Dear OMNIA Family,
There is a lot of developments in the Crypto World and we wanted to share some of the latest with you.
Cryptocurrency spot prices have been in a slump over the past two quarters of 2018 but rumor on the street is institutional interest in cryptocurrency custody and regulated investment vehicles is picking up speed. Even though market sentiment has been bearish, futures contracts sold by Cboe and CME Group have increased significantly during the second quarter of 2018. Right now, on July 12, there have been 1199 contracts filled so far and products for the month of August are adding up today as well. Cboe has been selling between 2500-18,000 bitcoin futures contractsper day.
On July 9, Cboe announced it has filed an application with the US Securities and Exchange Commission (SEC) so it can sell a bitcoin-based ETF backed by the Vaneck Solidx Bitcoin Trust. The SEC is seeking public opinion concerning the ETF application in order to help guide their decision on whether or not they will approve a bitcoin ETF this time around. Since the first announcement this past Monday, the SEC has revealed the fate of the ETF will be decided on August 10.
The SEC may also look into how well the current bitcoin futures markets have done so far, and if there were any issues during the launch of those derivatives products. With the bitcoin futures volume spikes, there’s been a lot of action within these regulated market settings and investors seem to want these products — And some people think a bitcoin ETF should naturally follow.