Bitcoin News

Two other applications were submitted to launch the Bitcoin ETF

According to reports, two tradable funds on the Bitcoin exchange have submitted their license applications to the relevant authorities; One of these ETFs is for selling positions and the other is for leveraged trades.

to the Report Coin Telegraph of Direxion yesterday submitted its bid for an ETF. The fund, called the Direxion Bticoin Strategy Bear ETF, is not backed by real bitcoins, like other Bitcoin exchange-traded funds traded in the US market.

According to the directorate, the fund may invest in other bitcoin mutual funds, money market funds, deposit accounts or short-term debt instruments. However, the company has issued a warning stating that the price of the product may reach zero. A part of this statement reads:

The value of capital in the fund is possible without notice [قبلی] Be accompanied by a sharp decrease or reach zero. You need to prepare for the loss of all your capital.

Eric Balchunas, Senior Analyst at Bloomberg ETFs for a direct exchange-traded fund, says the company has a similar fund in Canada called BITI. He writes in his comment:

At the same time this fund of losses [برای سرمایه‌گذاران] It does, but when it does, it really does!

The 2018 directorate had also submitted a request to launch the Bitcoin ETF, but like other requests, it was stuck in the approval queue of the US Securities and Exchange Commission (SEC).

Bloomberg reports that Valkyrie has also submitted its application for a leveraged ETF to the relevant authorities. This fund allows investors to use 1.25 times leverage. If approved, the fund under the BTFX symbol will include futures, swaps, option contracts and certain types of futures.

The 1.25-fold leverage of this fund has caused many users to make fun of it. Some have described the lever as “market ants” for its small size.

Referring to these tradable products on the new exchange, Nate Geraci, CEO of the ETF Store, predicts that in the future we will see more requests and more approvals. He wrote about this:

The US Securities and Exchange Commission had a good look at CME‌ bitcoin futures contracts. If you look at leverage and reverse products (short positions) in other markets, there is no reason to be in this market. [آمریکا] There is no news about them.

At the same time as the news broke, the price of Bitcoin fell sharply to below $ 60,000.


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