I believe an ETF would result in an upswing as retail ETFS tend to attract longer term investors, on the contrary futures contracts are utilized by Hedge fuds/traders more so as a trading asset than a long-term investment. I think a lot of retail stock investors want exposure to BTC/crypto but don't want to deal with the headaches of purchasing and storing crypto, an ETF would eliminate these problems.
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That's the best argument I've been hearing in defense of ETFs, and I must say... the argument does make a lot of sense.
The ETFs would help if they were allowed to peg to actual BTC. SEC seems totally opposed to that but may allow them to be based on futures. Therefore ETFs would not eliminate any problems.