According to Eric Balchunas, a senior ETF analyst at Bloomberg, there is a 50% chance that BlackRock’s Bitcoin exchange-traded fund (ETF) will be approved. This development potentially enhances Grayscale’s chances of winning its appeal against the US Securities and Exchange Commission (SEC), which denied its ETF application in June. Elliott Stein, a senior litigation analyst for Bloomberg Intelligence, rates Grayscale’s likelihood of success at 70%. Balchunas suggests that the SEC may view BlackRock’s application more favorably as a means of “saving face,” given that it comes from a trusted and established traditional finance (TradFi) firm.