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VanEck set to debut Bitcoin futures ETF on Tuesday

Updated: Aug 23, 2024
Published: Nov 14, 2021
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VanEck is set to debut its Bitcoin futures exchange-traded fund (ETF) on Tuesday on the Chicago-based CBOE exchange. A notice on the website of the firm confirms this recent development which comes after the recent rejection of the Bitcoin spot ETF by the United States Securities and Exchange (SEC). 

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VanEck BTC futures ETF to be called 'XBTF'

The VanEck Bitcoin futures ETF will debut the CBOE exchange under the ticker "XBTF," as it claims a notice on their official website. The recent development comes after the earlier rejection of the Bitcoin spot ETF by the SEC that was under discussion for months. 
"For new ETP issues, Cboe conducts a single New Issue Auction to open trading at approximately 9:30 a.m. ET" said the website.
According to reports, the firm actually got the approval for the VanEck BTC futures ETF in late October. However, the reason why the 'XBTF' wasn't launched right away remains a secret. 

Bitcoin futures ETF fail to make the cut

The approval of the VanEck BTC futures ETF didn't rattle the market movement as its predecessor did. The successful debut of the ProShares Bitcoin futures ETF or BITO on NYSE was record-breaking. Investors saw a tremendous trading volume of around $1 billion as Bitcoin also turned bullish spontaneously. 

However, as pointed by John Walsh, the founder of Walsh Wealth Group, in a tweet, the "market not moving at all on ETF news." The rejection of the VanEck spot BTC ETF dragged down Bitcoin prices to below $64,000 momentarily. However, investors are not as bullish on Bitcoin futures ETF and prices seem to be stagnant.

A spot ETF will open the doors of opportunity for Bitcoin as a tremendous amount of institutional cash flow will turn the price action bullish, taking Bitcoin $100,000. However, the SEC isn't ready to sign the approval on a spot ETF yet.

As the bipartisan Infrastructure Bill sits on President Biden's desk for approval, the Bitcoin price movement will definitely get affected by regulatory pressure that'll follow the approval of the Bill.

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