Last week, the Securities and Exchange Commission (SEC) finally granted a long-standing wish of cryptocurrency market participants and exchange traded funds (ETFs) user by approving spot bitcoin ETFs. To be precise, the commission approved 11 such products.
The news has been a good news/bad news scenario. Last year, bitcoin more than doubled in anticipation that related spot bitcoin ETFs would finally come to life in the U.S. That set the stage for a “buy the rumor, sell the news” and that’s exactly what’s happened. However, much of the digital currency’s retrenchment in recent days is believed to be attributable to investors selling the Grayscale Bitcoin Trust (GBTC), which was converted from an index fund to an ETF.
On the other hand, the good news is that spot bitcoin ETFs are finally here and these products could expand the universe of advisors and investors accessing cryptocurrency.
One caveat: With rookie ETFs with the same investment objective coming to market at the same time, end users have some homework to do to determine which spot bitcoin is best for them. I’ll help with some of that homework here.
VanEck Bitcoin Trust (HODL)
The VanEck Bitcoin Trust (HODL) likely takes the take for best ticker among the new spot bitcoin ETFs…
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