Analysts predict Valkyrie will launch Bitcoin Futures ETF this week
Commentators predict that a second futures-based Bitcoin Exchange Traded Fund (ETF) will go live by the end of the week following the launch of ProShares’ Bitcoin Strategy ETF later today.
On October 19, Bloomberg analyst Eric Balchunas predicted that Valkyrie’s futures-based ETF on Bitcoin (BTC) will “likely” hit the market in the coming days, having been certified for listing on the Nasdaq exchange last week.
If the milestone hits, Valkyrie’s fund would only be the second bitcoin ETF to hit the United States. ProShares’ futures-based ETF is scheduled to trade on October 19 on the New York Stock Exchange under the ticker $ BITO.
Bloomberg analyst James Seyffart originally predicted that Valkyries Bitcoin Strategy ETF ($ BTF) would go live on the same day as ProShares’ product. However, Balchunas tweeted today that Varlkyrie’s fund is “likely” to launch on October 20 or 21, adding that ProShares will “have the market to itself” for now.
Update: Walküre won’t go live tomorrow. We probably want to start Wed or Thu, but we’ll see. Anyway, tomorrow $ BITO will have the market to itself. https://t.co/G2Ucit6yxM
– Eric Balchunas (@EricBalchunas) October 18, 2021
Balchunas also noted that Valkyrie had updated his ticker from BTFD to BTF in his application.
Invesco is bowing out of the race to launch a futures-based Bitcoin ETF
Despite the optimistic mood surrounding the US Securities and Exchange Commission, which approved the United States’ first Bitcoin ETF, Invesco announced on October 18 that it had withdrawn its application for a futures-based ETF.
While viewers had predicted Invesco’s futures ETF would get the green light from the SEC this week, the company announced on October 18 that it had withdrawn its application and added its intention to participate in the launch of a spot Bitcoin ETF in cooperation with the crypto broker dealer Galaxy. to work digitally. Invesco stated:
“We have decided not to pursue the introduction of a Bitcoin futures ETF anytime soon; However, we will continue to work with Galaxy Digital to offer investors a full line of products with exposure to this transformative asset class, including tracking a physically backed ETF for digital assets. “
Related: SEC extends four Bitcoin ETF deadlines by 45 days
However, during an episode of Anthony Pompliano’s “Best Business Show” on October 19, Seyffart and Balchunas argued that approval of a spot ETF with BTC support is unlikely anytime soon.
Balchunas claimed that SEC chairman Gary Gensler is much “more comfortable” with Bitcoin futures-based ETFs as they offer better consumer protection than spot-backed funds.