I still remember that the adoption of US ETFs is like adding a booster pump to a large encrypted fish pond, which continuously introduces water and feeds into the pond. Fish, crabs, shrimps and oysters are growing and reproducing visibly to the naked eye. More than a dozen pond owners (ETF institutions) ) were extremely busy and worked hard to increase the oxygen and pressure in the pond. The aquatic products were also in high spirits, and they were imagining the nobility and scarcity of their value when they were served on the table. Now the fishermen who made the nest are here too, bringing with them European bait.
On March 26, the London Stock Exchange (LSE) issued market announcement N03/24, announcing that it would accept listing applications for Bitcoin and Ethereum cryptocurrency exchange-traded notes (Crypto ETNs) from April 8, 2024. This measure follows up on the N02/24 announcement issued on March 11, and it is expected that the first batch of cryptocurrency ETNs will be officially listed and traded on May 28, 2024. This move is aimed at attracting the largest number of issuers to participate in the first day of trading. Issuers must submit relevant application materials to the exchange before April 15 and ensure that their basic prospectus is approved by the Financial Conduct Authority (FCA). The London Stock Exchange also specifically pointed out that issuers who fail to meet the listing requirements or submit applications overdue will not be able to participate in the first day of trading.
Since Da Piaoliang added a water pump when all kinds of aquatic products in the crypto fish pond were about to run out (crypto deep bear, liquidity stagnation), and led to the addition of new categories in various restaurants, the main product yellow croaker (Bitcoin) is about to enter the halving period, and the yellow croaker has also been fiercely controversial in the market. Why is a fish so expensive? Hey, the pond owner tells you that this fish is getting less and less, and it can also be "gifted", "value-preserving", "auctioned" and other gameplays. Is it really just a fish? If you don't understand, go play with the mud first. I don't have time to spit with you, because this fish is about to go straight to 100,000.
The top-quality small yellow croaker (Ethereum) also seems to be developing steadily. New drug cultivation (Cancun upgrade) and export assessment (Ethereum ETF) will also be passed this year, which will bring more motivation and support to pond owners. More medicines and baits are added at once, attracting small blue dragons, Australian dragons, and various incomprehensible dragons (Sol Dog Coin) to crawl all over the edge of the box and the shore. Some people feast on the food, while others are pinched and bleed, but more people are flocking here, and the encrypted fish pond has ushered in a bull market.
What kind of changes will the joining of British anglers bring about?
ETN is used as bait to lure nests. Unlike ETFs, ETN is an unsecured, non-subordinated debt security issued by a bank. Similar to other debt securities, ETN also has a maturity date and is backed only by the credit of the issuer. It is usually linked to a market index or other benchmark, and ETN promises to pay the full amount of the index at maturity, minus various management fees.
ETNs are typically tied to the performance of a market benchmark, specifically, it may be based on stocks, index funds, or futures. Although ETNs are typically traded on exchanges and can be sold short, ETNs do not actually own any of the underlying assets of the index or benchmark they track.
Accepting the listing application of Bitcoin and Ethereum ETN will invisibly attract the interest and investment of more anglers. Although they are now only allowed to catch large yellow croakers, the expensive fishing gear and fine baits of these anglers will further increase the potential value of each large yellow croaker. This game will also be accompanied by the risks of pole explosion, hook unhooking, fish escape and empty air force. The bait for nesting also brings nutrients (stock market funds) to other different species of fish in the pond. The overflowing nutrients will eventually nourish the ecosystem in the pond, and the pond will become more and more interesting.
People who are optimistic about the various fish and ways of playing in the fish pond have gradually formed a consensus on the price of fish. They all have their own reasons and opportunities to have fun. But whether you are a fisherman, a fish farmer, or a buyer of fish off-site, you have to use the last penny of your money to take a taxi home. Don't forget that life is not just about fish.
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