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There is no sign of an ETF launch approval in the U.S. as yet, with Europe soon to see a pioneering Bitcoin futures product.
Europeâs first-ever Bitcoin (BTC) futures will launch next month on the continentâs largest derivatives market, Eurex, an announcement confirms.
In a press release issued on Tuesday, digital asset-backed securities provider ETC Group said that its Bitcoin ETN Futures product will commence trading on Sept. 13.
Europe highlights âgrowing institutional demandâ
ETC Group already operates the worldâs first centrally cleared Bitcoin exchange-traded product (ETP), known as BTCetc Physical Bitcoin (BTCE).
Launched in June 2020 on Deutsche Boerse, there are now several crypto ETPs from the firm, three of which will also begin trading on the Wiener Boerse â Viennaâs stock exchange â in the future, Cointelegraph reported.
The moves come amid increased investor demand for institutional products tied to Bitcoin and altcoins, with Europe traditionally providing a friendlier environment than the United States, which is dragging its heels over approval of a Bitcoin exchange-traded fund (ETF).
Eurex will thus host the first European futures contract based on a crypto ETP starting next month.
âGiven the growing institutional demand for secure exposure to Bitcoin, we are delighted to begin listing these Bitcoin ETN futures on our regulated trading and clearing infrastructure at Eurex,â Eurex executive board member Randolf Roth commented.Â
âThis move will allow a greater number of market participants to trade and hedge Bitcoin, with this new future being treated in the same way as any other derivatives contract in terms of central clearing, netting, and risk management.â
Bitcoin traded at $49,700 at the time of writing, down around 1% on the day after briefly passing the $50,000 mark.
Mixed institutional sentiment lingers
As Cointelegraph noted, institutional investor sentiment is slowly returning to favor crypto portfolio exposure.
Related:Â Pro traders are mildly skeptical about Bitcoinâs recent return to $50K
That said, institutional instruments such as the Grayscale Bitcoin Trust (GBTC) have lagged behind surging spot prices, signaling that uptake is not yet back at bull market levels seen before Bitcoinâs all-time highs in April.
The GBTC premium â the additional cost of the Trustâs shares compared to BTCâs spot price â continues to hover in negative territory, equating to the shares trading at a discount.
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