Money Today Reporter Jeong Hye-yoon | 2024.01.20 13:13
[코인 인사이트]
Editor’s note | ‘Coin Insight’ analyzes major issues in the virtual asset (cryptocurrency) market from different angles. We focus on identifying key messages that penetrate complex issues. We will act as a catalyst for the development of a healthy virtual asset market.
As the financial authorities blocked Bitcoin spot ETF (exchange traded fund) trading, Seohak ants appeared to have bought more Bitcoin futures ETFs. While Bitcoin futures ETF investments in the US market are moving to spot ETFs, Korea seems to be focusing on futures ETFs as spot ETF trading is blocked.
On the 19th, Money Today compared and analyzed the trading status of domestic investors for three trading days before and after the US spot Bitcoin ETF listing date (the 11th local time), excluding closed days, and the net purchase volume of the two representatives The future of Bitcoin ETFs was a total Increase of 1.7 times compared to the day before listing. In particular, in the case of leveraged products, the net purchase volume increased by more than 4.4 times.
According to Korea Securities Depository Information Portal (Savero), from the 11th to the 16th local time (the 16th to the 19th based on the settlement date), domestic investors bought a net $6,123,073 of the BITCOIN STRATEGY 2X ETF ( BITX), and Bitcoin futures leveraged ETF. . It ranks 13th among Seohak Ant’s total overseas stock investments based on net purchase size.
Compared to the BITX net purchase size of $1,383,025 on the 8th to 10th local time (11th to 15th based on settlement date) before the listing of Bitcoin spot ETF, it increased more than 4.4 times.
BITX is the first leveraged Bitcoin futures ETF in the United States and is a product that tracks Bitcoin futures on the Chicago Mercantile Exchange (CME). Since it is a 2x leveraged product, the profit or loss is twice the actual fluctuation rate of Bitcoin futures. When lifting, gains can be maximized.
Of course, during the same period, the net purchase volume of PROSHARES BITCOIN STRATEGY ETF (BITO), the first Bitcoin futures ETF in the United States, decreased from $2,234,837 to $197,606, but the total net purchase volume of both Bitcoin futures products increased. about 1.7 times compared to before.
Since domestic investors cannot trade Bitcoin spot ETFs, they focus on trading futures ETFs. The Financial Services Commission blocked all trading of spot Bitcoin ETFs through domestic securities firms on the grounds that they could breach the Capital Markets Act. However, the Financial Services Commission said Bitcoin futures ETFs are being traded as they currently are and there are no plans to regulate them differently.
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Foreign moves to futures ETF investment-sim spot ETF… When will we be?
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/Photo provided by Eugene Investment & Securities On the other hand, abroad, since the launch of the Bitcoin spot ETF, the feeling of investing in ETFs in the future is moving to see ETFs.
According to IBK Investment & Securities, over the past week, Bitcoin futures ETF BITO and others have experienced a decrease in total assets of $3.1 billion. Global asset management firm Ark Investment is also expected to sell its BITO holdings and replace it with its own Bitcoin spot ETF, Ark 21 Shares ETF (ARKB). In addition, American asset management firm Van Eck announced that it plans to delist the existing Bitcoin futures ETF after approving the spot ETF.
The spot Bitcoin ETF stimulated investment sentiment as its advantages include low management fees, ease of transactions through the use of securities accounts, regulatory responsiveness, and low rolling costs or inherent costs.
Hong Seong-wook, a researcher at NH Investment & Securities, said, “Bitcoin futures ETF is an inferior product compared to Bitcoin spot ETF,” and added, “BITO, which is considered to represent Bitcoin futures ETF, recorded a total profit of 127 % last year and underperformed Bitcoin spot by more than 20 percentage points. “I did,” he explained.
It is still unknown when Bitcoin spot ETF trading will be possible in Korea. Until now, the Financial Services Commission had taken a hard stance, but fortunately, the President’s Office responded the previous day, saying, “We have decided not to follow a specific direction,” raising expectations.
Kim Se-hee, a researcher at Eugene Investment & Securities, said, “Since there is no justification for regulators to ban ETFs listed on the US stock market, foreign trading of Bitcoin spot ETF is expected to become possible in the near future.”
[저작권자 @머니투데이, 무단전재 및 재배포 금지]
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