This week in crypto, market leaders Bitcoin and Ethereum set new all-time highs. On Wednesday the Bitcoin tsunami loomed up higher than it ever had before, broke, and fell back down, but not before setting a new high watermark of $66,930.
The reason? After more than eight years of proposals by the crypto community, the United States Securities and Exchange Commission finally approved a Bitcoin-related Exchange Traded Fund, or ‘ETF’. But there’s a caveat.
An ETF is a regulated investment vehicle that allows investors to gain exposure to Bitcoin without buying it outright. Regulation attracts institutional investors who are uninterested in trading Bitcoin directly on unregulated exchanges.
Four Bitcoin ETFs were already being traded in Canada before the SEC approved ProShares’ Bitcoin Futures ETF, and there lies the rub: it’s not an ETF pegged to the price of Bitcoin, but to shares in contracts to buy Bitcoin in the future.
This means that the first American Bitcoin Futures
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