 Hey folks just wanted to jump on Given the fact that we just had the close on Wall Street So it's just gone nine o'clock here in London and we've seen the pro shares Bitcoin strategy ETF the first Bitcoin related ETF has closed up 4.7% on its nizy trading debut And so just giving this is a bit of a watershed moment for the crypto currency space thought I wanted to kind of stamp it with a marker with a video to cement that today So a couple of things to be aware of them and having a look so first off We saw the Bito is the ticker that's been issued the ticker symbol to the pro shares Bitcoin strategy ETF And initially straight out of the gate today shot up immediately almost 5% before pairing its gains But as we said, this doesn't include the full price But we finished up 4.7 towards the higher end of that trading range In addition and we'll have a look at Bitcoin has also been supported by this move Irrespective perhaps some fears about a buy the rumor sell the fact type reaction because of the fact would be rallying quite aggressively through October In fact despite a brief Look to the downside the price of Bitcoin futures is trading near 65,000 and we're back up towards these all-time high levels in the Bitcoin price So couple things to be aware of them first off the actual trading volumes have been phenomenal really This has been in the pipeline for a long time a lot of people have been arguing that a Bitcoin Centric ETF has been well overdue and in fact the pro shares Bitcoin strategy Extranged traded fund trading volume topped one billion Dollars on its first day that ranks it The investment vehicle was one of the top ETF launches in history So a couple of things then to to be aware of Why is it such a big deal and any crypto followers who probably recognize the the Bitcoin ball Tom Lee the co-founder of Funstrat global advisors, but some analysts have been very bullish about the prospects of of BITO The futures-based Bitcoin ETF could attract more than 50 billion US dollars in inflows in its first year Given all of the hype around it and there's you know, some Well a lot to say for the idea of being first to market first to be established first to grab that market share And certainly pro shares have that opportunity. We are anticipating further launches issues from likes of Valkyrie Gray scale investments will all be coming to market in the foreseeable future Another person that's been a very familiar face in this Bitcoin ETF conversation has been this chap here and so the United States Securities and Exchange Commission Otherwise known as the SEC of approved pro share Bitcoin futures ETF application over the weekend and That's such a big deal because it's the first cryptocurrency linked that the US financial service market regulator has approved Gary Gensler who you're looking at here Has been viewed by some as being quite open-minded towards crypto and in fact a number of his comments that he was making in recent weeks Have helped support the price increase that we've had in Bitcoin over the course of the last month so he's seen as a little bit more open-minded than his predecessor Jay Clayton and Observers of on Bloomberg and other media agencies have been quick to note that Gensler's previous interest in crypto It goes back to his time where he once taught a class at MIT's Sloan School of Management called Specifically blockchain and money and so therefore he has seen a bit more I guess educated in the space and so therefore open towards the idea of Approving these applications in the first one of course having gone through the floodgates are now open would expect more to follow Now I guess a common question if you're new to this What what is an ETF an exchange-traded fund and how exactly does it work? So here's a brief definition from our friends at Investopedia Because they're always the go-to source for the the much more definitive Wording around this and quite simply an ETF is an investment vehicle that tracks the performance of a particular asset or group of assets They allow then investors to help diversify Their investments without actually owning the assets in themselves. So it's a very common investment Avenue that a lot of people follow across the world Bitcoin ETF is one that mimics the price of most did the most popular digital currency Of course in Bitcoin and that allows investors to buy into the ETF without going through the complicated process of Trading Bitcoin in itself and that's been one of the key issues which has really impeded. I guess much more wider Adoption at least from an investment perspective Because of those complications now a couple of things then to mention on that front Why not just invest directly in Bitcoin in itself? Well, here's four not an exhaustive list But four points that really would suggest why that wouldn't be the case and why then then is the purpose of an ETF Number one is no need to bother with security procedures associated with holding Bitcoin So obviously if you're holding it Where do you store it on your keys on online? Is it subject to hacking? The various different protocols and means that you need to go through Whereas any ETF it's all kind of wraps up and more as far as the investor's perception will be concerned secured in that format To you can deal directly with traditional exchanges in markets So much more matured and so people will feel more comfortable in that scenario Investors can also shorten ETF But you can't short Bitcoin So with Bitcoin you're buying and then selling ideally at a higher price and then the price falls you Go into it again looking to make profit on the increases of that asset price Whereas investors can in effect short sell an ETF And then more wider adoption and understanding of ETFs You know if you're looking at the broader marketplace ETFs make up a huge proportion of the industry and so therefore people feel comfortable within the The terms and constraints and the way of which ETFs operate and so therefore bringing crypto currencies into that space in itself legitimizes it perhaps in the minds of these types of investors So key takeaways really a very meaningful day for Bitcoin and crypto currencies in general It's not a massive surprise today in itself But it rubber stamps then what we've been pricing into Bitcoin for example over the course of the last several weeks and no doubt will help immensely in more wide-scale adoption of crypto for more traditional Investors and in the end That's definitely going to support the ball case for Bitcoin in the long term at least and this is just a quick look at the Bitcoin chart As it trades of right now And so trading back to 64,000 so right up at these all-time levels high levels The future has printed a 64,780 As well just in the last few minutes as I've been talking So hopefully that was useful. I just really quickly wanted to jump on Don't forget if you haven't already done so and I'll drop the link in the comment section below You can just jump on to amplify me.com forward slash market hyphen maker and you can get access to my daily Newsletter it's completely free. It's where I talk about things like this It's where I talk about things like yesterday Covid case rates and why they're inclining and how I can meet for the economy for example So all things to do with markets feel free to subscribe that newsletter comes out on a daily basis And if you're watching this on YouTube, don't forget to like and subscribe that'd be awesome Thanks very much guys and catch you for the market macro briefing tomorrow morning