July 4 (Cointime) - According to analysts from Bernstein, there is a relatively high chance of a spot Bitcoin ETF being approved in the US, despite the Securities and Exchange Commission's (SEC) tough stance on the matter. The SEC has previously approved futures-based Bitcoin ETFs, which derive their value from Bitcoin futures contracts, from regulated exchanges such as the CME.

However, the SEC has concerns about the dependability of a spot Bitcoin ETF due to the lack of oversight on spot exchanges like Coinbase. Grayscale's attempt to convert its Grayscale Bitcoin Trust (GBTC) into an ETF is also seen as a significant development in the space, but the court has been skeptical about the idea that futures prices are not derived from spot prices.