Valkyrie is the next company to start its BTC futures ETF in the USA. The Valkyrie Bitcoin Strategy ETF (BTF) was placed on the Nasdaq Stock Exchange.
Following exchange-traded fund, linked to BTC-ETF futures, opened trading at $25.52 per share. However, soon its value fell by 3.3%, reaching $24.66. At the time of this writing, the price tag has dropped by 3.52% and the BTF cost is $24.12.
Leah Wald, head of Valkyrie, stressed that the appearance of BTC futures ETFs on exchanges opens up opportunities for investors to join in the market for a new type of assets within a standardized and genuine product traded on a stable market where it can be easily traded.
The US SEC allowed a request for Valkyrie BTC futures ETF quickly after making the equivalent with ProShares' BTC futures ETF. Only the first managed to "make a fuss" by stimulating the growth of the main cryptocurrency on the market to a new record high, bringing it closer to 67,000, and the second passed almost unnoticed for the majority of community members. Bitcoin completely ignored this event, slowing down its growth rate and fixing itself at $60,800 on the Binance crypto exchange.
After years of waiting, the crypto industry is starting to receive the first BTC-ETFs approved in the United States. However, most investors are still convinced that this is not the product they have been waiting for, hinting that the "true" and most anticipated for them remains the spot Bitcoin ETF, pegged to the value of Bitcoin, and not to futures contracts.
Meanwhile, BITO risks running into trouble trading on the New York Stock Exchange. The fact is that they have almost 1,900 contracts for October 2021 and have already collected more than 1,400 contracts for November. At the same time, in the first month, the Chicago Stock Exchange limits its number to 2,000 contracts, and the maximum total position is 5,000 contracts. With an impressive pace like ProShares' BITO, it could hit the top mark much earlier than expected. In the course of trading in recent days, the fund has received more than 1 billion.
BITO is fortunate that CME has decided to raise the limit to 4,000 contracts for the coming month with November futures. However, soon the limit of 2,000 contracts will return, but how ProShares will act in this situation is still unknown.
Bloomberg analyst Eric Balchunas, in turn, believes that the demand demonstrated by investors with the start of BITO sales could positively affect the acceleration of the adoption of the spot Bitcoin ETF by the SEC. Although the chairman of the American department, Gary Gensler, has repeatedly made it clear that they still prefer the futures option.
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