Grayscale’s Bitcoin Trust outperformed over newly launched ETFs
Data records showed that the Bitcoin Trust fund of Grayscale has no competition over the newly launched Bitcoin futures Exchange Traded Fund product.
As we know recently, the United States Securities and Exchange Commission approved the first Bitcoin price backed futures ETF product and after that one another ETF also. So right now two Bitcoin Futures ETF based products are available to trade.
The concept of Bitcoin futures ETF activities depends on the tracking price of Bitcoin but still, here experts are comparing it with the most popular asset management Grayscale‘ GBTC, which is also backed by Bitcoin.
The executive of Grayscale shared the return of GBTC, which shows that GBTC gives better profit over Bitcoin futures ETF, on 19 October.
Over the seven days to Monday, GBTC returned around 8.8%, while the pioneering Bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), fell 0.5%
The variation per day can be seen in the below chart
Grayscale plans to shift GBTC to Bitcoin ETF
When US regulators approved the first Bitcoin futures ETF then speculation started in the crypto market that Grayscale is considering to file for the application of Bitcoin spot ETF to sustain their GBTC fund in the current competition.
However the speculation was not claiming that Grayscale will plan for futures ETF, it was all about the spot ETF.
US regulators on Bitcoin ETF
At present, US Securities and Exchange Commission (SEC) giving time for the application filed for the Bitcoin futures ETF.
While Futures ETF is riskier but still the SEC agency is working only for the futures ETF based applications right now.
According to SEC statements, the agency will review & give a decision on Bitcoin spot ETF applications between November to December. While many reports claimed that furthermore, delays in the bitcoin spot ETFs approval may take place.
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