{"id":8784,"date":"2023-10-06T02:34:42","date_gmt":"2023-10-06T02:34:42","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=8784"},"modified":"2023-10-13T03:14:20","modified_gmt":"2023-10-13T03:14:20","slug":"market-roundup-ubs-pioneers-tokenized-fund-in-singapore-amid-a-week-of-etf-approvals-and-bullish-crypto-movements","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/market-roundup-ubs-pioneers-tokenized-fund-in-singapore-amid-a-week-of-etf-approvals-and-bullish-crypto-movements\/","title":{"rendered":"Market Roundup: UBS Pioneers Tokenized Fund in Singapore Amid a Week of ETF Approvals and Bullish Crypto Movements"},"content":{"rendered":"

Welcome to the latest edition of our Market Roundup, where we cover the past week’s highlights in the rapidly evolving world of blockchain and decentralized technologies.<\/span><\/p>\n

\"Token<\/p>\n

\u00a0(<\/em>as of 10:00 AM Singapore Time, October 6, 2023)<\/em><\/p>\n

The week started with a pump in the market. Major cryptocurrencies all rose significantly. <\/span>BTC<\/span><\/a> and <\/span>ETH<\/span><\/a> shot up on Monday on news about ether futures exchange-traded funds (ETFs) launching in the United States, hitting US$28,494.46 and US$1,737.73, respectively. <\/span>SOL<\/span><\/a>, <\/span>MATIC<\/span><\/a>, and BCH were major gainers, each climbing by two-digit percentage points. That optimism tapered off as investors took profits, but there was overall upward momentum compared to a week ago.<\/span><\/p>\n

US-based ETFs have been the talk of the crypto space, and there are constantly new developments on this front. The United States Securities and Exchange Commission (SEC) <\/span>delayed its decision on four spot bitcoin ETF filings<\/span><\/a>, for the second time in a month. The list of affected applicants was a who\u2019s who of major asset management firms \u2014 BlackRock, Bitwise, Invesco Galaxy Digital, and Valkyrie. The SEC said it is still gathering comments from the public regarding the proposals. The deadline for formulating a decision was originally between October 16 and 19, but the SEC made an early announcement because many parties in the US expected a government shutdown last weekend. The shutdown was averted.<\/span><\/p>\n

While <\/span>spot bitcoin ETFs have yet to receive authorization<\/span><\/a> to launch in the US, the SEC did <\/span>approve nine ether futures ETFs<\/span><\/a> for Valkyrie, VanEck, ProShares, Bitwise, Hashdex, and Volatility Shares. Trading for these ETFs began on Monday. Here\u2019s a key difference: spot ETFs reflect the current price of their underlying asset, while futures ETFs reflect prices agreed between the seller and buyer for a specific asset. On the first day of trading after these funds\u2019 debuts, the nine ether futures ETFs had a combined <\/span>US$1.7 million of trading volume<\/span><\/a>. This was far lower than when the first bitcoin futures ETF began trading on the New York Stock Exchange in 2021: the ProShares Bitcoin Strategy ETF, or BITO, <\/span>traded nearly US$1 billion on its first day<\/span><\/a>.<\/span><\/p>\n

Yet, the foundations for the convergence of crypto and traditional finance are becoming stronger, and that\u2019s an incredible sign for the digital asset space.<\/span><\/p>\n

For more insights about market movements and new developments, be sure to check out the routine updates on <\/span>BTSE’s blog<\/span><\/a>.<\/span><\/p>\n

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Web3 News<\/strong><\/h2>\n

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