Bitcoin ETF ever coming for you guys?
- Thread starter wxytrader
- Start date
Baron
ET Founder
I think we'll see a Bitcoin ETF in 2024 for sure. I don't agree that U.S. retail traders will have missed out by then though. This is just the beginning for Bitcoin in my opinion, and the flood of money and attention that will pour in after some BTC ETFs get approved will be amazing for current BTC holders moving forward.
don't know what the fuss is about lack of bitcoin ETF here. We already have BITO and BITI which I trade extensively. We even have ethereum ETFs now EETH and SETH.I had 200 JAN19 2024 6 CALL options at 0.21 with BTCC.B (ETF) which holds spot Bitcoin....closed it this morning @ 1.50
Best part was it was a tax free savings account.
By the time the SEC is done playing games, US retail will be have completely missed all the fun.
Bito and Biti are Bitcoin futures and the bid/ask is horrendous...not to mention they will suffer from contango
Agreed. 2024 BTC ETF is coming, just an issue is whether the SEC approves a single ETF first and then approves others later, or approves multiple ETFs simultaneously.
Multiple ETF approvals as the same time definitely fairer to the ETF providers, but for BTC traders better to have all liquidity concentrated in a single ETF.
BITO is actually really liquid and has a tight bid/ask with more than $1B in assets. The carry in the futures rollovers might become an issue if you're trying to buy and hold over a long term I agree. But for short term trading long/short that is not a factor to be worried about at all. Anyway, it has tracked cash btc pretty closely since inception - see here
why is BITO no longer tracking BTC? | Elite Trader
and which btc against usd is not suffering from negative rate?
BTCC.B
Matter of when it comes not if. Everyday that passes it looks more like this will happen in Q1 2024, id be shocked if it takes much longer than that.
The trading crowd (aka us) might not get why this is a big deal because as @R1234 rightly said, BITO is totally fine product for trading purposes.
The real big deal here is US RIAs...
They just aren't going to buy a futures product. They aren't going to trade. They arent going to buy an ETF that trades in another country. They don't want to start another account at a crypto broker that might or might not be a fraud. They don't have separate reporting, compliance, tax headaches that owning real spot bitcoin would entail.
A regular old spot ETF from Blackrock and Fidelity solves all of this is in one fail swoop. Its a huge fuckin deal IMO
The trading crowd (aka us) might not get why this is a big deal because as @R1234 rightly said, BITO is totally fine product for trading purposes.
The real big deal here is US RIAs...
They just aren't going to buy a futures product. They aren't going to trade. They arent going to buy an ETF that trades in another country. They don't want to start another account at a crypto broker that might or might not be a fraud. They don't have separate reporting, compliance, tax headaches that owning real spot bitcoin would entail.
A regular old spot ETF from Blackrock and Fidelity solves all of this is in one fail swoop. Its a huge fuckin deal IMO
Enlighten me: where will this "flood of money" come from? Institutional players are not stupid to invest into a BIG, FAT NOTHINGBURGER called Bitcoin.
No dividend. No shareholder rights. No legal tender. NO FDIC insurance in case Bitcoin goes to "ZERO".
I talked to 200 institutional asset managers in Europe, Asia and the US in the last 9 months. NONE of them intends to invest 1 dime into BTC ETFs. Not even as an inflation hedge.
So, again: WHO will invest the "flood of money"? Joe Sixpack aka retail trader?