#CryptoGuidance #crypto #NewsUpdated #btc

Here’s what happened in crypto today

The launch of spot Bitcoin exchange-traded funds (ETFs) has enhanced BTC futures trading, not hindered it, according to a ProShares executive. Meanwhile, South Korea’s Financial Supervisory Service (FSS) chief, Lee Bok-Hyun, revealed plans to meet global regulators to discuss crypto, and Salvadoran President Nayib Bukele has declared victory in the El Salvador general elections, though official results have yet to be released. 

ProShares “pretty darn happy” with spot BTC ETFs

Fund issuer ProShares sees no negative side effects to its business from the recently approved spot Bitcoin ETFs.

ProShares operates the Bitcoin Strategy ETF (BITO), a futures-based product that began trading in 2021. Despite the rapid rise in spot ETF trading, the company’s futures product continues to see “very efficient” trading volumes, according to its global investment strategist, Simeon Hyman.

“We’re pretty darn happy with the commercial impact so far,” he said, adding that spot Bitcoin products will actually enhance the futures market.

“With the entrance of spot ETFs, the futures market is getting better — even better,” he said. “It was already a well-functioning and regulated place, but it’s actually gotten a little better when with the spot guys because there’s just more people around Bitcoin again.”

S. Korea regulator to discuss spot Bitcoin ETF with SEC chief Gary Gensler

A top South Korean regulator is planning to visit the SEC’s Gensler to discuss spot Bitcoin BTCUSD exchange-traded funds (ETFs).

FSS chief Lee presented a business plan 2024 at the Financial Supervisory Service in Seoul on Feb. 5, including visits to major advanced financial markets, such as New York, in the second quarter of the year to discuss various aspects of South Korean financial markets.