Bloomberg analysts have increased the odds of a spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC) to 65%, which is up from 50% a few weeks ago and 1% a few months ago. This change is attributed to several factors, including SEC Chair Gary Gensler downplaying his role at the regulator and Grayscale’s victory over the SEC in a recent lawsuit. The approval of a spot Bitcoin ETF could lead to the approval of multiple Bitcoin ETFs in the fourth quarter. In addition, there is mounting pressure on the SEC and US Congress to approve Bitcoin ETFs, as well as possibly Ethereum ETFs, this year. Grayscale currently leads in the race for a Bitcoin ETF, surpassing Ark Invest and 21 Shares.
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