Other fund managers may list bitcoin ETFs in the coming days and weeks
Bitcoin neared a six-month high on Monday in anticipation of the listing of the first futures-based bitcoin exchange-traded fund (ETF) in the United States, giving investors hopeful a boost to cryptocurrency trading volume. If the US Securities and Exchange Commission (SEC) does not object, the ProShares Bitcoin Strategy ETF completes a 75-day period as the fund manager filed the plan and could begin trading on Tuesday. Other fund managers may list bitcoin ETFs in the coming days and weeks, and this could lead to a wider exposure to the digital asset.
The world’s largest cryptocurrency was last at $62,288, near Friday’s six-month high of $62,944 and not far from its all-time high of $64,895 in April.
Ether, another popular token used on the Ethereum blockchain, was traded around $3,866 and has been rising in tandem with bitcoin since mid-September. For many it is a step forward, but not a game-changer that few are understanding,” said Chris Weston, head of research at Pepperstone in Melbourne, Australia. Work on the regulation front.
Fund managers that have applied to launch bitcoin ETFs in the United States include VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Fund. The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF.
The world’s largest digital currency manager Grayscale is planning to convert its flagship product, Grayscale Bitcoin Trust, into a spot bitcoin ETF, CNBC reported on Sunday. After months of back-and-forth between the SEC and potential bitcoin futures ETF issuers, the regulator is set to approve a handful of filings that would open the door to broader access to cryptocurrencies for retail and institutional investors alike. Under the rule set used by ETF issuers, the SEC is not required to give explicit approval to ETFs, which can be launched at the end of the 75-day period if the US regulator does not object. Cryptocurrency investors expect the approval of the first US bitcoin ETF to trigger an influx of funds from institutional players who cannot invest in digital coins at the moment.
Concerns of rising global inflation have also increased the appetite for bitcoin, which is in limited supply, in contrast to the substantial amounts of currencies issued by central banks in recent years, as monetary officials try to push money to stimulate their economies. Print. “The market is not showing much enthusiasm,” said researcher Makoto Sakumara from the NLI Research Institute. An increasing number of investors began to think that inflation might not be temporary and that it is possible that bitcoin could be used as a hedge against inflation. I am being selected.” .
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