The performance of the Bitcoin spot ETF in the United States has been impressive since its listing, with more than 15 leveraged Bitcoin ETF applications submitted by multiple fund companies in January. Bloomberg ETF analyst Eric Balchunas expressed surprise at this unprecedented situation.
After the official listing of 11 Bitcoin spot ETFs in the United States, the total trading volume exceeded $10 billion within a week. As the Bitcoin spot ETF successfully attracts the market, many fund companies have also submitted more leveraged products.
James Seyffart, an ETF analyst at Bloomberg, tweeted this morning that well-known fund management company Direxion has submitted five leveraged Bitcoin ETF applications, including 2x, -2x, 1.5x, -1.5x, and -1x leverage.
Even before Direxion, many issuers such as Tuttle Capital, Rex Shares, and ProShares have already submitted similar applications. ProShares submitted five leveraged Bitcoin spot ETF applications on the 16th, including ProShares UltraShort Bitcoin ETF (-2x), ProShares ShortPlus Bitcoin ETF (-1.5x), ProShares Inverse Bitcoin ETF (-1x), ProShares Plus Bitcoin ETF (+1.5x), and ProShares Ultra Bitcoin ETF (+2x).
Tuttle Capital Management also submitted applications for six leveraged Bitcoin ETFs to the SEC in early January, including 1.5x, 1.75x, and 2x long and short Bitcoin spot ETFs.
Another Bloomberg ETF analyst, Eric Balchunas, responded to this by saying that the latest trading volume of nine Bitcoin spot ETFs (excluding GBTC) has increased by 34%, reaching $1.05 billion, while the trading volume of GBTC has decreased by 24% compared to yesterday, amounting to $1.059 billion.
Balchunas commented in surprise:
However, Balchunas also added that the discount rate of GBTC has reversed and dropped to -0.96%. He stated:
Due to high management fees and a narrowing discount, investors choose to profit, resulting in significant selling pressure on GBTC. This has also led to the continuous transfer of BTC from GBTC to the Bitcoin spot ETF. Since its listing, a total of 41,478 BTC (worth approximately $1.784 billion) has been transferred to Coinbase, which may be one of the reasons for the continued decline in the price of Bitcoin.
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