The very first exchange traded fund (ETF), ProShares Bitcoin Strategy ETF, will begin trading today on October 19th and massive inflows are expected.
During Bitcoin’s recent bull run, it has pulled in massive institutional support and achieved widespread interest from the financial sector at large. ProShares ETF could also be a watershed moment for the cryptocurrency as competitors rush to make their own crypto-based ETFs available to the public. Invesco’s Bitcoin Strategy ETF is targeting Wednesday, October 20th to begin trading. VanEck’s Bitcoin Strategy ETF will round out October’s offerings, targeting October 25th as its inception date. November will bring two more options to the market with the Galaxy Bitcoin Strategy ETF and AdvisorShares Managed Bitcoin ETF, both targeting the start of the month to begin trading.
SEC Chair, Gary Gensler recently commented on the situation while offering his support for the futures based ETF offerings saying;
“I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act). When combined with the other federal securities laws, the ’40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”
With various new ETFs hitting markets in coming weeks, expectations are soaring for the underlying impact on Bitcoin’s valuation. Fundstrat Global Advisors co-founder Tom Lee recently commented that the new ETF “…will enable vastly more individuals to allocate to crypto…” while laying out his expectations for support; “We think Bitcoin demand will exceed the inflows for QQQ.”
While the future has yet to be written, this new batch of ETFs is already enjoying widespread interest, support, and demand as investors who have remained on the sidelines of the crypto crazy are lining up to get a piece of the pie.
Disclaimer: The information above does not constitute investment, financial, trading or any other sort of advice and you should not treat any of the content on this site such. We do not recommend the purchase, sale, or holding of any cryptocurrency or other product. None of our content should be deemed as an offer to purchase, sell, or hold a cryptocurrency or other product or service. Please consider doing your own research and prioritize consulting a certified financial professional before making any investment decisions.
All Rights Reserved. Copyright © 2021 CryptoSauceNews