Understand Bitcoin ETF’s

[T]

Article: What is a Bitcoin Futures ETF? | CFTC

www.cftc.gov

This is NO different than trading futures on corn, wheat and orange juice! It’s a way to legally gamble on whether you believe it goes up or down with fees.

This DOES NOT mean the 11 approved ETF’s are buying BTC on the open market.

Good luck.

 

[BobbyBlueChip]

Article: What is a Bitcoin Futures ETF? | CFTC

www.cftc.gov

This is NO different than trading futures on corn, wheat and orange juice! It’s a way to legally gamble on whether you believe it goes up or down with fees.

This DOES NOT mean the 11 approved ETF’s are buying BTC on the open market.

Good luck.

The 11 approved ETFs aren't Bitcoin futures ETF, they're Bitcoin Spot ETFs. I surprised someone so connected to the industry wouldn't understand that. It's all that us insiders have been talking about since June.

You can believe T , the crypto industry insider and shiller of SWEAT coin or you can believe Blackrock, one of the sponsors of one of the 11 SPOT ETF's that were approved today

bit20240109_424b3.htm

An investment in Shares is:

Backed by bitcoin held by the Bitcoin Custodian on behalf of the Trust.

The Shares are backed by the assets of the Trust. The Bitcoin Custodian will keep custody of all of the Trust’s bitcoin, other than that which is maintained in the Trading Balance with the Prime Execution Agent, in the Vault Balance. The Bitcoin Custodian will keep all of the private keys associated with the Trust’s bitcoin in the Vault Balance. The hardware, software, systems, and procedures of the Bitcoin Custodian may not be available or cost-effective for many investors to access directly. The Trust’s bitcoin holdings and cash holdings from time to time may be held with the Prime Execution Agent, an affiliate of the Bitcoin Custodian, in the Trading Balance, in connection with creations and redemptions of Baskets, and the sale of bitcoin to pay the Sponsor’s Fee and any other Trust expenses not assumed by the Sponsor, to the extent applicable, and in extraordinary circumstances, in connection with the liquidation of the Trust’s bitcoin. These periodic holdings held in the Trading Balance with the Prime Execution Agent represent an omnibus claim on the Prime Execution Agent’s bitcoin held on behalf of clients; these holdings exist across a combination of omnibus hot wallets, omnibus cold wallets or in accounts in the Prime Execution Agent’s name on a trading venue (including third-party venues and the Prime Execution Agent’s own execution venue) where the Prime Execution Agent executes orders to buy and sell bitcoin on behalf of clients.

 

[ssd]

My issue is if you look at the people behind the ETFs, each one of them has JPMorgan, J Street and Virtu Financial. Head of Virtu Financial - Vinny Viola - is someone that I do not trust. Do your own research. Dimon said Bitcoin was just a way for illegality and now JPMorgan has 300 people in their crypto division and are involved in the Bitcoin ETF.

Anyway - I see T's point - most ETF's become a vehicle for derivatives and rehypothecation.

 

[Smitty]

My issue is if you look at the people behind the ETFs, each one of them has JPMorgan, J Street and Virtu Financial. Head of Virtu Financial - Vinny Viola - is someone that I do not trust. Do your own research. Dimon said Bitcoin was just a way for illegality and now JPMorgan has 300 people in their crypto division and are involved in the Bitcoin ETF.

Anyway - I see T's point - most ETF's become a vehicle for derivatives and rehypothecation.

Dimon and that crowd just see this as another way to fleece the public and boost their bottom line. They don't need to believe there's any value in cyrpto for them to make money off it.

 

[WhatsHisNuts]

An investment in Shares is:

Backed by bitcoin held by the Bitcoin Custodian on behalf of the Trust.

 

[yyz]

Vanguard says, thanks, but no thanks.

 

[MadJack]

Vanguard says, thanks, but no thanks.

Yet Vanguard themselves are invested in bitcoin indirectly by owning 10% of MicroStrategy (MSTR) and have 100's of millions invested in bitcoin mining companies (MARA and RIOT). Makes you wonder.

 

[T]

Invested long or short. The public only SEES what the big players want them to see. You best believe that they will crush the public whenever they want and create opportunities by selling to force it lower and buying back. For the record, I wish everyone success in crypto. If you bought it years ago or acquired it years ago like many did, then you're sitting pretty. Just stop thinking, you know...Dimon is the biggest criminal on Wall Street, crashing Bitcoin 5 or 6 years ago, publicly saying it was a fraud, and having his European subsidiaries buy it.

 

[BobbyBlueChip]

Invested long or short. The public only SEES what the big players want them to see. You best believe that they will crush the public whenever they want and create opportunities by selling to force it lower and buying back. For the record, I wish everyone success in crypto. If you bought it years ago or acquired it years ago like many did, then you're sitting pretty. Just stop thinking, you know...Dimon is the biggest criminal on Wall Street, crashing Bitcoin 5 or 6 years ago, publicly saying it was a fraud, and having his European subsidiaries buy it.

Awesome - care to recant on the original post?

 

[BobbyBlueChip]

Yet Vanguard themselves are invested in bitcoin indirectly by owning 10% of MicroStrategy (MSTR) and have 100's of millions invested in bitcoin mining companies (MARA and RIOT). Makes you wonder.

Vanguard doesn’t want you to have that exposure. They’re fine with letting them have that exposure. Imagine a platform telling someone what they can and can’t invest in…..treating customers like children. What a Buncha crooks.

 

[T]

Awesome - care to recant on the original post. Why bother.

 

[BobbyBlueChip]

Why bother?

If I something that was factually wrong, I’d correct myself and would definitely question where I was getting my information and wouldn’t be so confident about the information I was getting from those sources.