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Investors are betting the Securities and Exchange Commission (SEC) will approve at least one of the three proposed bitcoin-focused exchange-traded funds, despite doubts expressed by Wall Street analysts, according to  MarketWatch . Futures contracts traded on BitMEX , an exchange incorporated in the Republic of Seychelles, and the falling premium of the Grayscale bitcoin trust shares traded on the secondary market, indicate participants are expecting approval, said Spencer Bogart, an analyst at Needham & Co., one of the few Wall Street analysts who cover bitcoin. Trust Premium NAV Drops The trust’s premium over bitcoin’s net asset value (NAV) has dropped from around 42.21 percent in early January to about 13% in recent trade, according to Grayscale. The falling premium reflects less willingness to pay for shares since investors expect near-term approval of one of the ETFs, Bogart said. Shares of a bitcoin ETF would trade closer to bitcoin’s net asset value, accordi