Over 470 ETFs Launched in the US So Far
A significant number of ETF launches have occurred this year, making it the second-highest number of closures after 2020. Specifically, there have been 478 ETF products launched, with 208 closures and 34 mutual-fund-to-ETF conversions.
Bloomberg Senior ETF Analyst Eric Balchunas predicts that the US market will likely have around 500 approved exchange-traded funds by the end of the year. He believes this is possible by adding at least two new ETFs per day, which reflects the $2 billion per day in cash ETFs taken in.
“All systems go right now,” the ETF analyst stated.
No Spot Bitcoin ETFs in the US Yet
It’s important to note that none of the launched ETFs in the US are spot Bitcoin ETFs as they are still awaiting approval from the SEC. Major investment firms like BlackRock, Invesco, Valkyrie, and VanEck have submitted applications for Bitcoin ETFs but are still awaiting regulatory approval.
Bitcoin ETF Expected Soon
The SEC has postponed its decision on several Bitcoin ETF filings, causing delays for applicants. However, there are signs that the regulator is actively engaging with potential issuers and may be working towards making a decision soon. Meetings between Grayscale Investments, BlackRock, and SEC officials indicate a higher likelihood of approval.
While anticipation for a Bitcoin ETF approval is high, it is unlikely to happen this year. The next decision window is scheduled for January 5 to 10, 2024.
Hot Take: Is a Bitcoin ETF on the Horizon?
The launch of over 470 ETFs in the US this year shows the growing popularity of these investment vehicles. With the possibility of reaching 500 ETFs by the end of the year, it raises the question of when a spot Bitcoin ETF will be approved. While there have been delays and postponements, recent interactions between SEC officials and major investment firms indicate that approval may be on the horizon. The decision window in January 2024 will be eagerly awaited by crypto enthusiasts and investors alike.
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