The United States Securities and Exchange Commission (SEC) has delayed reviewing Bitcoin ETF applications from major financial firms, including BlackRock, Valkyrie, Invesco, and Bitwise. Analysts suggest this postponement is due to the impending risk of a U.S. government shutdown on Oct.1.The competition to launch a spot Bitcoin ETF in the United States has attracted much attention from industry insiders. The first successful applicant stands to gain a significant advantage as a pioneer in this highly profitable market. Currently, there are ten firms with pending applications at the SEC, all competing for the chance to launch Bitcoin ETFs.Recent legal developments have sparked speculation about the potential approval of a Bitcoin ETF. A federal court victory by Grayscale Investments has further fueled this speculation, leading market analysts to believe the SEC may be more open to approving such ETFs soon.Bloomberg ETF analyst Eric Balchunas has increased the likelihood of a spot Bitcoin ETF approval by the end of 2023 to 75%. This change is due to the U.S. Court of Appeals Circuit’s decision favoring Grayscale, which has significantly impacted the probability. He has increased those odds to 95% by the end of 2024, reflecting growing optimism in the cryptocurrency industry about the eventual approval of Bitcoin ETFs in the United States.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	10
People	Eric Balchunas, Invesco, BlackRock, James Seyffart, Valkyrie
Companies	Invesco, Binance, Grayscale Investments, BlackRock, Bloomberg, PrimeXBT, U.S. Court of Appeals Circuit, Bitwise, Valkyrie, U.S. government, SEC
Currencies	US Dollar, British Pound, Bitcoin, Ethereum
Securities	None