The beneath is from a latest version of the Deep Dive, Bitcoin Magazine’s premium markets publication. To be among the many first to obtain these insights and different on-chain bitcoin market evaluation straight to your inbox, subscribe now.
The ProShares bitcoin futures ETF underneath the ticker $BITO hit the marketplace for a major second in bitcoin’s historical past yesterday. It turned out not to be a “sell the news” kind of occasion because the bitcoin worth hovered round $64,000, proper underneath the earlier all-time excessive.
The fund traded $280 million value of shares within the first 20 minutes, placing it within the top-15 opening-day launches of all time. The present stage of quantity traded for the complete day settled round $993 million.
On the identical day, Barry Silbert and Grayscale filed to convert their Grayscale Bitcoin Trust automobile (GBTC) with $41.4 billion (worth at $64,000 worth) right into a bitcoin spot ETF. Although a bitcoin spot ETF can be a greater automobile for bitcoin publicity relative to a futures ETF, Gary Gensler of the U.S. Securities and Exchange Commission (SEC) has reiterated his help for futures ETFs that register underneath the Investments Company Act of 1940, which he has said “provides significant investor protections” that include Commodity Futures Trading Commission regulation and oversight.