Leveraged BTC ETF Launches on CBOE, Prime Trust Placed in Receivership

Name: FS Insight
Price range: $$$

Jun 27, 2023

BCH -2.36% BTC -1.90% DOGE -33.52% ETH -3.88% ETHBTC SHIB -4.35%

Market Update Bitcoin continues to hover above $30k, gaining 2% over the last day. $ETH has bucked its trend of underperforming $BTC, with $ETHBTC up 0.72% today, although its medium-term downtrend remains intact. The crypto market turned higher after news broke that Fidelity had potentially joined other large asset management companies in filing for a spot $BTC ETF. While Fidelity previously filed for a similar ETF in 2021, the SEC rejected that effort last year. $BCH and $PEPE continue to outperform among the top 100 over the last week, with $BCH benefiting from its listing on the institutionally backed EDX Market Exchange. $PEPE has not had any specific catalyst behind its 70% move in the last week. After dropping over 80% from its peak, it has caught a bid as the market's favorite meme coin of this cycle. Older meme coins $DOGE and $SHIB have largely underperformed $BTC and the rest of this market in this rebound. The S&P and Nasdaq rose 1.1% and 1.6%, with continued momentum from tech and AI-related equities.The Volatility Shares 2x Bitcoin Strategy ETF ($BITX) will launch on the Chicago Board Options Exchange (CBOE) today. This comes as the potential approval of a spot-based bitcoin exchange-traded fund (ETF) from regulators has gained traction. While there are existing fu

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