BTC to BITO: the original cryptocurrency, and the promise and limitations of Bitcoin ETFs
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A banner for the newly listed ProShares Bitcoin Strategy ETF hangs outside the New York Stock Exchange (NYSE) on October 19, 2021 in New York City.
Synopsis
The NYSE debut of Bitcoin futures-based ETF has given retail investors access to the asset class. But experts are forecasting stronger demand for ETFs backed by the spot cryptocurrency as they are better in terms of costs. Once the gap in regulatory oversight between crypto spot and futures narrows further, more spot Bitcoin ETFs may get listed.
Last month, the crypto industry witnessed a landmark moment as the first Bitcoin-linked exchange-traded fund (ETF) in the US began trading amid much fanfare. ProShares Bitcoin Strategy ETF, which got listed on the New York Stock Exchange (NYSE) under the ticker BITO, raised an eye-popping USD550 million in asset under management (AUM) on its debut. A day after the ETF’s listing, the price of Bitcoin scaled a new high of USD67,000/BTC. The total
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