ETF NEWS , BTC UPDATE + MARKET SENTIMENT

by David

First and foremost, we're talking futures-based ETFs. While it's not the biggest money attractor it still is a big step forward, and it builds up further on the anticipation a physically-backed BTC ETF in 2022 which is the really big deal. Nonetheless this is also big.

As you know, here at ITSCRYPTO, we do our due diligence which also means we've gotten into the finer print of those SEC filings.

On October 18th, if the SEC has not delayed/denied the ProShares BTC Futures ETF then it'll go live on the market, this is the very first one in line. A few days after it, October 25th, there's another one from Valkyrie. Now why are we bringing up all those details?

The SEC was very clear about its preference of Futures-backed ETF for Bitcoin . Well the ProShares one will only be 30% made from futures and the other 70% in "money market instruments". No offence but that's a bit dumb on ProShares behalf, I mean the SEC was clear and if you want to get approved and capture all those fees by being the first one there, that's a very risky road to take...

Valkyrie took the better route and stated: "*the Fund will seek to purchase a number of bitcoin futures contracts so that the total notional value of the bitcoin underlying the futures contracts held by the Fund is as close to 100% of the net assets of the Fund as possible.*"

Outcome? Well, probably a delay/denial before Oct 18th for ProShares and then Valkyrie goes on the market a week later on October 25th.

What does that mean for price? f you remember my previous BTC update we where expecting a correction, and we do still have a high probability of a dump back down to $50,000 trapping bears and then sky rocketing up a week later. Regarding ALTS if we continue to see BTC consolidation this will give alts room to grow in the short term however if BTC does dump alts will follow suit.

Market sentiment once again enters greed. Remember to manage risk accordingly