The first US bitcoin futures exchange-traded fund called ProShares Bitcoin Strategy ETF began trading on the NYSE today. Because the US SEC didn't intervene in ProShares' new listing within the 75-day filing period that ended Monday, the ETF was effectively approved by the regulator. In the first minutes of trading shares of the highly anticipated ETF rose 5% and are changing hands at $41.90. The fund will not invest in Bitcoin, however funds will be invested in Bitcoin futures with a full deposit, meaning no leverage will be taken into account. Like all other US ETFs, the new products from ProShares will be regulated by the SEC and can therefore attract investors who until now have not been interested in cryptocurrencies due to the lack of regulation.
Bitcoin price erased early gains and pulled back below $62,000 after the launch of the new ETF. The nearest support to watch lies around $56, 860 and is marked by 78.6% Fibonacci retracement of the last downward correction launched in May and previous price reactions. Source: xStation5
