The United States Securities and Exchange Commission (SEC) is likely to approve a Bitcoin (BTC) futures exchange-traded product (ETF) by the end of October, according to Bloomberg ETF experts.

Bloomberg ETF analysts, Eric Balchunas and James Seyffart, issued an investor note on Tuesday suggesting that last week’s abrupt withdrawals of Ether (ETH) futures ETF proposals by VanEck and ProShares could trigger SEC approval of a Bitcoin ETF. 

“VanEck and ProShares’ rapid withdrawal of proposals for Ethereum futures ETFs is a good sign for a potential Bitcoin futures ETF, given the SEC has allowed those filing to remain active. A launch could come as soon as October, and we believe the SEC should permit several at once to avoid handing out a first-mover advantage,” the analysts said.

Balchunas noted that ProShares’ Bitcoin futures ETF is among the proposals to be most likely approved by the U.S. securities regulator. “We think Ether withdrawal shows SEC has nose in this right now and is in reg contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing,” he added.

Related: Europe prepares for first Bitcoin futures launch amid US ETF stalemate

The latest Bitcoin futures ETF forecast comes shortly after asset managers VanEck and ProShares suddenly withdrew their applications for Ether ETFs just two days after filing paperwork with the SEC. However, a number of Bitcoin futures ETFs applications have still remained active, with asset managers like Valkyrie, ProShares, Invesco and VanEck submitting Bitcoin futures ETF filings earlier this year.

As previously reported by Cointelegraph, SEC Chairman Gary Gensler recently suggested that the regulator might be open to approving Bitcoin futures ETFs under the Investment Company Act of 1940.