Commentators are expecting another Bitcoin ETF to be operational by the end of the week following the launch of the ProShares Bitcoin ETF strategy later on Tuesday.

Bloomberg analyst Eric Balchonas predicted on Tuesday that the Valkyrie Bitcoin Futures (BTC) ETF will likely launch in the coming days after it was approved for listing on the Nasdaq last week.

If true, the feat would make Valkyrie the second Bitcoin ETF to be launched in the US, and ProShares Futures-based ETFs should begin trading on the New York Stock Exchange under the BITO index on Tuesday.

Bloomberg analyst James Seyfarth originally expected the Valkyrie Bitcoin Strategic ETF (BTF) to be launched on the same day as the ProShares product. However, Balchunas tweeted earlier on Monday that the Warlkyria Fund is “likely” to start on Wednesday or Thursday, adding that ProShares will have a “market to itself” for now.

Balchunas also noted that Valkyrie has updated its tape from BTFD to BTF in its app.

Invesco Closes the Race and Launches an ETF for Bitcoin Futures
Despite the positive sentiment surrounding the US Securities and Exchange Commission, which approved the first Bitcoin ETF in the US, Invesco announced that it was withdrawing its application for a futures ETF on Monday.

While observers have expected Invesco’s futures ETF to receive the go-ahead from the SEC this week, the company said Monday that it has withdrawn the app, adding that it intends to work on launching a Bitcoin spot ETF in partnership with cryptocurrency broker Galaxy Digital. … Invesco stated:

“We have decided not to continue launching bitcoin futures ETFs in the near future; however, we will continue to partner with Galaxy Digital to offer investors a full shelf of products with access to this transformative asset class, including the creation of a digitally backed ETF.”
Related: SEC Extends Four Bitcoin ETF Deadlines by 45 Days

However, in Tuesday’s edition of Anthony Pompliano’s Best of Business, Seifart and Balchonas claimed that approval of a spot ETF backed by BTC is unlikely to happen any time soon.

Balchunas claimed that Securities and Exchange Commission Chairman Gary Gensler is more “comfortable” with bitcoin futures ETFs because they offer more consumer protection than refunds.

Source: CoinTelegraph