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August 19, 2018, 02:35:32 AM |
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BTC There has been a big push for investors to be able to buy Bitcoin without actually having to buy the digital currency. Products — such as futures — have entered the market and upon their arrival in early December last year, Bitcoin rallied toward $20,000.
However, the biggest prize on offer for investors — mainly of the institutionalised variety, who are still skeptical about owning Bitcoin — is an exchange-traded fund (ETF). There has been a push, through the SEC, to try and get a Bitcoin ETF in place for some time now, starting with the Winklevoss twins’ first attempt in March 2017.
Meanwhile, a product, called Bitcoin Tracker One, which has been trading on the Nasdaq Stockholm exchange since 2015, offered what is known as an exchange-traded note (ETN), and this week, it was suddenly quoted in dollars.
The ETN is considered a ‘soft’ alternative to the Bitcoin ETF that many are chasing after, but even with this move to make it accessible to an audience in the United States, separate from their country’s regulations and the U.S. Securities and Exchange Commission (SEC), there was not much movement in the market.
It seems that, even with the option to buy an ETN, U.S. investors — and the Wall Street money they can bring to Bitcoin — are not biting. There was no excitement in the market — a market notorious for taking news as a catalyst for up-and-down movements. This could have to do with the fact that this ETN is not an ETF, but it could also be the heavy bearish sentiment.
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