In normal circumstances, it’s a fairly mechanical, out-of-the-spotlight relationship. Known as FCMs, these firms - typically banks - handle buy and sell orders for futures contacts on behalf of their clients and then settle those trades with exchanges such as the Chicago Mercantile Exchange. The delay is due in part to reticence among futures commission merchants, which act as an intermediary between derivatives-backed funds such as the ProShares Bitcoin Strategy ETF (ticker BITO) and the exchanges where those contracts trade. While optimism still abounds that several funds could begin trading in the coming weeks, a similar ETF from VanEck is in a holding pattern even though the 75-day window for regulators to reject or delay it has “long passed.” Wall Street analysts expected as many as four Bitcoin futures ETFs to begin trading in October following the Securities and Exchange Commission’s tacit approval of the structure instead only two products, from ProShares and Valkyrie Investments, debuted. exchange-traded funds tied to Bitcoin futures has all but dried up - for now - after off-the-charts demand for the first one rattled Wall Street’s all-important middlemen. (Bloomberg) - What was expected to be a wave of U.S.
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