The United States Securities and Exchange Commission (SEC) has approved the Valkyrie Bitcoin Strategy ETF according to a. approved notification was announced on October 20th. This is the second BTC futures-based ETF to start trading after the launch of the ProShares Bitcoin ETF earlier this week.
This ETF will trade on October 22nd under the symbol BTF on the Nasdaq. It was approved at a time when Bitcoin price was reaching an all-time high of around $ 67,000. News of this approval could further boost market sentiment after the first ETF gets the green light.
The advent of more ETFs will allow more investors to get exposure to Bitcoin and other cryptocurrencies. So far, only ETFs based on Bitcoin futures have been approved in the USA, although an Ethereum ETF is also being developed.
The companies offering these ETFs have been battling for initial approval, which analysts believe will give them a strong advantage. Even so, not only has the number of proposals not decreased since the first fund was approved, but many companies are still applying to get a piece of the pie.
The crypto market has come a long way since its inception, and ETF trading signals a defining moment for the market. It won’t be long before more ETFs fill the market, which is extremely bullish for this asset class.
As Bitcoin magazine reported that VanEck’s Bitcoin futures ETF will also start trading next week. SEC Chairman Gary Gensler has proposed tentative support for futures-based ETFs, though the fate of others remains uncertain. The SEC is still working with other agencies to develop a regulatory framework and will make decisions on many ETFs in the coming months.
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According to Beincrypto