A physical ETF holds the underlying assets or securities on which its value is based. In comparison, a futures-based ETF tracks futures contracts, providing exposure to an asset without taking direct ownership. In this case, a physical bitcoin ETF would hold bitcoin and track its price, while a futures-based bitcoin ETF would track bitcoin futures contracts.

Following speech, a handful of firms filed for futures-based bitcoin ETFs with the SEC.

But even though seems more comfortable with futures-based bitcoin ETFs than physical ones, they are likely still far off. "I expect a futures-based [bitcoin] ETF approval is more likely to occur in 2022 than in 2021," says.

This is likely due, in part, to SEC concerns. Along with worry over fraud and volatility within the cryptocurrency space, the SEC may also be concerned about how demand for a physical bitcoin ETF would impact the overall market.

So what does all this mean for investors? Not much just yet.

Just because there are numerous potential ETFs doesn't mean they are more likely to be approved any more quickly,  says. "There's multiple steps in the potential approval process, and each product is often at different stages of that approval process."

At this time, the SEC is likely seeking more information about each potential fund, he says. And based on recent comments,  within the cryptocurrency space first.

While investors may see many headlines regarding bitcoin ETF filings or of updates within the approval process, this doesn't necessarily mean anything, explains.

"I wouldn't get too focused on where we are, if the SEC is going to approve something or not. Until they approve something, there's nothing an investor can do," he says. As of now, "be patient."