#57 ETF Do You Mean?

Proshares Bitcoin futures ETF set to launch on NYSE tomorrow

What to know where crypto markets are heading next? Check out the Foot Guns Cheat Sheet.

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It was announced over the weekend that a Bitcoin Futures ETF will launch this week and confirmed this morning to go live Tuesday October 19th on the NYSE.

*Walter Bloomberg @DeItaone

*PROSHARES BITCOIN FUTURES ETF WILL LAUNCH ON NYSE TUESDAY: NYT

Is this a good thing? This news has been received with mix response including statements from global macro investor, Raoul Pal, who has recently become obsessed with crypto, that the ETF will be a net lose for retail investors.

Raoul Pal @RaoulGMI

This is the old financial market trick - you now have to add multiple new intermediaries who all make profits - the ETF provider, clearing house, futures broker, administrator, auditor, law firm, CME and hedge fund arbs. Wall street gets richer. Retail investors lose. Again.

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Other smaller are investors have been quick to point to oils crash into negative numbers which created contango with the oil futures ETF leading to a drastic underperformance.

Joe Orsini, CFA @JoeOrsini_

In just over one year, a futures-based ETF underperformed spot by 54.6%. Even with "backwardation" this year and returns that are similar (spot +67% and USO ETF +72%), the long-term damage has already been done. Again, in the last five-years: Spot crude +61.5% USO -37.9% 9/n

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So, do you buy this news?

The CEO of Three Arrow Capital, Signapore based crypto investment firm, has this to say.

Zhu Su 🔺 @zhusu

Buy the rumor buy the news buy the dip light the fuse $BTC #Bitcoin

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Here at Foot Guns we report the news for your entertainment. If you want to know where markets are going check out the Foot Guns Cheat Sheet.