According to Bloomberg analysts Erich Balchunas and James Seyffart, the likelihood of U.S. regulators approving a series of cryptocurrency exchange-traded funds (ETFs) is now close to certainty, marking a trend of the Securities and Exchange Commission (SEC) moving towards supporting cryptocurrencies.

Seyffart noted in a social media post on June 20 (Friday) that he and Balchunas have raised the probability of approval for the vast majority of cryptocurrency ETFs to "90% or higher," citing the SEC's "very positive" communication attitude.

The analysts also stated that the SEC is "very likely" to classify cryptocurrencies such as Litecoin, Solana, Ripple, and Dogecoin as commodities—this classification would remove them from the SEC's direct regulatory scope.

Seyffart emphasized that the timeline for approval and the specific dates for the launch of spot products remain unclear. He speculated that this process could take several months and may extend beyond October.

Asset management companies are seeking to replicate the success of spot Bitcoin (BTC) ETFs, which saw demand far exceed expectations in their first year, ultimately becoming the most successful ETF issuance in U.S. history.

BlackRock's iShares Bitcoin Trust (ticker IBIT) has performed the best. In June, after 31 consecutive days of net inflows, its assets under management surpassed $70 billion. Balchunas pointed out that IBIT achieved this milestone in just 341 days.

However, the success of Bitcoin may be difficult to replicate, as market demand for Ethereum (ETH) ETFs has remained lackluster since their launch in July last year.

Although ETF inflows have improved in recent months, a report from Glassnode indicated that as of May, the average position of Ethereum ETF investors is still "severely in a loss position."

While demand for other crypto assets may eventually surpass that of Ether, altcoins are unlikely to shake Bitcoin's dominance in the ETF market in the short term.

Nevertheless, investors are closely monitoring the progress of several proposals, such as Franklin Templeton's XRP and SOL ETF applications, which have recently been opened for public comment by the SEC.

Related: FTX rejects 3AC's $1.5 billion claim, calling it a "failed trading strategy"

Original article: “Bloomberg Analysts: Odds of U.S. Crypto ETF Approval Surge to ‘90% or Higher’”

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