Rückblickend auf das vergangene Jahr war 2021 großartig für Bitcoin und den Cryptowährungsmarkt. Es war sogar die Geburtsstunde von zwei BTC-Futures-ETFs in den USA, aber mit nur einer Woche bis zum Ende werden amerikanische Anleger möglicherweise keinen Platz mehr sehen.
SEC in no mood for spot bitcoin ETFs
According to the official document, the SEC rejected physically secured Bitcoin ETFs proposed by Valkyrie and Cryptoin. The regulator cited similar market manipulation concerns, referring to both the listing and trading of stocks in the Valkyrie Bitcoin Fund and the cryptoin Bitcoin ETF Trust.
Valkyrie has just been paid for. 4. Rejection. Early too, just in time to ruin your Christmas. More could be coming .. https://t.co/amMarvHzaM
– Eric Balchunas (@EricBalchunas) December 22, 2021
It found that the two proposals did not meet their standard in order to ward off fraudulent and manipulative practices, as well as to protect market participants and the public interest.
The two companies that submitted a rule change proposal for the listing and trading of the two ETFs were NYSE Arca and Cboe BZX Exchange. However, the Commission found that both “have failed to fulfill their obligation under the Stock Exchange Act and the Commission’s procedural rules to demonstrate that their proposal complies with the requirements of Section 6 (b) (5) of the Stock Exchange Act”.
Also, in April this year, the U.S. regulator initiated a formal review of cryptoin’s application for Bitcoin exchange-traded funds. This isn’t the first time the Delaware-based company has been turned down. In 2019, the company did not receive a green signal from the regulatory authorities.
The decision comes more than a month after the SEC rejected VanEck’s application for a spot Bitcoin ETF.
The rollout of the first spot Bitcoin ETF remains pending for many mutual fund providers across the country. The latest move isn’t surprising, however, as SEC chairman Gary Gensler has made his preference very clear.
BITO does not manage to inspire investors
After years of failed attempts, the SEC finally approved BITO – the ProShares Bitcoin Strategy ETF. However, for the first two months of its trading, the ETF pale compared to the underlying asset’s spot price.
According to Bloomberg Intelligence ETF analyst James Seyffart, BITO was 2.34% behind with data only about two months ago. Seyffart expects the fund to continue to perform 13-14% behind the spot in its first year. The gap between the asset and the fund is sizeable. Hence, many financial advisors would choose it.
However, some long-term investors argue that offers with a lower allocation in BTC futures contracts may actually appear more dominant in the coming year.
Selected image courtesy of CNN
Source: Crypto News Deutsch