It's Here: Bitcoin Futures ETF to Begin Trading

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 19 October 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by NYDIG. Today on “The Breakdown,” NLW rounds out the story of the bitcoin futures ETF process that has dominated crypto chatter for the last week or more. He looks at the details of the first ETF that will go live, as well as why some on Twitter argue this is really just a product for short-term traders. Finally, he looks at the significance of news that Grayscale will endeavor to convert its bitcoin fund into an ETF. NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: George/Moment/Getty Images, modified by CoinDesk.

Transcript

Click on a timestamp to play from that location

0:00.0	When the pro shares ETF and then the other ETFs actually launch, do people actually start using
0:05.6	these instruments? If so, who was using it and how? Is it people who were on the sidelines
0:11.4	before, who find this instrument desirable, or is it professional traders who are making
0:15.9	an arbitrage trade relative to the future price of Bitcoin? How does the market narrative respond to the answers
0:22.4	to one and two? Does the market see whatever happens as a success validating this latest rally,
0:28.1	or a flop which could turn us lower? Welcome back to The Breakdown with me, NLW. It's a daily podcast
0:37.2	on macro, Bitcoin, and the big picture power shifts remaking our world.
0:43.0	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:49.4	What's going on, guys? It is Monday, October 18th, and today we are discussing that it's finally
0:55.8	here. A Bitcoin Futures ETF is officially slated to begin trading. So unless you've been
1:03.2	living under Iraq, you've been watching this whole ETF drama really probably throughout the
1:08.6	year. And I did a whole show on the setup for this last week,
1:12.1	which you can listen to, but just to give the shortest TLDR ever, in 2013, the WingoVos
1:17.9	brothers kick off the modern Bitcoin ETF era with the first ever rejected Bitcoin ETF proposal.
1:25.0	During the J. Clayton era of the SEC, there was little hope at any point
1:30.3	that something was actually going to give. The SEC was simply too concerned about market
1:35.4	manipulation to even countenance any sort of ETF. Now, with Gary Gensler, a man who had, as we all
1:42.9	discussed, taught courses about blockchain and
1:46.0	Bitcoin at MIT coming into the chairmanship of the SEC, wouldn't there be a better
1:51.6	chance of a Bitcoin ETF? Pretty quickly it became clear that Gensler was not going to be the
1:57.7	easy ally that we had imagined. However, over the last month, there has also
2:02.9	been increasing clearness from public statements from Gensler and the SEC that they would
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.