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Today’s Cryptocurrency Headline
Several major U.S. financial media outlets are reporting that fund manager ProShares is ready to launch the first U.S.-listed Bitcoin futures ETF. The company filed documents for the offering Friday afternoon. The product will be based on Bitcoin futures contracts rather than spot Bitcoin and will have a management fee of 0.95%, according to the filing. It will trade on the NYSE Arca exchange under the ticker symbol BITO.
CoinDesk reported that the five commissioners of the SEC approved the launch of the Bitcoin futures ETF on Friday following a meeting. Bloomberg reported that the Bitcoin futures ETF could begin trading as early as Monday. The Wall Street Journal expects the product to start trading Tuesday.
The Wall Street Journal reported that ProShares-issued BITO could be the first of a series of ETFs based on Bitcoin futures. Valkyrie Investments, Invesco and VanEck are likely to get approval to launch their own Bitcoin futures ETFs this month. Galaxy Digital, AdvisorShares, Bitwise, BlockFi and ARK Investment Management are likely to receive product approvals in November and December.
Bingbon’s Bitcoin Chart
Bitcoin price successfully crossed the $60,000 mark. Optimism about the market has led to gains in other cryptocurrencies. The current market is still unconfirmed news. But investors need to be aware that the speculation should be confirmed by the SEC’s own admission that it has approved ETFs. For Bitcoin, it would have to stand at $60,000 and break $65,000 in the short term to re-establish its upward trajectory. According to various technical indicators, Bitcoin is still likely to face a technical correction in the near term. The first support level for Bitcoin is currently around $60,000.