75% of Bitcoin ETF Investors Are Crypto Newbies; BTC Plays Crucial Role in Market Growth

O Bitcoin Bitcoin (BTC) has been reaffirming its crucial role in the growth of the cryptocurrency market given its developments and rise in recent years. In recent comments, cryptocurrency experts Todd Rosenbluth and Dan Egan highlighted the growing role of the largest crypto asset in the financial sector in a interview recent to CNBC.

In his statement, Rosenbluth highlighted the rapid growth of spot Bitcoin exchange-traded funds (ETFs), highlighting the launch of the iShares Bitcoin Trust, a product from asset manager BlackRock, which has driven increased institutional interest in the market.

Egan, in turn, revealed in the conversation data that 75% of Bitcoin ETF investors are new to the cryptocurrency market, according to findings made by financial giant BlackRock. Dan Egan highlighted in his commentary the view that this development could lead to a broader shift towards digital assets.

Furthermore, on the occasion, the expert also highlighted Bitcoin's growing reputation in the financial industry as “digital gold”, which places the largest cryptocurrency on the market as a mature asset class in the sector.

At the time of publication, the price of Bitcoin was quoted at US$92.995,21, up 0.9% in the last 24 hours.

Cboe Announces Launch of Bitcoin Index ETF Options in December

Cboe announced , on November 22, its plans to launch the first cash-settled index options related to the spot price of the largest cryptocurrency on the market, Bitcoin. In its official statement, the company revealed that the service will be launched starting December 2.

“Cboe Global Markets, Inc. (Cboe: CBOE), the world’s leading derivatives network and exchange, today announced plans to launch the first cash-settled index options on the spot price of Bitcoin beginning Monday, December 2. Listed and traded exclusively on the Cboe Options Exchange, these options will be regulated by the SEC and based on the new Cboe Bitcoin US ETF Index (Ticker: CBTX).”

The Cboe Bitcoin US ETF Index is the first US spot Bitcoin ETF index on the market. Cboe highlighted that this modified market cap-weighted index is designed to track the performance of a basket of US-listed spot Bitcoin ETFs, as well as to correlate with the price of spot Bitcoin, making it a representative measure of the asset.