Second Future-Based Bitcoin ETF to Be Launched by Valkyrie

SEC approved the first BTC ETF, something long-awaited in the crypto world. Soon after this big news, a second Bitcoin Futures ETF is on sight. 

Analysts Predict a Second Bitcoin Futures ETF 

ProShares is to launch the first U.S. Bitcoin-linked ETF today, October 19, and analysts predict that this will be followed by another BTC Future-based ETF by the end of the week.

Eric Balchunas, an analyst from Bloomberg is expecting another significant BTC – ETF launch, this time from Valkyrie. SEC has approved the registration request for Valkyrie’s Bitcoin futures ETF for listing on Nasdaq.

If things go as planned, Valkyrie’s fund would be following in ProShares’ steps as the second will already begin trading on NYSE

The Focus on $BITO

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James Seyffart, another analyst from Bloomberg, predicted that both $BTF and $BITO would launch on the same day. However, in today’s tweet, he clarified that today people will witness only one launch and the attention will fall to $BITO. On the other hand, Valkyrie’s $BTF will probably launch in the upcoming days, according to Balchunas.

Afterward, the Bloomberg analyst commented on Valkyrie changing its ticker from BTF to BTFD in its platform. 

Invesco Puts On Hold its Bitcoin ETF Application

The Bitcoin ETF race just got a little easier as one of the competitors decided to hold back. Although SEC approved the first Bitcoin ETF, Invesco informed that they are not to apply for it during this period.

It was predicted that Invesco will be among the ones to join the BTC ETF fuss, however, the firm clarified that they will not be doing so in any near future. Instead, they confirmed their further BTC ETF collaboration with Galaxy Digital, the crypto broker-dealer.

Invesco and Galaxy Digital are working together to provide investors products exposed to ETF, consisting also of a digital asset ETF that is physically backed.

Bitcoin Futures-based ETFs for Greater Consumer Protections

Seyffart and Balchunas were invited in today’s episode of Anthony Pompliano’s “Best Business Show” where they discussed that a spot BTC-backed ETF will probably take some time until it is approved.

Balchunas elaborates on SEC‘s preferred Bitcoin ETF. According to him, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission is keener on Bitcoin futures-based ETFs compared to a spot BTC-backed fund, as the first provide better consumer safety.

Also Read: SEC Approves First BTC Futures ETF: Crypto Market Cap Surpasses $2.5 Trillion!

 

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