The earliest Bitcoin ETFs’ launch in the United States resulted in a large-scale enthusiasm as well as record-breaking statistics. After this, several asset management companies submitted their applications under the SEC for a Futures-backed ETF of Bitcoin, having fluctuating levels of creativity. Nonetheless, the spot-based ETF of Bitcoin to track the real-time price of the cryptocurrency has certainly been something most waited for. To make sure the determination for this application, the request for a futures-based ETF (exchange-traded fund) of Bitcoin had been withdrawn by Bitwise, as per Matt Hougan (the CIO of Bitwise).

While mentioning the company’s commitment for initiation of a product of ETF to directly track the prices of Bitcoin, Hougan stated that the investors eventually wish for a spot ETF of Bitcoin. The possibility of which is being considered by Bitwise to be achieved, and it will keep on pursuing that target with having an eye on the other probable options to assist the investors in attaining the remarkable opportunities in the sector of cryptocurrency. Hougan, through a Twitter thread, indicated the extended pathway that made authorization of the earliest Bitcoin ETF during the recent month, being initially proposed during 2013 on the behalf of Winklevoss twins.

Although the ETF was considered as a huge move, Hougan’s company finally backs a spot ETF’s launch due to several reasons, as per him. He referred to the analysis of Bitwise to point out that the customers could only be charged 5-10% annually by a Bitcoin Contango, however, the price of futures is more than spots. He added that the entirety of the capacity being available under the commission merchants has been consumed by futures ETFs of Bitcoin. This will get smothered as time passes, but presently, it has included additional expenditure.

However, the executive figured out that these things do not imply that futures ETFs are harmful, and he admired BTC Strategy ETFs by Valkyrie and ProShares to be thoughtful. Nevertheless, he revealed, they consider a better service of the clients through spot exposure, and currently, there are various options available to acquire spot-based experience, containing other funds of Bitwise. NYSE Arca (an exchange of electronic securities) had filed to get Bitcoin ETF on 14th October, to track the real-time BTC prices contrary to those presented by the Futures market.