Bitwise Asset Management has attempted to convince the U.S. Securities and Exchange Commission (SEC) that the market is ready to launch Bitcoin-based exchange traded funds (ETFs). It is reported by Forbes .
The company presented a SEC presentation , in which it identified three main reasons for the approval of the Bitcoin ETF. According to Bitwise, these are: the efficiency of the cryptocurrency spot market, the availability of regulated storage services and the growth of the futures market.
In particular, the company said that over the past two years, the bitcoin spot market has "significantly improved."
The average deviation of BTC prices on 10 spot exchanges with real trading volumes
Bitwise also noted that the storage of Bitcoin has become fully institutional, and the vast majority of regulated custodians insure assets.
Bitcoin regulated custodian services
In the third diagram, the company showed a significant increase in the regulated futures market. Bitwise stressed that in August, the average daily volume of bitcoin futures exceeded $ 234 million.
Bitcoin futures trading volume as a percentage of the spot market
“The reality is that the modern bitcoin market today is not much like the cryptocurrency market that existed several years ago,” said Matt Hougan, head of research at Bitwise.
Bitwise submitted an application to the SEC to launch the Bitcoin ETF in January this year, in August the regulator again postponed the decision on it. SEC head Jay Clayt previously acknowledged partial progress on Bitcoin ETFs, but the regulator remains uncertain. Against this background, earlier this week has been withdrawn the application for Bitcoin-ETF from VanEck and SolidX companies.
Subscribe to BlockchainJournal news on Facebook !
BlockchainJournal.news
BlockchainJournal.news
