FINMA announced on October 20 that it approved Switzerland’s first retail fund investing directly in Bitcoin as an ETF. The regulator granted the fund an exemption from risk diversification rules, citing Bitcoin’s long trading history and particularly high trading volume compared to other cryptocurrencies. This fund differs from the Crypto Market Index Fund approved in September 2021, which was restricted to qualified investors, by being accessible to the general public. FINMA did not disclose the fund’s name or issuer, stating only that other providers have submitted or announced Bitcoin ETF applications. In the United States, spot Bitcoin ETFs recorded net outflows of approximately $615 million in October, while BlackRock’s IBIT, the largest fund with $66.37 billion in net assets, attracted $665.2 million on Monday, the only net inflows of the day.
Source: Read the original article
