$BTC The past couple of days have been all about Binance drama, so I’m switching things up and talking about something else.
Over in Switzerland, FINMA approved a spot Bitcoin ETF on October 20, ticker BBIT.
The issuer is BIT Asset Management. It’s set to list on the SIX exchange in November, though the exact date hasn’t been decided yet.
What’s interesting about this product?
It’s not one of those old-style ETP IOUs; it’s a collective investment scheme under Swiss fund law.
The coins are held in segregated custody, so even if the management company runs into trouble, those assets can’t be touched.
FINMA also granted an exemption allowing it to hold only Bitcoin, without being forced to diversify.
Of course, the fine print makes this clear: it falls under the alternative investments category, with the highest risk rating. Borrowing to use leverage can push exposure to 125%, and losing everything is a real possibility.
It’s offered publicly only in Switzerland; whether overseas brokerages can buy it depends on local regulations.
Honestly, under normal circumstances, this would be news worth a rally.
But in this market, BTC is still hovering around 76,500, hasn’t reclaimed 78,000, and hasn’t broken below 75,000 either.
The market isn’t even reacting to bullish news, which shows that all anyone cares about is the Binance withdrawal situation.
I’m not opening any new positions in this post. I’ll keep watching the 75,000 and 79,280 levels and see which one breaks first.
Personal analysis, not investment advice.
#BTC
Over in Switzerland, FINMA approved a spot Bitcoin ETF on October 20, ticker BBIT.
The issuer is BIT Asset Management. It’s set to list on the SIX exchange in November, though the exact date hasn’t been decided yet.
What’s interesting about this product?
It’s not one of those old-style ETP IOUs; it’s a collective investment scheme under Swiss fund law.
The coins are held in segregated custody, so even if the management company runs into trouble, those assets can’t be touched.
FINMA also granted an exemption allowing it to hold only Bitcoin, without being forced to diversify.
Of course, the fine print makes this clear: it falls under the alternative investments category, with the highest risk rating. Borrowing to use leverage can push exposure to 125%, and losing everything is a real possibility.
It’s offered publicly only in Switzerland; whether overseas brokerages can buy it depends on local regulations.
Honestly, under normal circumstances, this would be news worth a rally.
But in this market, BTC is still hovering around 76,500, hasn’t reclaimed 78,000, and hasn’t broken below 75,000 either.
The market isn’t even reacting to bullish news, which shows that all anyone cares about is the Binance withdrawal situation.
I’m not opening any new positions in this post. I’ll keep watching the 75,000 and 79,280 levels and see which one breaks first.
Personal analysis, not investment advice.
#BTC
