RE: Curious why Bitcoin dropped and then popped the last few days?
What we really need is a short squeeze followed by some really good news. I'm really surprised there hasn't been more of a fuss and price increase around the CXBTF ETN news.
I can go and buy into BTC through my E*Trade account right now, and the company behind the notes would then go buy more BTC, which is different than how GBTC works. That seems like a really big deal to me.
I would love to also understand how/why that is allowed without SEC approval where ETFs are not. It seems like this might help push ETF approval too, otherwise money will be flowing outside the US to invest in BTC through traditional brokerages. I could go on and on here!
One unrelated question - How often do the futures contracts expire? Is it always on the 15th of every month?
No. The next one is September 19th.
This looks like why it is not always on the 15th of every month:
"The final settlement date for "serial" and "quarterly" XBT futures is two business days prior to the third Friday of the month denoted by the ticker symbol. These final settlement dates apply regardless of whether one of the above-referenced Fridays is a CFE holiday."
http://cfe.cboe.com/cfe-products/xbt-cboe-bitcoin-futures
Regarding the ETN, I saw that news as well. Though are you sure you can actually purchase it through Etrade currently? Have you tried it yet?
I transferred most of my money out of E*Trade a while back into my crypto IRA, but i had about $70 left in there so I just bought 2 shares of CXBTF and can confirm that you can actually purchase it!
Regarding the futures expiration, I'm guessing they always do it on a Wednesday maybe? I'm guessing this pattern won't continue for too long once people start anticipating it.
I edited my above response to include the reasoning. :)
I just picked up some CXBTF in my self directed IRA via Etrade. Thanks for the reminder!
help me i am new in here.
Are you not worried about price slippage from having so many currencies involved? Sounds like a nightmare for the ETN to convert between USD, Krone and BTC.
I will just stick to buying BTC directly, I am not scared to hold the private keys. :)
It makes sense to buy in an IRA. Outside of an IRA buy the bitcoin directly. There really are only two products to buy bitcoin in a US based IRA currently, GBTC and now CXBTF. The premium in GBTC is likely to start dropping out as more products become available.
@yabapmatt the money flow is indeed key. If brokers and institutions see money flowing away they will press SEC to let them open up show, i.e., ETF's or items similar to what you purchased.
I'm gonna go check my schwab account and see if they have something similiar to e*trade.
P.S. - great work on steemmonsters with aggy! I'm sure aggy tried to drag you on air enough but you are welcome to come on my music and money show sometime. :-)
I would be happy to come on your show sometime! PM me on discord and we can work out the details!
Wow, I just looked into this CXBTF ETN, I was unaware of it before your post. This is fantastic news. I only hope that interested investors are financially literate enough to be aware of an exchange-traded note. With enough volume this could really bounce BTC's price back into the $8,000 or more within the next few weeks and perhaps days.