The US Bitcoin futures ETF has been approved, will it be a long time away from the spot ETF?10/19/2021 On Tuesday, October 19th, US local time, the ProShares Bitcoin futures ETF will be launched on the New York Stock Exchange trading platform NYSE Arca under the code 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. Michael Sonnenshein, CEO of Grayscale, a cryptocurrency fund management company, published his views on Bitcoin ETFs in CNBC’s Squawk Box column. He expressed his excitement to see that the regulatory authorities will finally allow Bitcoin ETFs to be launched on the national securities exchange platform. At the same time 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 believes that after approving the first Bitcoin futures ETF, the U.S. Securities and Exchange Commission (SEC) is likely to bring an Ethereum-based ETF to the 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. The launch of the Bitcoin futures ETF may not harm the application of a spot ETF. However, if these futures ETFs are going well, are fairly 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 there is no need to authorize a spot ETF. The success of the Bitcoin futures ETF 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 "certain Customers" visit, then the performance of the BTC futures ETF may be affected.
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