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Cryptocurrency News Articles
The SEC Grants Accelerated Approval for 11 Bitcoin Options ETFs to List and Trade on the NYSE
Oct 19, 2024 at 05:35 pm
This marks an important step forward for institutional investors, as Bitcoin options provide a flexible and efficient tool for hedging and amplifying exposure to Bitcoin.
Bloomberg analyst Eric Balchunas commented on another historic moment for the crypto market.
On Friday, the U.S. Securities and Exchange Commission (SEC) granted accelerated approval for 11 exchange-traded funds (ETFs) to list and trade options tied to spot Bitcoin prices on the New York Stock Exchange (NYSE).
According to Balchunas, the SEC recently approved the same thing for Nasdaq, so this news isn’t a major surprise, despite being positive news for crypto in general.
They approved same thing for Nasdaq recently so not a big surprise but still good news as SEC was big hurdle. We hearing good things about the rest of process altho exact timeline for listing date still unclear. https://t.co/N9squVSXfS
However, the actual listing will require more time, as the new options still need CFTC approval, Balchunas said.
Among the approved funds are:
This marks an important step forward for institutional investors, as Bitcoin options provide a flexible and efficient tool for hedging and amplifying exposure to Bitcoin.
These options offer investors a way to speculate or hedge risks related to Bitcoin’s price movements in a regulated market, with less capital required compared to trading the actual asset.
While this development is positive for the crypto market, approval from the Commodity Futures Trading Commission (CFTC) is still needed before these options can officially list.
Earlier, the SEC approved options for BlackRock’s iShares Bitcoin Trust on Nasdaq, so this latest approval for the NYSE is a continuation of the broader trend toward increasing institutional access to Bitcoin through regulated financial instruments.
On Friday, BTC reached a local high of $69,000, surpassing an important resistance level of $68,000.
Bitcoin closed Q3 with a modest gain of 1.00%, recovering from dropping below $50,000 in August. As we head into Q4, market sentiment has turned bullish, supported by historical data showing an average return of 49.9% in Q4 since 2014.
This optimism is reinforced by a shift in market dynamics following the Federal Reserve's interest rate cut of 50 basis points.
The cut boosted market activity, with Bitcoin's aggregated open interest jumping 6% to nearly $27 billion. Bitcoin's price surged past $62,000, reflecting a strong bullish response, and altcoins followed suit, outperforming U.S. equities, which saw volatile movements.
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