Mere days after the first Bitcoin ETF ProShares went live, the NYSE is all set to welcome a second one from Valkyrie also. Its full name is Valkyrie Bitcoin Strategy ETF and the second futures based ETF has been planned to go live for trading under the BTF ticker on Oct 22. It was planning to use the BTFD ticker name (an acronym for Buy The Fucking Dip in crypto terminology), but appears to have reverted back to its original BTF.

This is good news as the massively popular and number two ETF by first day trading volume ProShares Bitcoin ETF, which saw a record $1B+ trading volume on its first day is fast reaching its limit. As such, Valkyrie will step in to fill the appetite for cryptocurrency based ETFs. The Valkyrie ETF annual operating expenses are 0.95%.

Other Bitcoin ETFs are planned to be approved soon, but popular opinion is more in favor of spot based ETFs, rather than their futures based counterparts. This precedent is likely to open doors for other cryptocurrency based ETFs also and will bring fresh money into the cryptocurrency space.

The Bitcoin Exchange Traded Fund (ETF) is an investment channel that traces the administration of a special asset or collection of assets. ETFs enable investors to increase their investments without really buying the underlying asset. For those people looking to concentrate only on profits and losses, ETFs give a more manageable option to purchasing and exchanging personal assets.

Further, many traditional ETFs target more open boxes of signatures with something in common such as a focus on sustainability, for example, or assets describing any industry and associated companies, they enable investors to quickly increase their holdings.

Bitcoin ETF can enable fresh money to enter from the traditional finance space, since it reduces the entry barriers by allowing people to invest in this space through platforms and products, they are already familiar with. It exists on stock exchanges, allowing investors to access liquidity. The investors can also be certain about the tax implications and regulatory protection.

First approved ProShares Bitcoin Futures exchange traded fund (ETF) saw a record trading volume exceeding $1 billion on its opening day on the New York Stock Exchange (NYSE) on Oct 19, making it the second largest ETF launch by first day trading volume, dwarfed only by the BlackRock US Carbon Transition Readiness ETF. The first of many ETFs, ProShares Bitcoin ETF is future based rather than spot and trades under the ticker symbol BITO.

Bloomberg senior ETF analyst Eric Balchunas correctly predicted earlier that the first approved Bitcoin ETF had a "legit shot at $1B and top spot". ProShares BITO started from $40 and rose to $41.94 at the close, showing an appreciation of 4.9%. Bitcoin (BTC) itself is having a ride on the news, the largest marketcap crypto-asset is currently changing hands on $64,858, up 15.6% over the past week and establishing a new all time high from the previous $64,800 figure.

There are couple of other Bitcoin ETFs likely to be approved soon, showing that the traditional market has an appetite for cryptocurrency exchange traded funds. This is likely to bring fresh money into the $2.6 trillion + crypto market and several other crypto-assets might have their own ETFs approved soon, after this new precedent. However, there are concerns that a futures based ETF isn't the most optimal and several financial services providers are now working towards getting a spot based ETF approved.

The Bitcoin Exchange Traded Fund (ETF) is an investment channel that traces the administration of a special asset or collection of assets. ETFs enable investors to increase their investments without really buying the underlying asset. For those people looking to concentrate only on profits and losses, ETFs give a more manageable option to purchasing and exchanging personal assets.

Further, many traditional ETFs target more open boxes of signatures with something in common such as a focus on sustainability, for example, or assets describing any industry and associated companies, they enable investors to quickly increase their holdings.

Bitcoin ETF can enable fresh money to enter from the traditional finance space, since it reduces the entry barriers by allowing people to invest in this space through platforms and products, they are already familiar with. It exists on stock exchanges, allowing investors to access liquidity. The investors can also be certain about the tax implications and regulatory protection.