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At the time of writing, the first Bitcoin futures exchange-traded fund (ETF) will start trading, which is not only a huge milestone for the coin itself but for cryptocurrency as a whole.
While an ETF might not be the go-to for those who are just starting on their cryptocurrency journey, it’s definitely something worth knowing about as essentially, it opens the market up to those simply wanting to enhance their investment portfolio.
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If you like what you hear, read on, where we’ll talk you through the benefits of the Bitcoin ETF, pricing, and the Bitcoin ETF symbol so you can get to trading it yourself!
What are the benefits of the Bitcoin ETF?
The benefit of this ETF over traditional Bitcoin investments is that you’re not actually investing in Bitcoin itself. Instead, you’re using the ETF as an investment vehicle, removing the need to know the ins and outs of the technicalities that come with cryptocurrencies. Moreover, there’s essentially less risk involved as you won’t be dealing with the crypto exchanges, you’ll be utilizing traditional brokerage methods to both buy and sell the ETF, providing more overall stability.
What is the Bitcoin ETF symbol?
With all the above being said, if you don’t know how to find the Bitcoin ETF on the market, you’re not going to be able to trade. You’re going to need the Bitcoin ETF symbol to quickly navigate to and view your current Bitcoin ETF ownership.
To aid you, the Bitcoin ETF symbol is BITO, quite a big deviation from the BTC we all know and love.
BITO ETF price
As previously alluded to, the Bitcoin ETF, while not being BTC itself, will get its value from the coin. This, therefore, means that the Bitcoin ETF price will be impacted as BTC fluctuates. Currently, the Bitcoin ETF is priced just above $41, a 3% improvement from when it debuted on the stock exchange.
At the time of writing, BTC is currently soaring above $60,000 and as the ETF funds flow in, we expect that this figure will continue to rise. However, as BITO is a futures investment, there’s no saying that it won’t have any impact and BTC could simply continue to follow current trends.