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Analyst Holds Ground on Bitcoin ETF Approval in January, Urges Ignoring Noise

1 min
Updated by Kyle Baird
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In Brief

  • Eric Balchunas maintains a high level of confidence, with a 90% probability, in the approval of a Bitcoin ETF by Jan. 10.
  • Balchunas emphasizes that amidst the speculation and noise, key developments are happening behind the scenes.
  • The analyst dismisses distractions over specific dates and comments, urging focus on the ongoing efforts by the SEC.
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Eric Balchunas, a Bloomberg analyst, has reiterated to his 162,800 followers that he maintains unwavering confidence in the approval of a Bitcoin exchange-traded fund (ETF) in slightly over a month.

“What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates,” he declared.

Bloomberg Analyst Confident On Bitcoin ETF Approval

In a recent post on X (formerly Twitter), Balchunas clarified that people have been asking him if there’s been a change in his odds. He maintained his position that approval for Bitcoin ETFs could occur in slightly over a month:

“No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe).”

Additionally, Balchunas pointed out that a considerable amount of distraction surrounds less crucial aspects in the ongoing Bitcoin ETF debate.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

Learn more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Predictions Have Been A Talking Point

In particular, he warns against stressing “over exact dates and comments and the timeline.”

Furthermore, he declared that the

“SEC and issuers are working hard behind the scenes to get these ETFs ready to go this cycle.”

Balchunas’ forecasts on the probability of approval have garnered attention for some time.

On August 31, BeInCrypto noted that he increased the odds of a Bitcoin ETF approval in 2023 by 75%. However, the current expectations are leaning towards approval at the outset of 2024.

Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.