A leading funds investment company, VanEck, will finally have a BTC-based ETF that will be traded upon. A CBOE statement confirmed that investors can begin to trade VanEck’s BTC futures ETF from Tuesday and will be given the XBTF ticker.
Other BTC-based ETFs
Before VanEck’s BTC ETF, two other BTC futures ETFs were approved by the SEC. Trading started on Proshares’ own around the middle of last month on the NYSE. In comparison, Valkyrie BTC ETF was listed on the NASDAQ stock exchange around late last month.
Surprisingly, there are only a few days between the US SEC’s declination of VanEck’s spot BTC ETF proposal and CBOE’s listing of the asset management firm’s BTC futures ETF. The SEC rejected VanEck’s Spot BTC ETF proposal because there wasn’t enough “investor protection” measure in the proposal. Also, the proposal failed to include ways the firm plans to “prevent fraud or other manipulative practices.”
Vaneck’s History And BTC-Based ETF Proposals
VanEck started managing assets for investors over 65 years ago. Everyone in the crypto circle knows that VanEck is the first firm to submit a BTC ETF application. Despite submitting several BTC-based ETF filings with the SEC, the SEC only approved its BTC futures ETF.
As widely reported in various media, the SEC boss has often indirectly said the SEC is more likely to sanction a BTC ETF that doesn’t offer investors direct exposure to BTC than any other BTC ETF because it guarantees investor protection more than the others. Still, some fund investment companies are optimistic that the SEC would eventually approve other BTC-based ETFs. That might probably explain why Bitwise (a fund investment company withdrew its futures ETF filing a few days ago.
A top-level executive with the company, said “we are convinced that investors can invest in a spot-based BTC ETF because that’s what most of these investors want. Hence, we will keep seeking ways our clients can have the kind of investment options they want and take advantage of the immense possibilities in the virtual asset space.”
BTC Price Outlook
After starting the weekend in a bullish fashion, BTC ended it in a price correction. But it started the $65K support during the morning session of the US trading hours. Various analytics showed that BTC failed to carry its bullish momentum into the wall street trading session.
Top crypto analyst, Micheal Van De Poppe, stated that BTC would only sustain its bullish momentum once it breaks above the $66K mark. Using an annotated image, Van De Poppe, opined that a rising wedge structure is about to form, which will be a definite bullish breaker once BTC exceeds $66K. Other analytics such as the SOPR predict that the leading cryptocurrency can still surge in price before the appearance of the usual cycle top signals.