ETBs — ETFs, ETNs, ETPs, and ETCs have all had their day in the sun, but it's time for a new letter to be added to that list. Exchange traded bitcoin, or “bitcoin ETFs” are officially on the launchpad and ready to take off this week. ProShares Bitcoin Strategy ETF ($BITO) will, in all likelihood, be the first to launch when the 75-day SEC objection period expires on Tuesday, finally giving institutions a traditional way to access the digital currency market.
Investors have been dying for this. While teenagers have been trading and making absolute bank in the digital currency space for years now, the boomers that run Wall Street are apparently too boomer to figure out how to buy digital currencies like BTC in their native environment. Coinbase and even Uniswap really aren’t that hard, and Titan Crypto is even easier, as the first actively managed crypto portfolio. Apparently, however, making ETFs for the digital asset is the way to go. No one has been waiting for this more than the Winklevoss twins, who proudly got their application for this kind of product rejected in 2017.
Still, the SEC has yet to formally approve the product. But securities laws are weird, so as long as the SEC doesn’t lay down a formal rejection, and exchanges permit trading, as NYSE Arca has, issuers have the green light. In anticipation, traders have pushed the price of BTC back above $60,000, reaching as high as $62,688 last week. However, as we learned from Squid Game, it doesn’t take long for the light to turn red and players to start getting shot down.
Evergrande — The CCP, in their classic commie way, has finally broken their silence on the Evergrande debacle. China’s central bank governor Yi Gang brought a calming voice to concerned counterparts who feared a spillover could ignite a GFC 2.0, saying “overall, we can contain the Evergrande risk.” Whether or not that is true is another question, as I’m sure Lehman CEO Richard Fuld thought the same thing about subprime mortgage products. To be fair, Yi did also state that the situation “casts a bit of concern”, but judging by the chart below, the market is a lotta bit concerned. Chinese junk bond yields hit a decade-long high as fixed income demand in the nation fell faster than DaBaby’s career.
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Hi TheDailyPeel, any of these discussions helpful:
More suggestions...
I hope those threads give you a bit more insight.
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