Is Bitcoin going to make big news again? Will it launch its first ETF?

After reaching the $1,000 mark recently, Bitcoin has “fallen off the altar” and is currently hovering around the $900 mark. However, Bitcoin “believers” believe that there will be a big news that will greatly boost the price of Bitcoin: in the future, regulators are likely to approve the launch of funds that track Bitcoin.

According to Zhitong Finance, more than three years ago, the founders and investors of the Winklevoss Bitcoin Trust, Tyler and Cameron Winklevoss, applied to establish a Bitcoin fund, and the U.S. Securities and Exchange Commission (SEC) is still considering whether to approve it. The Winklevoss brothers tried to put the product on the BATS Global Exchange.

Investment bank Needham said that if the fund is approved, it will attract a large amount of investor funds, possibly as much as $300 million. As of mid-day trading on Tuesday afternoon, the total value of bitcoins in circulation was $13.8 billion.

The establishment of a fund is certainly good news, but the bad news is that the SEC may not approve it. Needham said the probability of approval is less than 25%.

"While we do not see any reason to reject the fund, the uncertainty, insecurity, and fear of bitcoin's volatility may prevent the SEC from approving the fund," said Spencer Bogart, an analyst at Needham.

According to Zhitong Finance, the SEC will announce the final approval result on March 11.

Bogart said that the industry has greatly underestimated the positive impact that a Bitcoin ETF will have on Bitcoin prices, but has greatly overestimated the possibility of approving the establishment of such a fund.

He also said that regardless of whether the ETF is eventually established, Bitcoin will be "fine."