Bitcoin Forum

First bitcoin ETF in the U.S. has gone live in the NYSE under the ticker BITO.The ProShares Bitcoin Strategy ETF invests in bitcoin futures instead of holding actual spot BTC.A second bitcoin futures ETF is set to start trading this week.

The ProShares Bitcoin Strategy ETF has started trading in the New York Stock Exchange (NYSE) Tuesday morning under the ticker symbol “BITO.” The exchange-traded fund, the first in the U.S. to invest in futures contracts of bitcoin, has traded $250 million worth of shares in the first 15 minutes after going live.

BITO does not hold actual BTC, but invests in derivatives based on the cryptocurrency instead. The approval of a futures-based bitcoin ETF by the Securities and Exchange Commission (SEC) was made possible after the commission’s chairman Gary Gensler said in September that such offerings would have the highest chance of approval compared to spot bitcoin ETFs.

More @ https://cryptoli.net/first-bitcoin-futures-etf-in-the-us-starts-trading/

Do you guys believe this is a good thing or bad thing for bitcoins future?

I doubt it'll be that black and white.

It just boils down to more speculators on the sidelines placing bets.  They're playing with derivatives and derivatives are very much not Bitcoin.  Perhaps it will mean attempts at price manipulation, or perhaps that won't happen.  But either way, the most important takeaway from this is that it doesn't have any impact on Bitcoin's function, purpose or utility.

For the long term impact of the ETF on Bitcoin, I haven't studied it further, But for the short term or the impact after the news about the Bitcoin ETF Proposal received in the United States, Bitcoin Price continues to grow well until now and I think this ETF is good news for Bitcoin because already recognized as a valuable asset in the United States

a proper bitcoin ETF collateral trust has not yet been approved

this "etf" is not more then a gambling website offering 'shares' of a groups betting slips of horse racing. but the website never owning a horse or racecourse.

in short. lots of buzzword drama using the word bitcoin for 15 minutes of fame for the company. but nothing really substantial is changing in the actual bitcoin economy

Bitcoin ETF Race (https://www.research.arcane.no/blog/btcetfs). There are diagrams for ETF timeline  - Important dates. You can save it down and note it because around those days, the market might have good or bad news that will affect price.

I don't see it is bad if any Bitcoin ETF is rejected. I don't feel too positively if more Bitcoin ETFs will be approved.

Price is moving to test the ATH but volume has yet increased. I don't believe that Bitcoin will break the ATH if volume is low like it has since April.

Yes, but we are one step closer.

All of these steps, while having nothing to do with the original vision of a p2p electronic cash system, bring us closer to mass adoption. We are halfway there already. It won't be long before a proper bitcoin ETF collateral, and all this means on the one hand that a lot of money is going into Bitcoin, and on the other hand that the average Joe who until recently saw Bitcoin as a weird thing, will be able to buy a Bitcoin ETF in his bank, thus removing his negative prejudices.

The ETF can have good advantages but there are also some negative points, the good thing for people who really care is bitcoin can be traded legally in a legal market, also this can be traded in a new market and this can be a new movement of bitcoin spreading in all over the world, this can actually have some good effects. But on the other hand, bitcoin will be traded on the centralized market while this is the opposite of the decentralization of bitcoin.

And not a single shit was given ;)

So basically they are making bets on thin air.

No, not at all. Anything that gets the Wall Street jackals involved in bitcoin in any way is considered a bad thing.
Always remember that in bitcoin world we want more adoption not more gamblers making bets on price.

Yes,,, nothing is a guarantee of anything and in Bitcoin market especially, nothing seems to work as expected. Remember 2017, when all the supposed good news did nothing to price, while all the supposed bad news in late half of 2017 pushed price to ATH.

So far positive news made us come close to current ATH but even with this confirmation nothing seems to push price higher. Wait for the effect now!

Look at:
https://accounts.profunds.com/etfdata/ByFund/BITO-psdlyhld.xls

almost hit the 2000 futures limit on CME on day 1!