As a result of the high price tag and complexity of the proposed product, Bitwise withdrew its application back in November 2021. The initial proposal submission happened back in September last year.
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Many in the cryptocurrency industry consider October 19, when ProShares introduced the first Bitcoin futures exchange-traded fund in the United States, to be a turning point.
On its first day of trading, it surpassed $500 million in volume, making it the second most actively traded fund in history.
Shortly after, Valkyrie introduced a similar product, making it the second crypto exchange-traded fund to obtain Securities and Exchange Commission approval.
ETFs that track Bitcoin futures prices provide investors exposure to Bitcoin’s fluctuating value without requiring them to actually purchase Bitcoin. The introduction of bitcoin ETFs and bitcoin futures ETFs may aid in accelerating growth in both bitcoin and gains across the cryptocurrency industry, given that the positions of many other digital currencies are closely correlated with that of the original cryptocurrency.
Read more market news:
Coinbase (NASDAQ:COIN) Backs Grayscale’s Lawsuit Against the SEC’s Denial of a Bitcoin Spot ETF
Crypto Winter Has Institutional Investors Stacking Sats: Survey
See original on DailyCoin
Source: Cryptocurrency - investing.com
