Industry expert Bloomberg senior ETF analyst Eric Balchunas said the SEC was highly unlikely to approve the VanEck fund given its track record of denying offerings from investment firms with exposure to crypto, a prediction which ultimately came to pass.
“ address the inconsistency with not deeming CME a regulated mkt of sig size in spot denial but then approving futures ETFs,” said Balchunas.
ProShares’ ETF has since risen to the top 2% of all ETFs in terms of total trading volume — roughly $400 million worth of shares traded on Nov.
The impact on the price of Bitcoin saw the crypto asset briefly dip to $62,300 before returning to more than $63,000.