The cryptocurrency community has been angling for a financial product like this for years, but regulators have been hesitant to approve one. Cameron and Tyler Winklevoss pitched the first ever bitcoin-based ETF in , but the SEC rejected their first application four years later — and again in — citing the volatility of the crypto market. If the SEC does nothing, which is what happened in the case of ProShares, the funds can start trading. In the next couple of weeks, the SEC review periods for cryptocurrency-based proposals from other companies, including Valkyrie Investments, Invesco, and VanEck , will end as well.
In other words, more crypto-based ETFs are on the way. And if Gensler sees these new financial products being traded without incident, his SEC might open the door for even more, including those that actually contain cryptocurrencies, like bitcoin and ethereum.
The very existence of these ETFs not only means that investing in crypto is easier. It also means that bitcoin has more in common with gold than it ever has before. This story first published in the Recode newsletter.
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More From Vox. The Latest on Vox. But analysts note that bitcoin price moves are often triggered by factors specific to the crypto coin itself or the digital asset market more broadly. Marcello Mari, the chief executive of Singularity Dao, a cryptocurrency trading firm, said the rate at which new units of bitcoin were mined, the so-called hashrate, and the amount of dollars miners held in reserves also had an impact on the exchange rate.
Bitcoin, for example, tumbled last May when Chinese regulators signalled a crackdown on the use of digital coins. Sign up here with one click. Manage cookies. Your guide to a disrupted world Start a 4-week trial. Relationship between digital and traditional markets has tightened since , research shows.
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