#BitwiseBitcoinETF

Bitcoin is considered a commodity and is the underlying asset in bitcoin futures contracts.

It is said that Bitcoins sold for cash are traded in the "spot" market. With limited exceptions, the spot market for bitcoins is not regulated by either the CFTC or the SEC.

Bitcoin futures contracts, like other futures contracts for commodities, such as corn futures, market index futures, or gold futures, are regulated by the CFTC and must be traded on exchanges regulated by the CFTC.

Bitcoin and bitcoin futures can be very volatile. The leverage created by futures contracts can significantly increase both gains and losses.