US Bitcoin Futures ETF has approved spot ETF, will it be far?

After 8 years of application and 7 years after being rejected by the SEC, the US Bitcoin ETF finally came.

On Tuesday, October 19th, US local time, ProShares Bitcoin Futures ETF will be launched on the New York Stock Exchange NYSE Arca under the symbol BITO.


Fundstrat founder Tom Lee said on Monday that the arrival of the first Bitcoin futures ETF should improve the already bullish environment for cryptocurrencies. He believes that the new Bitcoin futures ETF can push Bitcoin to more than $100,000.

Bloomberg analyst Eric Balchunas predicts that the Valkyrie Bitcoin futures ETF may be launched later this week. The ETF was certified for listing on the Nasdaq exchange last week. If this is true, this milestone will make Valkyrie’s fund the second Bitcoin ETF issued in the United States. The approval of the first Bitcoin ETF led to a rise in bullish sentiment in the cryptocurrency market, with an inflow of US$80 million in digital asset investment products last week.

Encryption Fund Management Company grayscale ( Grayscale ) CEO Michael Sonnenshein opinions on Bitcoin ETF in CNBC’s Squawk Box column, he said he was very excited to see the regulators ultimately let Bitcoin ETF lines on national securities trading platform, He said that the product structure of the Bitcoin futures ETF can have an impact on investors. The approval of the first Bitcoin futures ETF is likely to attract more funds and more investors into the ecosystem. Michael Sonnenshein also believe that after the approval of the first bits of currency futures ETF, the US Securities and Exchange Commission (SEC) will most likely based on Ethernet Square, the ETF market.

 At the same time, Grayscale has officially confirmed that it plans to submit an application to the U.S. Securities and Exchange Commission (SEC) to convert its Bitcoin trust into a Bitcoin spot ETF. The company stated that once the SEC issues “clear” and “official” instructions, Grayscale will apply for approval.

So can the Bitcoin spot ETF be approved? This question depends on the US Securities and Exchange Commission, and possibly the success of the upcoming Bitcoin futures ETF. So far, the US Securities and Exchange Commission has not indicated any positive signs that it will approve one item.

According to TheBlcok report, there will be about 5 Bitcoin futures ETFs ready to be launched in the near future, and 2 may be launched this week. Sui Chung, CEO of CF Benchmarks, which provides market data for CME Bitcoin futures and Proshares Bitcoin futures ETFs, said that the launch of Bitcoin futures ETFs may not harm spot ETF applications. However, if these futures ETFs are progressing smoothly, are quite large, and can meet investor demand for Bitcoin through the ETF channel, the US Securities and Exchange Commission may argue that the demand has been met and we do not need to authorize spot ETFs. Sui Chung pointed out that the success of Bitcoin futures ETFs depends on whether large investment companies such as Charles Schwab and TD Ameritrade will provide ETFs to their customers. If these institutions do not provide all customers with only Allow “certain customers” to access, then the performance of the BTC futures ETF may be affected.

Posted by:CoinYuppie,Reprinted with attribution to:
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