Commentators are predicting that a second futures-based Bitcoin exchange-traded fund (ETF) will accept gone live by the end of the week following the launch of ProShares' Bitcoin Strategy ETF later on Tuesday.

On Tuesday, Bloomberg analyst Eric Balchunas predicted that Valkyrie's Bitcoin (BTC) futures-based ETF is "likely" to launch in the coming days after being certified for listing on the Nasdaq exchange last calendar week.

If true, the milestone would make Valkyrie's fund but the 2d Bitcoin ETF to launch in the United States, with ProShares' futures-based ETF slated to begin trading on the New York Stock Exchange under the ticker BITO on Tuesday.

Beau Bloomberg annotator James Seyffart had initially predicted that Valkyrie's Bitcoin Strategy ETF (BTF) would go live on the same day equally ProShares' product. However, Balchunas tweeted before on Monday that Varlkyrie's fund will "probable" launch on Wednesday or Th, adding that ProShares volition take the "market to itself" for the time being.

Balchunas also noted that Valkyrie had updated its ticker from BTFD to BTF in its awarding.

Invesco bows out of race to launch futures-based Bitcoin ETF

Despite the bullish sentiment surrounding the United States Securities and Substitution Commission approving the U.Southward.' first Bitcoin ETF, Invesco announced information technology had withdrawn its awarding for a futures-based ETF on Monday.

While onlookers had predicted Invesco's futures ETF would receive the green calorie-free from the SEC this week, the firm revealed on Mon that it had withdrawn its awarding, adding its intentions to work toward launching a spot Bitcoin ETF in partnership with crypto banker-dealer Galaxy Digital. Invesco stated:

"We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; all the same nosotros volition proceed to work in partnership with Galaxy Digital to offering investors a total shelf of products with exposure to this transformative asset class, including pursuing a physically-backed, digital nugget ETF."

Related: SEC extends four Bitcoin ETF deadlines past 45 days

Nevertheless, during Tuesday's episode of Anthony Pompliano's Best Business Bear witness, Seyffart and Balchunas argued that the approval of a spot BTC-backed ETF is unlikely to happen anytime soon.

Balchunas asserted that SEC Chair Gary Gensler is much more "comfortable" with Bitcoin futures-based ETFs, as they offer greater consumer protections than spot-backed funds.