The long await for a Bitcoin (BTC) substitution-traded fund (ETF) could soon exist over co-ordinate to sources reported past financial media giant Bloomberg.

Citing "people familiar with the matter," Bloomberg has reported that the United States Securities and Exchange Committee is poised to corroborate the first Bitcoin futures ETFs in the country.

The bearding sources said:

"The regulator isn't likely to block the products from starting to trade next week."

A futures production is likely to exist the get-go one approved since they are viewed more than favorably by regulators. Futures are governed past the Chicago Mercantile Exchange (CME) and require investors to put down cash on margin to merchandise them.

Bloomberg senior ETF analyst Eric Balchunas is confident that the ProShares Bitcoin Strategy ETF could be the start ane launched as the decision deadline is Monday, Oct. eighteen. The Invesco Bitcoin Strategy ETF may be canonical the following day barring whatsoever further delays by the SEC.

In a tweet on Friday, the annotator stated, "Pretty much done bargain. Expect launches next week," before adding the "odds now over 90% IMO."

SEC Chair Gary Gensler has voiced favor for funds based on CME-traded Bitcoin futures filed under a 1940s police force, adding more weight to the potential of a long-awaited approval.

Related: SEC Chair Gary Gensler really is pro-Bitcoin, Volt Equity CEO argues

On Thursday, Cointelegraph reported that Ark Invest had teamed up with 21Shares to file for an ETF that will trade in Bitcoin futures, indicating that they, too, were confident that a product approval is imminent.

Deadlines for ETF applications from VanEck and Valkyrie are also budgeted on Oct. 25, and then there could be a slew of them hitting exchanges over the side by side couple of weeks.

Monday could be a big twenty-four hour period for Bitcoin prices, as markets have been bubbling upwardly in anticipation of this landmark result. At the time of writing, BTC had just spiked to $59,600 before a slight retreat, according to CoinGecko.