The abrupt withdrawal last week by VanEck and ProShares of proposals for ether futures exchange-traded funds (ETF) bodes well for the U.S. Securities and Exchange Commission soon approving a bitcoin futures ETF, according to Bloomberg Intelligence’s ETF analyst James Seyffart.  

• VanEck and ProShares both pulled their applications just two days after filing them, suggesting the SEC reached out to the issuers and indicated an ether futures fund was not likely to be approved, Seyffart wrote in a note on Tuesday.
• But the fact that both companies’ bitcoin futures ETF filings, as well as those of several other firms, remain active is a positive for their prospects, according to Seyffart. He expects at least one bitcoin futures ETF to launch in the U.S. in the fourth quarter, perhaps as soon as October.
• Many of those bitcoin futures ETFs were proposed after SEC Chairman Gary Gensler indicated recently that he would look more favorably upon bitcoin ETFs that only trade bitcoin futures contracts. 
• If eventual bitcoin futures ETFs are able to operate successfully, and open interest and volume in ether contracts continue to rise, Seyffart said he believes it won’t be long before ether futures ETFs are approved by the SEC.