Approved from Bitcoin Futures ETF: Looking at the changes in the global blockchain industry
On October 15, the first Bitcoin futures ETF in the United States was approved. The US Securities Regulatory Commission approved the listing of the Bitcoin futures ETF filed by ETF giant ProShares under the code BITO. On the first day of listing, BITO’s turnover was close to 1 billion U.S. dollars, second only to BlackRock carbon neutral ETF, and became the focus of the global capital market.
This report tracks and counts the recent developments of the U.S. and China supervision of crypto assets and the development of the U.S. industry, depicts the overview of the two countries’ supervision of various links in the industry, and compares a number of important documents in the history of China’s crypto asset supervision, Bitcoin futures ETFs and spot ETFs. The difference and business data related to crypto asset trading of multiple U.S. stock companies listed on the stock market.
With the promulgation of the “Twenty-Four” document, China’s crypto asset supervision has entered a new era. On September 24, ten departments including the People’s Bank of China and the Office of Cyberspace Affairs issued the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Speculation” (hereinafter referred to as “Twenty-Four”). We believe that the above policy was issued by seven departments including the People’s Bank of China and the Office of Cyberspace Affairs on September 4, 2017.
(I.e. “Nine-Fourth”), the most stringent policy in the history of China’s crypto asset supervision. We believe that the “September 24” has the following characteristics compared with the “September Fourth”: 1) The regulatory situation is more severe; 2) There are more regulatory agencies, and the Supreme Law, the Supreme Procuratorate, the Ministry of Public Security, and the Foreign Exchange Bureau have entered the bureau, which is more qualitative; 3 ) More regulatory reasons are involved; 4) More regulatory measures; 5) More business types are involved; 6) More business behaviors are involved.
The first Bitcoin futures ETF was approved, marking a new milestone in U.S. crypto asset regulation. The underlying asset of a futures ETF is a Bitcoin futures contract listed on CME Group (CME). Although it is not a spot ETF (the compliance risk of the spot is still a concern for the regulators), the standardized financial products created thereby have a strong demonstration significance. First, there may be more Bitcoin futures ETF approvals in the United States. According to media reports such as CNBC and Bloomberg, the crypto asset management company’s Grayscale Investment Plan has applied for the conversion of the world’s largest Bitcoin fund into a spot ETF; Bitcoin futures ETFs issued by VanEck and Valkyrie have also been approved. Invesco ( The Bitcoin futures ETF issued by Invesco and Galaxy is expected to be approved. Secondly, the approval of futures ETFs means that the US’s acceptance of crypto assets has further increased. Although its forward contracts are more expensive than recent contracts due to rolling renewals, there may be loss of adjustments, but after all, it provides investors with more choices. Pave the way for spot ETF approval.
The U.S. crypto asset industry is developing rapidly: mining has become the world’s number one, and trading is active.
1. The U.S. dollar ranks first in the proportion of Bitcoin-fiat currency transactions (300,000 daily transactions, accounting for 84%);
In February, China’s computing power dropped sharply. In July, China’s computing power returned to zero, and the United States rose to number one (35EH/s, 35%).
3. The crypto asset exchange Coinbase Q2 has revenue of approximately US$2 billion, of which retail business has achieved revenue of US$1.8 billion; 4) In the past three years, the number of Bitcoin investors in the United States has tripled, accounting for 11% of the total population; 5) U.S. stock-related institutions hold a total of 860,000 bitcoins through mining or purchase, accounting for 4% of the total number of bitcoins (21 million). Among them, Tesla holds 43,000; 6) The total scale of gray asset management has reached 54.3 billion US dollars, of which Bitcoin Fund (GBTC) has 40.5 billion assets and Ethereum Fund ( ETH E) has 11.9 billion assets.
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