You’ve probably already seen it; bitcoin (BTC) has today finally to be all-time high (ATH) broken! At the time of writing, the bitcoin price is hitting a new all-time high of $67,020, after an hourly increase of almost 5%.
Bitcoin was already expected to rise sharply this year. The so-called on-chain data looked very positive; the available supply has recently declined rapidly. To actually break through that ATH, the price was given another boost this week with the launch of the first-ever bitcoin exchange-traded fund (ETF) in the US market. This concerns the “BITO” product of ProShares, listed on the New York Stock Exchange (NYSE) Arca.
Asset manager VanEck reveals today that it may also launch its bitcoin futures ETF next week. This is evident from a custom submission with the U.S. Scurities and Exchange Commission (SEC), filed Oct. 20. The SEC has authorized the fund to be launched after October 23, but that will likely be next Monday or Tuesday, October 25 or 26 at the earliest.
Like ProShares, this fund will also track the price of bitcoin futures on the Chicago Mercantile Exchange (CME). It will also, again like that of ProShares, not hold bitcoin itself. This may be the second bitcoin futures ETF to launch in the US, but according to Bloomberg, the Valkyrie ETF may launch this week. Invesco suddenly withdrew its application early this week.
VanEck also has an application for an actual physical spot ETF for bitcoin on the table with the SEC. That’s the kind of product the US market has been waiting for for years. Gabor Gurbacs, director at VanEck, reports that the SEC must make a decision on this before November 14:
The VanEck #physical #Bitcoin #ETF decision date is November 14.
— Gabor Gurbacs (@gaborgurbacs) October 19, 2021
–
:strip_icc()/i.s3.glbimg.com/v1/AUTH_59edd422c0c84a879bd37670ae4f538a/internal_photos/bs/2021/A/M/SWHgcoQEOq5RoUYLwIsA/121135793-trachilos7.png?resize=150%2C150&ssl=1)