We’re closer to a bitcoin ETF, ‘but we’re not all the way there yet,’ market analyst says

Bitcoin-based exchange-traded funds are closer than ever to becoming a reality, but approval is still a ways away, one market analyst says.The Securities and Exchange Commission is currently reviewing VanEck's second proposal for a bitcoin ETF. Officials now have roughly two weeks to decide whether to approve, reject or extend their review window.Even with Coinbase's direct listing reinvigorating interest in the cryptocurrency market, prospective bitcoin ETF issuers will still face obstacles, says Bitwise Asset Management chief investment officer Matt Hougan."The crypto industry … has gone through this massive institutional maturation. Every aspect of it has improved significantly over the past five years, over the past three years and over the past year. Coinbase going public is just another part of that narrative," he told CNBC's "ETF Edge" this week."So, absolutely, we're getting closer to a bitcoin ETF. I continue to think it's a matter of when and not if, but…

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