Bitcoin ETFs might launch this year, but nobody knows

 1. What would a Bitcoin ETF look like?

ETFs are known as exchanged-traded products. ETPs trade like stocks and can track any asset class by directly acquiring the securities or replicating the performance through derivatives. Largest Bitcoin ETP is EUR, listed on Stockholm Strock Exchange. The Grayscale Bitcoin Trust (GBTC) is physically backed, meaning it holds Bitcoin.

2. Is there demand for an ETP?

GBTC has surged its assets from $2.8 billion to $27 billion as demand soared. The recently launched BITW has also swelled in size from its December Debuts.

3. Why would investors pay such premiums?

Buying investment trust is easier than purchasing the coins themselves. 

4. Why have regulators shunned a Bitcoin ETF?

Because it is too volatile for regular ordinary investors since liquidity is very insufficient. That is why the approval is now delaying. Furthermore, Ms. Yellen noted concern for terrorist for criminal finance can use such coins, which makes difficult for Bitcoin ETFs to be approved. 

비트코인의 액면가가 일반 개인 투자자들의 매수 부담에 따라 ETF에 대한 론칭 이슈가 대두되고 있다. ETF 보다 하위 개념인 비트코인 ETP가 대용으로 거래가 되고 있는데 이의 시세는 비트코인과 더불어 같이 급상승 하였다고 한다. 하지만 비트코인 자체의 부족한 유동성으로 인해 변동성 또한 빈번하다고 한다. 이에 따라 금융 당국은 비트코인 ETF 거래를 허락하는 데에 소극적이다.

Bloomberg

https://www.bloomberg.com/news/articles/2021-02-10/why-a-u-s-bitcoin-etf-could-be-a-real-thing-in-2021-quicktake