JPMorgan released a report stating that the approval of a Bitcoin ETF by the SEC may not have a significant impact on investor participation or market dynamics. The report highlights the lack of investor interest in spot Bitcoin ETFs available in Canada and Europe. It also notes that Bitcoin funds, including futures-based and physically-backed ones, have experienced limited investor interest since Q2 2021. The report mentions the advantages of physically-backed Bitcoin ETFs over futures-based funds, such as improved price transparency and liquidity. However, it states that the introduction of spot ETFs could redirect trading activity away from approved futures markets. The report suggests that spot ETFs and futures-based products could coexist and appeal to different types of investors.
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