ProShares Futures BTC ETF Achieves New All-Time High
The ProShares Future BTC ETF, known as BITO, has reached a new all-time high (ATH) in terms of Total Value Locked (TVL). Within just two weeks, the product’s value has doubled, according to Bloomberg ETF analyst James Seyffart. This surge in value is attributed to the anticipation surrounding the approval of spot Bitcoin ETFs by the US SEC.
Spot Bitcoin ETFs vs. ProShares BTC Futures ETF
Once spot Bitcoin ETFs are approved, they are expected to replace products like ProShares BTC Futures ETF. Spot ETFs allow investors to trade the price of Bitcoin legally without owning actual Bitcoin, while futures contracts only mimic the spot price and offer exposure to Bitcoin futures contract price movements.
Bitcoin ETF Approval Odds Remain at 90%
Experts remain optimistic about the SEC approving a spot Bitcoin ETF. Eric Balchunas predicts that there is a 90% chance of approval, and this sentiment has intensified recently. However, Franklin Templeton and Hashdex had their spot Bitcoin ETF applications delayed by the SEC in order to ensure investor protection and prevent fraudulent practices.
The SEC is now seeking public feedback on Franklin Templeton’s application before the January 1st, 2024 deadline, suggesting that all spot BTC ETF applications may be streamlined for mass approval in January.
Hot Take: The Growing Excitement Around Spot Bitcoin ETFs
The excitement and anticipation around the approval of spot Bitcoin ETFs continue to grow. As ProShares’ Future BTC ETF achieves new ATHs in TVL, it reflects the increasing interest from investors in gaining exposure to Bitcoin without directly owning it. While the odds of approval remain high at 90%, the delay in some ETF applications indicates that the SEC is taking precautions to ensure investor protection. As we approach January 2024, the crypto community eagerly awaits further developments and potential mass approval of spot BTC ETFs.
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