Bitcoin (BTC) hit $63,000 on Oct. 19 as the debut of the first regulated Bitcoin exchange-traded fund (ETF) saw solid uptake.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its highest levels since April 16 as the ProShares Bitcoin Strategy ETF ($BITO) began trading on the New York Stock Exchange.
BITO opened at just under $40, swiftly hitting local highs of $42.09 in price discovery before consolidating.
The strength of the launch served to allay fears that the market would conversely fall into the U.S. open, in what would constitute a classic "buy the rumor, sell the news" event.
Volatility was still rampant at the time of writing, however, with commentators waiting to see what would ultimately become of the ETF's first few hours.
Concurrent to the United States finally launching its first Bitcoin (BTC) futures-based exchange-traded fund (ETF) Tuesday, France inches closer to a major Bitcoin-related ETF launch.
Paris-based alternative investment firm Melanion Capital is preparing to launch its Bitcoin-linked ETF product already this Friday, the firm’s CEO Jad Comair announced to Cointelegraph on Monday.
Called “Melanion BTC Equities Universe UCITS ETF,” the Bitcoin ETF will start trading on France’s primary stock exchange, Euronext Paris, at 7 am UTC.
The product will be listed under the ticker symbol BTC FP, providing investors with Bitcoin exposure through a diversified basket of equities correlated to the daily price movements of Bitcoin.
"It is traded on the Paris stock exchange, therefore eligible to all investors, and we're in the process of listing it all over Europe," Comair said, adding that there is a strong demand for Bitcoin-related products in the region. "We have embarked on a plan to bring more institutional-grade crypto products to the market," he added.
According to Comair, the idea of BTC FP is similar to a Bitcoin-linked ETF by Volt Equity, which was approved by the United States Securities and Exchange Commission (SEC) in early October. Instead of tracking Bitcoin directly, both Melanion Capital and Volt Equity’s Bitcoin ETFs are tied to companies correlated with Bitcoin.
After almost two years, Bitwise Asset Management has once again applied with the United States Securities and Exchange Commission to create a Bitcoin exchange-traded fund (ETF).
In a Thursday Twitter announcement from Bitwise chief investment officer Matt Hougan, the investment firm will be pursuing a Bitcoin (BTC) ETF with NYSE Arca that holds “actual BTC,” and not derivatives or other indirect exposure to cryptocurrencies. According to Hougan, the Bitwise team has spent more than two years analyzing the firm’s ability to “surveil and enforce” any attempts at manipulation and concluded that the Chicago Mercantile Exchange, or CME, is a “regulated market of significant size” for the crypto market.
“The market has matured,” said the Bitwise CIO. “An actual BTC ETF can now be approved.”
The company’s filing with the SEC shows it plans to register 1,000 shares of its Bitwise Bitcoin ETP Trust with a proposed maximum offering price of $25. The SEC filing states the company will use the CME U.S. Reference Rate as a price reference for Bitcoin in the trust.
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