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I don't get why they approved the trading of future of BTC and not the BTC ETF itself, it does not make sense to me. They should either approve both or reject both to be consistent.
If I understand the situation correctly, we are talking
about different government agencies here.
Bitcoin futures were approved by the CTFC (Commodity Futures Trading Commission)
while the BTC ETF applications are subject to approval by the SEC (Securities and Exchange
Commission).
Therefore they don´t necessarily follow the same strategy.
Besides, futures and ETFs serve a very different purpose for
potential investors. I´d argue that these products aren´t
really comparable (e.g. the hedging of other positions / holdings
is a major reason for the use of futures while an ETF isn´t
really suitable for hedging).