In short, what will change after this approval?
1. When the U.S. stock market encounters a black swan/panic, it is no longer necessary to sell ETFs directly, but to choose to buy put options for hedging, thereby enriching the original liquidity and reducing selling pressure to a certain extent.
2. This will be a big step forward for the Crypto market, and the level is no less than the launch of contract trading by exchanges. Originally there was only spot trading, but now there is better hedging. BTC has officially become a commodity that can be traded long and short in the regulated market.
3. "Deribit trading is still too complicated and has not been widely used. CME's futures require more active management (monitoring operations)" Hedging positions is too troublesome, and now Bitcoin has ushered in a real large regulated market, which greatly accommodates liquidity, which means that "the synthetic nominal exposure of Bitcoin can be multiplied" (that is, the option face value) will greatly amplify leverage and liquidity.
4. After this launch, the future 2x and 3x long BTC ETFs will also be passed faster. When ETH passes this type of derivative ETF, I will also put aside my prejudice against ETH.
5. Due to the constraints of the regulated market, the large fluctuations of BTC may be suppressed, and then everyone will no longer have to worry too much about the risk of a major market crash
