds, and Insurances as they represent 80% of the market’s investment capital.

Investments involving institutional investors need a regulated vehicle to invest in rather than investing through crypto exchanges. The regulation aspect ensures that the investors will not be harmed. McClurg also mentions that institutional investors, pension, sovereign, and Endowment Funds.

The whole industry is eagerly awning the SEC’s next move. Will the ETFs be approved, or will the SEC find a sly way to delay the ETF approvals once again in October remains the big question in every investor’s mind.

Also Read: BTC Price Prediction If Spot Bitcoin ETF Is Approved

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