{"id":357306,"date":"2021-10-24T17:32:00","date_gmt":"2021-10-24T14:32:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/"},"modified":"2021-10-24T17:32:00","modified_gmt":"2021-10-24T14:32:00","slug":"crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/","title":{"rendered":"#Crypto: An Ether futures ETF is next likely step after ProShares watershed bitcoin moment, a former SEC official explains"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f9d15d5f04\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f9d15d5f04\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Weve_witnessed_two_historical_moments_for_bitcoin_this_week_debut_of_the_first_bitcoin-linked_ETF_in_the_US_and_a_record_high_for_bitcoin\" >We\u2019ve witnessed two historical moments for bitcoin this week: debut of the first bitcoin-linked ETF in the U.S., and a record high for bitcoin.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Crypto_in_a_snap\" >Crypto in a snap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Crypto_Metrics\" >Crypto Metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#A_Grayscale_bitcoin_ETF\" >A Grayscale bitcoin ETF?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Threes_a_crowd\" >Three\u2019s a crowd?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Crypto_leverage\" >Crypto leverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#The_29000_Tungsten_NFT\" >The $29,000 Tungsten NFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Crypto_companies_funds\" >Crypto companies, funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Must_reads\" >Must reads<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-an-ether-futures-etf-is-next-likely-step-after-proshares-watershed-bitcoin-moment-a-former-sec-official-explains\/#Frances_Yue\" >Frances Yue<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Crypto: An Ether futures ETF is next likely step after ProShares watershed bitcoin moment, a former SEC official explains<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Weve_witnessed_two_historical_moments_for_bitcoin_this_week_debut_of_the_first_bitcoin-linked_ETF_in_the_US_and_a_record_high_for_bitcoin\"><\/span>\n  We\u2019ve witnessed two historical moments for bitcoin this week: debut of the first bitcoin-linked ETF in the U.S., and a record high for bitcoin.<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\" role=\"region\" aria-label=\"article body\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000455504\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000455504\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <strong>Hi there!\u00a0<\/strong>Welcome to the fourth and final installment of Need to Know Crypto Edition, ahead of the launch of a new weekly crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter \u201cDistributed Ledger,\u201d which will kick off next month. I\u2019m Frances Yue, crypto reporter at MarketWatch, and I\u2019ll walk you through the latest and greatest in digital assets this week so far. <\/p>\n<p> Use\u00a0this link to subscribe\u00a0to Distributed Ledger.<\/p>\n<div class=\"paywall\">\n       One other thing, MarketWatch and Barron\u2019s are gathering the most influential figures in crypto to help identify the opportunities and risks that lie ahead in digital assets on Oct. 27 and Nov. 3.\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/events.marketwatch.com\/crypto?mod=article_inline&amp;mod=article_inline\" class=\"icon none\">Sign up\u00a0<\/a>now!<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Crypto_in_a_snap\"><\/span><strong>Crypto in a snap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>We\u2019ve witnessed two historical moments for bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"negative\">-2.05%<\/bg-quote><br \/>\n       this week. ProShares Bitcoin Strategy ETF<br \/>\n        BITO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230440344\/composite\" class=\"negative\">-3.23%<\/bg-quote><span>,<\/span><br \/>\n       the first bitcoin-linked exchange-traded fund in the U.S., made its debut on Tuesday. After that, bitcoin hit an all-time high on Wednesday, trading near $67,000, surpassing its previous record high of $64,889 in April, according to CoinDesk data. As of noon Friday, bitcoin rose 5.1% for the past seven days, and 48.9% for the past 30 days. <\/p>\n<p>Ether<br \/>\n        ETHUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/108573964\/realtime\" class=\"negative\">-2.01%<\/bg-quote><br \/>\n       also neared its all-time high, trading at $4,370 on Thursday, slightly below its record high of $4,379.11 in May. <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Crypto_Metrics\"><\/span> <strong>Crypto Metrics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<table>\n<tbody>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Biggest Gainers<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Price<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>% 7-day return<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>OKB<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $28.3<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      70.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>THORChain<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $10.9<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      38.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Huobi Token<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $10.2<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      33.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Fantom<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n<p>$2.6<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      31.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Nexo <\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $2.3<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      30.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <em>Source: CoinMarketCap.com<\/em> as of Oct. 22<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Biggest Decliners<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Price<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong><strong>% 7-day return<\/strong><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Flow<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $13.6 <\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      -22.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Telcoin<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $0.02  <\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      -15.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Celsius<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $5<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      -14.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>Perpetual Protocol<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $16<\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      -12.44%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data even\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <strong>dYdX<\/strong><\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      $19.9  <\/p>\n<\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      -12.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"data odd\">\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <\/td>\n<td align=\"\" valign=\"top\" colspan=\"1\">\n      <em>Source: CoinMarketCap.com<\/em> as of Oct. 22<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h6><span class=\"ez-toc-section\" id=\"A_Grayscale_bitcoin_ETF\"><\/span>A Grayscale bitcoin ETF?<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p> On the same day of BITO\u2019s debut, digital asset manager Grayscale<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/10\/19\/2316640\/0\/en\/NYSE-Arca-Files-Form-19b-4-to-Convert-Grayscale-Bitcoin-Trust-into-an-ETF.html\" class=\"icon none\"> filed to turn<\/a> Grayscale Bitcoin Trust<br \/>\n        GBTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203330852\/delayed\" class=\"negative\">-0.45%<\/bg-quote><span>,<\/span><br \/>\n       the world\u2019s largest bitcoin fund, to a spot bitcoin ETF, which is different from ProShares\u2019s bitcoin futures ETF greenlighted by the SEC.\u00a0<\/p>\n<p>Grayscale has a good reason. A conversion to an ETF from its current trust structure will help mitigate GBTC\u2019s long-lasting problem: shares haven\u2019t always aligned with the price of bitcoin. GBTC has been trading at a discount to its net asset value, or its underlying bitcoin holdings since February, as investors turn to alternatives in the equity market to gain exposure in bitcoin, such as bitcoin ETFs in Canada. <\/p>\n<p>On Monday, when<strong> <\/strong>the crypto market celebrated the SEC\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval for BITO, GBTC\u2019s discount to its net asset value widened to 20.5%.<\/p>\n<p>Different from close-end funds, an ETF allows designated organizations to create and redeem shares of the ETF to keep its price in line with the net asset value. So GBTC\u2019s discount will no longer be a problem, if its plan gets the regulatory go-ahead.<\/p>\n<p>Grayscale\u2019s conversion efforts have been in the works for years\u2014it submitted a bitcoin ETF application back in 2016 only to withdraw it\u2014and it has repeatedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/grayscaleinvest.medium.com\/grayscales-intentions-for-a-bitcoin-etf-b11e4faf4c05\" class=\"icon none\">expressed its commitment<\/a> to change its fund structure to retain its dominant position as the largest crypto asset manager. <\/p>\n<p>\u201cAt Grayscale, we believe that if regulators are comfortable with ETFs that hold futures of a given asset, they should also be comfortable with ETFs that offer exposure to the spot price of that same asset,\u201d Dave LaValle, global head of ETFs at Grayscale Investments said on Tuesday. <\/p>\n<p>However, some analysts argue that a spot bitcoin ETF may still be far away. <\/p>\n<p>Bitcoin futures have been regulated by the Commodity Futures Trading Commission since 2018, while such products are traded at\u00a0the Chicago Mercantile Exchange, one of the world\u2019s largest exchanges for derivatives. \u201cThat\u2019s what got the SEC comfortable with allowing this [bitcoin futures ETF] product. You don\u2019t see that with the underlying [physical bitcoin],\u201d Carlo di Florio, global chief services officer at compliance advisor ACA Group and a former officer at the SEC, told MarketWatch in a phone interview. <\/p>\n<p>\u201cI think there\u2019s going to be a lot more work that needs to be done by firms to design products that provide investor protection and market integrity assurance before we see a green light on [bitcoin] spot [ETFs],\u201d di Florio said.\u00a0<\/p>\n<p>Ether futures ETFs, which are also traded at CME, might be more foreseeable than spot bitcoin ETFs, according to di Florio. \u201cBecause it\u2019s futures,\u201d di Florio said. \u201cAnd it follows the same path that got the SEC comfortable with the Bitcoin futures ETF. So they\u2019re likely to benefit from the same regulatory comfort.\u201d<\/p>\n<p>In August, VanEck and ProShares <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2021\/08\/20\/vaneck-proshares-abruptly-withdraw-ether-futures-etf-proposals\/\" class=\"icon none\">both dropped their applications <\/a>for ether futures ETFs two days after\u00a0they filed the application. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/business\/2021\/08\/24\/withdrawal-of-ether-futures-etf-proposals-good-sign-for-bitcoin-futures-etf-analyst\/\" class=\"icon none\">Some analysts suspected<\/a> that the SEC reached out to both issuers and indicated that ether-linked ETFs wouldn\u2019t likely to be approved, at least not before any bitcoin-linked ETFs get the nod.  <\/p>\n<p>Darius Sit, managing partner at digital asset trading firm QCP Capital, echoed di Florio\u2019s point, saying that an ether futures ETF might be approved before the middle of next year.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Threes_a_crowd\"><\/span>Three\u2019s a crowd?<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>VanEck is slated to be the next fund provider to roll out a bitcoin futures ETF. It will be the third futures-linked bitcoin ETF since BITO made its debut last Tuesday. <\/p>\n<p>VanEck Bitcoin Strategy ETF\u00a0is expected to start trading on Oct. 25 (though that could change) and will be listed on the Cboe Global Markets BZX Exchange under the ticker symbol \u201cXBTF,\u201d according to a post-effective filing with the SEC. The expense ratio for the ETF is 0.65%, which means that an investor would pay annual fees of $6.50 for every $1,000 invested, which is lower than the expense ratio for the Valkyrie\u00a0Bitcoin Strategy, which kicked off on Friday, and ProShares, which both carry a 0.95% expense ratio. <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Crypto_leverage\"><\/span>Crypto leverage<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>After bitcoin last time hit a record high in April, the crypto\u2019s price more than halved in about a month. The plunge was exacerbated by the amount of leverage in the market as \u201ca ton of the new levered longs got liquidated,\u201d Sam Trabucco, CEO of quantitative crypto trading firm Alameda Research <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AlamedaTrabucco\/status\/1450955916745003014\" class=\"icon none\">wrote<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>.\u00a0<\/p>\n<p>What about this time? Though Trabucco said that it\u2019s hard to predict which way bitcoin price will go, he wrote that \u201cI do think liquidations are FINALLY starting to be less important.\u201d<\/p>\n<p>The aggregated open interest of bitcoin futures, which refer to the amount of futures contracts outstanding, is about 20% lower than in April, according to data analytics firm Skew. Futures are derivative contracts that allow investors to speculate on price moves in an underlying asset, oftentimes using leverage. <\/p>\n<p>\u201cThat means the potential for a huge liquidation-driven drawdown is WAY lower,\u201d Trabucco wrote.\u00a0\u201cI think there is less (but still not zero) chance that a downside move is really outsized.\u201d <\/p>\n<p>\u201cAnd the same is true for an upside move, roughly,\u201d noted Trabucco. <\/p>\n<h6><span class=\"ez-toc-section\" id=\"The_29000_Tungsten_NFT\"><\/span><strong>The $29,000 Tungsten NFT? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Tungsten is associated with being the filament in incandescent lightbulbs, which might make it a rather anachronistic <em>objet de d\u00e9sir<\/em> in the digital community more familiar with LED, or light-emitting diode, lighting sources. <\/p>\n<p>However, tungsten, also the second-hardest substance after diamonds and whose high-density, corrosion-resistant properties and tensile strength, when combined with other elements, make it ideal in building aeronautic components and military weapons, is the buzziest thing in the crypto world outside of virtual assets (and ETFs), right now. <\/p>\n<p>The rabid interest in tungsten has made it a bit of a meme both in the real world and on social-media platforms like Twitter. <\/p>\n<p>And like most other memes, its origins are difficult to trace, but interest in tungsten, particularly among the crypto Illuminati, has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/business\/2021\/10\/15\/crypto-traders-to-blame-for-300-sales-spike-at-midwest-tungsten-service\/\" class=\"icon none\">led to a 300% surge<\/a> in tungsten cube sales for manufacturer Midwest Tungsten Service in a week, according to reports. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:67%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-422621?width=540&amp;size=1.4935822637106184 540w, https:\/\/images.mktw.net\/im-422621?width=620&amp;size=1.4935822637106184 620w, https:\/\/images.mktw.net\/im-422621?width=639&amp;size=1.4935822637106184 639w, https:\/\/images.mktw.net\/im-422621?width=700&amp;size=1.4935822637106184 700w, https:\/\/images.mktw.net\/im-422621?width=700&amp;size=1.4935822637106184&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-422621?width=700&amp;size=1.4935822637106184&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-422621?width=700&amp;size=1.4935822637106184&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-422621?width=700&amp;height=469\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:54.85714285714286%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-422622?width=540&amp;size=1.8207681365576103 540w, https:\/\/images.mktw.net\/im-422622?width=620&amp;size=1.8207681365576103 620w, https:\/\/images.mktw.net\/im-422622?width=639&amp;size=1.8207681365576103 639w, https:\/\/images.mktw.net\/im-422622?width=700&amp;size=1.8207681365576103 700w, https:\/\/images.mktw.net\/im-422622?width=700&amp;size=1.8207681365576103&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-422622?width=700&amp;size=1.8207681365576103&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-422622?width=700&amp;size=1.8207681365576103&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-422622?width=700&amp;height=384\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<p>       The appetite for tungsten apparently prompted Midwest Tungsten Service to\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/opensea.io\/assets\/0x495f947276749ce646f68ac8c248420045cb7b5e\/36033305814565393839012117540795495898903988734891995320738861183142759235585\" class=\"icon none\">auction a nonfungible token, or NFT, of the 14 inch, 1,784 lb tungsten cube<\/a>, the largest that the manufacturer has ever produced. At last check, the top bid was well over $29,000, with a few days left on the auction. The winning bidder for the NFT will be entitled to have \u201cone visit to see\/photograph\/touch the cube per calendar year,\u201d according to the description. The cube is stored in Willowbrook, Ill.<\/p>\n<p>In mid-October, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/money.yahoo.com\/what-is-the-tungsten-cube-trend-crypto-latest-230152041.html\" class=\"icon none\">Yahoo! Finance<\/a> wrote that tungsten cubes have sold out on Amazon.com and Google searches in the U.K. for tungsten have spiked 95%. <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Crypto_companies_funds\"><\/span>Crypto companies, funds<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>In the fund space, BITO<br \/>\n        BITO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230440344\/composite\" class=\"negative\">-3.23%<\/bg-quote><br \/>\n       slipped 3.23% on Friday. The highly-anticipated ETF closed its first week at $39.5, down from its opening price on Tuesday at $41.9. Valkyrie Bitcoin Strategy<br \/>\n        BTF,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230473388\/composite\" class=\"negative\">-2.80%<\/bg-quote><span>,<\/span><br \/>\n       the second bitcoin futures ETF in the U.S. that made its debut trading on Friday, closed its first day with a 2.8% loss at $24.3.<\/p>\n<p>Grayscale Bitcoin Trust<br \/>\n        GBTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203330852\/delayed\" class=\"negative\">-0.45%<\/bg-quote><br \/>\n       closed at $48.8, with a 0.5% daily loss and 2.8% weekly gain. <\/p>\n<p>In crypto-related company news, shares of Coinbase<br \/>\n        COIN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/225893452\/composite\" class=\"positive\">+0.28%<\/bg-quote><br \/>\n       went up 0.3% to $300.8 on Friday, and rose 7.2% for the past week. Michael Saylor\u2019s MicroStrategy Inc.<br \/>\n        MSTR,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202561856\/composite\" class=\"negative\">-2.30%<\/bg-quote><br \/>\n      slumped 2.3% to $718.5 on Friday. It was down 4.2% over the week. <\/p>\n<p>Mining company Riot Blockchain Inc.<br \/>\n        RIOT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209538617\/composite\" class=\"negative\">-3.94%<\/bg-quote><br \/>\n      \u00a0shares\u00a0dropped 3.9% on Friday to $28.5. It was up 1.54% from a week ago. Shares of Marathon Digital Holdings Inc.<br \/>\n        MARA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205886758\/composite\" class=\"negative\">-2.85%<\/bg-quote><br \/>\n       closed at $49.5 on Friday, down 2.9% from Thursday\u2019s close but up 1.17% over the week. Another miner Ebang International Holdings Inc.<br \/>\n        EBON,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/219243771\/composite\" class=\"negative\">-3.76%<\/bg-quote><br \/>\n       declined 3.8% to $2.05. It was up 4.1% over the week. <\/p>\n<p>Overstock.com Inc.\u00a0<br \/>\n        OSTK,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200022359\/composite\" class=\"negative\">-0.02%<\/bg-quote><br \/>\n       was mostly flat at $80.9 on Friday. It climbed 4.2% over the week. Square Inc.<br \/>\n        SQ,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205989440\/composite\" class=\"negative\">-4.53%<\/bg-quote><br \/>\n       fell 4.5% to $253, with a weekly gain of 1.6%, while Tesla Inc.\u2019s<br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/composite\" class=\"positive\">+1.75%<\/bg-quote><br \/>\n       shares rose 1.75% to $910, recording a weekly gain of 7.9%.<\/p>\n<p>PayPal Holdings Inc.<br \/>\n        PYPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208054269\/composite\" class=\"negative\">-1.16%<\/bg-quote><br \/>\n       fell 1.2% to $240, logging a 10.4% weekly loss, while NVIDIA<br \/>\n        NVDA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200467500\/composite\" class=\"positive\">+0.15%<\/bg-quote><span>Corp.<\/span><br \/>\n      \u00a0was up 0.2% to $227, contributing to a 4% weekly gain. Advanced Micro Devices Inc.\u00a0<br \/>\n        AMD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208144392\/composite\" class=\"positive\">+0.41%<\/bg-quote><br \/>\n      \u00a0inched up 0.4% to $120 and notched a 6.9% weekly return.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Must_reads\"><\/span><strong>Must reads<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<ul class=\"articleList\">\n<li>\n      Bitcoin ETFs Are Changing the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a> for Cryptos. But Investors Should Be Wary (Barron\u2019s)<\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/10\/20\/pimco-cio-daniel-ivascyn-says-his-firm-is-putting-capital-to-work-in-cryptocurrencies.html\" class=\"icon none\">Fixed-income titan Pimco is starting to embrace cryptocurrencies, CIO says<\/a> (CNBC)<\/p>\n<\/li>\n<li>\n      Prelude to the future of finance? SocGen is raising a loan from a DeFi protocol to refinance tokenized bonds (MarketWatch)<\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-21\/jpmorgan-warns-boom-for-bitcoin-futures-etfs-may-come-at-a-cost?sref=OQBow3f2\" class=\"icon none\">JPMorgan Warns Boom for Bitcoin Futures ETFs May Come at a Cost<\/a> (Bloomberg)<\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-reviews-sanctions-policy-warns-threat-cryptocurrencies-2021-10-18\/\" class=\"icon none\">U.S. reviews sanctions policy, warns of threat from cryptocurrencies<\/a> (Reuters)<\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/isabelcontreras\/2021\/10\/21\/sothebys-makes-first-crypto-investment-backing-nft-startup-using-ethereum-blockchain\/?sh=3828d7153d82\" class=\"icon none\">Sotheby\u2019s Makes First Crypto Investment, Backing NFT Startup Using Ethereum Blockchain<\/a> (Forbes)<\/p>\n<\/li>\n<li>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.thestreet.com\/crypto\/defi\/reddit-is-building-an-nft-platform\" class=\"icon none\">Reddit Is Building an NFT Platform<\/a> (TheStreet)<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Frances Yue\",\"subhead\":\"The Wall Street Journal\",\"list\":[,{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/FrancesYue_\",\"text\":\"@FrancesYue_\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:frances.yue@marketwatch.com\",\"text\":\"frances.yue@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Frances_Yue\"><\/span>Frances Yue<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-76F3-50C99D034B12%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Crypto: An Ether futures ETF is next likely step after ProShares watershed bitcoin moment, a former SEC official explains&#8221; We\u2019ve witnessed two historical moments for bitcoin this week: debut of the first bitcoin-linked ETF in the U.S., and a record high for bitcoin. Hi there!\u00a0Welcome to the fourth and final installment of Need to Know&#8230;<\/p>\n","protected":false},"author":1,"featured_media":357307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-410291\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-357306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/357306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=357306"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/357306\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/357307"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=357306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=357306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=357306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}