The ProShares Bitcoin Strategy ETF is slated to begin trading on Tuesday. Though it’s a bitcoin futures ETF, the fund is a key milestone for the crypto market.
Cryptocurrency enthusiasts and the exchange-traded fund industry are bracing for the first bitcoin futures ETF to begin trading on Tuesday, when the ProShares Bitcoin Strategy ETF is scheduled to debut at the NYSE.
Regardless, most bitcoin activists – and the ETF community – are cheering it as a small but critical step to open the crypto market to a much wider audience. "Gensler wants to be innovative and yet balanced," Hougan told me. "He doesn't want to kill financial innovation [around crypto]. He wants to crack down on the fraud and nefarious elements and the criminal activity. He wants to put a regulatory framework around it."
"We have showed that the CME bitcoin futures market is the leading source of price discovery in the bitcoin market worldwide," Hougan told me. "Prices move first on the CME ahead of Coinbase, Kraken and other offshore exchanges. The CME is the big dog. The spot market does not wag the futures tail."
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