120BtC.com website stated that the Bitcoin spot ETF received approval for listing from the U.S. Securities and Exchange Commission (SEC) on January 11. Subsequently, Nasdaq and Cboe submitted Form 19b-4 to the SEC to apply to start trading options based on BTC spot ETFs.
According to the latest tweet from Bloomberg ETF analyst James Seyffart, the SEC has allegedly admitted to receiving proposals from two exchanges for trading Bitcoin spot ETF options. Nasdaq has applied to list and trade BlackRock’s IBIT options, while Cboe has requested trading of ETP options related to holdings of Bitcoin. It is worth mentioning that Cboe has listed 6 Bitcoin spot ETFs last week.
Analyst: Spot ETF options will be approved as soon as the end of February
Seyffart said that it is expected to start trading Bitcoin spot ETF options at the end of February. If the SEC wants to take action quickly, it may be in to approve the deal by the end of February. The SEC will make a decision around September 21 this year at the latest.
Attracting hedge funds into the game
Cboe Executive Vice President Catherine Clay recently said in an interview with CNBC that launching Bitcoin options trading would be the next appropriate step. She believes that this move will increase the utility of Bitcoin products and reduce investment risks. However, she also admitted that she was not sure whether the U.S. Securities and Exchange Commission (SEC) would approve the plan.
VettaFi analyst Dave Nadig commented on the 17th that with the launch of BTC ETF options, we will see a variety of hedge fund participants enter this field. Traditional investors who may not have been directly involved in cryptocurrency speculation in the past will now have the opportunity to do so.
Bitcoin ETF deviates from the ideal of blockchain
Bitcoin spot ETF has developed rapidly since its listing. According to reports on Friday, the total asset management scale of Bitcoin spot ETF has exceeded 27 billion US dollars, surpassing Silver has become the second largest ETF commodity asset class in the United States after gold. However, some people in the encryption industry are worried about the development of Bitcoin ETFs, claiming that ETFs may lead to more centralization of the encryption industry.
According to Cointelegraph, Andy Bromberg, CEO of wallet developer Eco, said that ETFs may lead to traditional financial institutions exerting excessive influence on the crypto market.
"The fact is, when you buy these Bitcoin ETFs, you give Wall Street money to buy Bitcoin, they own the Bitcoin, and you own a piece of paper that says you own a stake in it, which "It departs from the ideals on which Bitcoin was founded." In this world, if everyone entering the industry cared and thought about price rather than the actual use of the technology, they would buy these Bitcoin ETFs. One day, these Wall Street institutions will own 70% of the Bitcoins in circulation, and I'm not so sure that's what we want to build. "
Lucas Henning, CTO of the Suku Wallet development team, also criticized the Bitcoin ETF. Henning claimed that the ETF would not be able to attract the public in the long term, as most cryptocurrencies and protocols other than Bitcoin would be launched if ETF, will not be approved by the SEC at all.
“Once something is done, like it is now done with the Bitcoin ETF, people tend to ask the question: “What’s next?” Now what might be next? It’s an Ethereum ETF. If this is completed, people will naturally ask questions like: Will we have access to the Ethereum DeFi protocol? Do we get those great dividends and interest rates and everything possible? The answer is probably "no". ”
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