Analysts predict Valkyrie will launch Bitcoin Futures ETF this week

Commentators predict that a second futures-based Bitcoin exchange-traded fund (ETF) will go live late in the week following the launch of the ProShares Bitcoin Strategy ETF later today.

On October 19, Bloomberg analyst Eric Balchunas predicted that Valkyrie's Bitcoin (BTC) it is "likely" that a futures-based ETF will launch in the next few days after being certificate to quote on the Nasdaq exchange last week.

If true, the milestone would make the Valkyrie fund the second Bitcoin ETF to launch in the United States, with the ProShares futures-based ETF. scheduled to start operating on the New York Stock Exchange under the ticker symbol $ BITO on October 19.

Bloomberg analyst James Seyffart initially foretold that the Valkyrie's Bitcoin Strategy ETF ($ BTF) would go live on the same day as the ProShares product. However, Balchunas tweeted today that Varlkyrie's fund will "probably" launch on October 20 or 21, adding that ProShares will have the "market to itself" for now.

Update: Valkyrie will not be released tomorrow. He's probably looking to launch on Wednesday or Thursday, but we'll see. Anyway, $ BITO he will have a market for himself tomorrow. https://t.co/G2Ucit6yxM

- Eric Balchunas (@EricBalchunas) October 18, 2021

Balchunas too indicated that Valkyrie had updated her ticker from BTFD to BTF in her app.

Invesco Pulls Out of Race to Launch Futures-Based Bitcoin ETFs

Despite the bullish sentiment surrounding the US Securities and Exchange Commission (SEC) approving the first US Bitcoin ETF, Invesco announced that it had retired your application for a futures-based ETF on October 18.

While viewers had predicted that Invesco's futures ETF would receive the green light from the SEC this week, the company revealed on October 18 that he had withdrawn his application, adding his intentions to work towards launching a spot Bitcoin ETF in partnership with cryptocurrency broker-dealer Galaxy Digital. Invesco stated:

“We have decided not to pursue the launch of a Bitcoin futures ETF in the immediate near term; however, we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including the pursuit of a physically backed digital asset ETF. "

Related: SEC Extends Term of Four Bitcoin ETFs by 45 Days

However, during an October 19 episode From Anthony Pompliano's “Best Business Program”, Seyffart and Balchunas argued that approval of a BTC-backed spot ETF is unlikely to happen anytime soon.

Balchunas stated that SEC Chairman Gary Gensler is much more "comfortable" with Bitcoin futures-based ETFs, as they offer greater consumer protection than spot-backed funds.