Bloomberg analyst James Seyffart made another important assessment after the Ethereum futures ETF applications he reported in the morning.

From 1 percent to 65 percent

Seyffart, who co-wrote a joint report with Eric Balchunas, Bloomberg’s ETF analyst, said they increased the probability of a spot Bitcoin approval to 65 percent in 2023:

“Based on recent events and the information we have obtained with Eric Balchunas, we have increased the approval rate of a spot Bitcoin ETF to 65% this year. This rate was 50 percent a few weeks ago and 1 percent a few months ago.”

In the assessment, it was stated that Gary Gensler’s role at the SEC is becoming more and more insignificant every day, while Democrats are also starting to react to Gensler’s constant rejection of ETFs.

“ETFs can be accepted consecutively”

Stating that the SEC has actually implicitly approved Coinbase in its recent comments as a “Bitcoin exchange”, analysts said that Grayscale is not at all less likely to win a lawsuit against the SEC and used the following statements.

“If the SEC loses the case against Grayscale, as we expect, this could create a wave of Bitcoin ETF applications being accepted one after another.”

Bloomberg analysts also noted that BlackRock’s ETF application will also put pressure on the SEC.