The gains follow several traditional financial institutions showing interest in introducing crypto-related ETFs, and the U.S. SEC approved the first leveraged Bitcoin futures ETFs
Bitcoin slumped but stayed above $30,000 on Monday morning in Asia, with nearly all other cryptocurrencies increasing. The advances follow several traditional financial institutions showing interest in introducing crypto-related exchange-traded funds (ETFs), and the U.S. Securities and Exchange Commission (SEC) approved the first leveraged Bitcoin futures exchange-traded funds in the country on Friday. In the non-fungible token market, a whale has been selling off Bored Ape Yacht Clubs.
Bitcoin shed 0.35% to $30,444 over the past 24 hours to 7:30 a.m. in Hong Kong, as per data from CoinMarketCap. The token added 15.44% during the last seven days.
Ether advanced 1.18% to $1,898, with a 10.32% weekly gain.
Polkadot led gains among leading cryptocurrencies with a 3.28% 24-hour increase to post a weekly gain of 14.28%. Apart from Bitcoin, Litecoin was the only token on the list going down, declining 1.48% during the last 24 hours but 14.24% higher for the week.
On Friday, the SEC approved the country’s first leveraged Bitcoin futures exchange-traded fund offered by Volatility Shares, according to CoinDesk. The “2x Bitcoin Strategy ETF” is set to begin trading on June 27 on CBOE BZX Exchange, as per the fund’s website.
The ETF will not invest directly in Bitcoin but seek to benefit from gains in the price of Bitcoin futures contracts for a single day, as per its prospectus. The fund will correspond to two times the return of the S&P CME Bitcoin Futures Daily Roll index.
This comes after BlackRock and WisdomTree recently filed applications with the securities regulator to launch spot Bitcoin ETFs. The regulator has given approved several futures-based crypto exchange-traded funds but regulator has not given a green light to spot products.
The turbulences of 2022 have resulted in a decline in confidence in crypto-native institutions, presenting traditional financial institutions with a prime opportunity to enter the crypto market, Jonas Betz, crypto market expert and founder of Betz Crypto, told Forkast last week.
