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Hot Development! 2 New Cryptocurrency ETFs Are Coming!


While the crypto money markets suffered a loss of reputation after the FTX incident, the news of the ETF came for the 2 giant crypto. The US has not yet approved the spot Bitcoin ETF for Bitcoin and is not expected to approve it next year. But Hong Kong has taken an important step. According to the announcement made today, the listing will be made tomorrow. So what is the feature of these 2 ETFs?

Cryptocurrency ETF

According to a press release, asset manager CSOP is launching new Bitcoin and Ether futures exchange-traded funds (ETFs) that will be officially listed on the Hong Kong Stock Exchange on December 16th. According to CSOP, these will be the first Bitcoin and Ether futures ETFs listed in Asia. The launch is notable as the Chinese government officially banned crypto transactions and mining in September 2021. The two new funds will be actively managed to invest in Bitcoin and Ether futures listed by the Chicago Mercantile Exchange (CME Group) and track the corresponding prices.

Tim McCourt, CME Group’s Global Head of Equity and FX Products, made the following statement;

”The approval of two new ETFs based on ME Bitcoin and Ether futures marks an important milestone for the digital asset ecosystem in Asia”.

CSOP had launched Hong Kong’s first Metaverse ETF this year. In the US, the first Bitcoin ETF futures approval was given at the end of last year, and the Bitcoin price determined the ATH level in this process.

Spot Bitcoin ETF Approval

There has been no confirmation from the US or Hong Kong yet for the Spot ETF. Due to the high volatility of crypto currencies and the lack of investor protection, the SEC does not grant this approval. Even Grayscale, the issuer of the largest institutional Bitcoin investment fund GBTC, has initiated a court case accusing the SEC of acting biased in this matter. The SEC, on the other hand, recently sent a request to the court to dismiss the case. At best, the case is expected to be concluded in 18 months, and there are still 5 months left. Since it does not make sense for the SEC to approve a new ETF during the litigation process, if the lawsuit is accepted, spot ETF approval will be a dream next year.

If we look at the full side of the glass, it is expected that crypto flagships will come under CFTC control. If the expected regulations come next year, the obstacles for spot Bitcoin ETF approval may disappear.

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