When the first U.S. bitcoin futures ETF was launched, it made a huge impact. The ProShares Bitcoin Strategy ETF (BITO) was launched on Oct. 18, 2021, and it was the second-highest traded ETF in existence. Turnover was over $1 billion on the first day, while all seven ether futures ETFs traded only $7 million on Oct. 7. But this was a different time. Bitcoin prices were at their peak at over $69,000, and Ethereum prices were similarly at their peak at over $4,800. Mainstream investors were a lot more excited about crypto, and bitcoin futures ETFs were able to ride that wave. Additionally, ether itself has less popularity than bitcoin; the market share for bitcoin is about 51% vs. 17% for ether. But while ether broadly has less demand than bitcoin, this was still a space in the market that needed to be filled – particularly for investors who want to use ETFs to capture the full crypto market in their portfolio.
Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?
Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto...