U.S. BTC futures ETF approved – Will the spot ETF be far behind?

After eight years of application and seven years after being rejected by the SEC, the U.S. BTC ETF finally came.

On Tuesday, October 19, ProShares BTC Futures ETF will be launched on the New York Stock Exchange NYSE Arca under the symbol BITO.

Fundstrat founder Tom Lee stated on October 18 that the birth of the first BTC futures ETF should improve the already bullish environment for cryptocurrencies. At the same time, it will push BTC to over $100,000.

Analyst Eric Balchunas predicts that the Valkyrie BTC futures ETF may be launched later this week. Additionally, the ETF was certified for listing on the Nasdaq exchange last week. This milestone will make Valkyrie’s fund the second BTC ETF issued in the United States if this is true.

The approval of the first BTC 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 BTC ETFs in CNBC’s Squawk Box column. He expressed his excitement to see that the regulatory authorities finally allow BTC ETFs to be launched on the national securities exchange platform. At the same time, he said that the product structure of the BTC futures ETF could impact investors.

The approval of the first BTC futures ETF is likely to attract more funds and more investors into the ecosystem. Michael Sonnenshein also believes that after approving the first BTC futures ETF, the U.S. Securities and Exchange Commission (SEC) will likely bring an Ethereum-based ETF to the market.

At the same time, Grayscale has officially confirmed that it plans to apply to the US Securities and Exchange Commission (SEC). The company stated that once the SEC issues “clear” and “official” instructions, Grayscale will apply for approval.

So can the BTC spot ETF be approved? This question depends on the US Securities and Exchange Commission and possibly the success of the upcoming BTC 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, about 5 BTC futures ETFs will be ready to be launched in the near future, and two may be launched this week. Sui Chung, CEO of CF Benchmarks, which provides market data for CME BTC futures and Proshares BTC futures ETFs, said that the introduction of BTC futures ETFs might not harm spot ETF applications.

However, if these futures ETFs are progressing smoothly, are relatively large, and can meet investor demand for BTC 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.

In addition, Sui Chung pointed out that the success of BTC 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” access, then the performance of the BTC futures ETF may be affected.

Sharing it to help others:

Leave a Comment