There is a new positivity about bitcoin in the market that investors can trade bitcoin on ETN . While everybody remain bullish on bitcoin because they are waiting for ETF approval but thats also a good news for bitcoin that it can be traded on ETN .
What is ETN ?
An exchange-traded note (ETN) is a senior, unsecured, unsubordinated debt securityissued by an underwriting bank. ETNs have a maturity date and are backed only by the credit of the issuer.
Difference between ETF and ETN
ETFs - when you own the underlying companies/stocks/assets of the ETFs portfolio holdings. If the management company of the ETF defaults, you still own this bundle of assets.
ETNs - In the simplest words , an ETN is a promise note from a bank to pay you back for the piece of paper you now hold that’s value is tied to whatever the ETN is tracking. If the bank defaults you will not get any money back for this note. Also the calculations for the value of an ETN can be much more difficult to understand.
Thats what exactly the difference between ETF and ETN . But still its a good work for bitcoin's growth
Is it really a Big Win ?
According to bloomberg , investors can trade using the so-called Bitcoin Tracker One product offered by a parent company of CoinShares Holdings LTD.
The product is listed and regulated in Sweden, but it is already quoted in U.S. dollars, allowing traditional US accounts to buy. With the CXBTF ticker, it’s traded on the Nasdaq Stockholm exchange since 2015. However, until now, it was only available in euros and the Swedish Krona.
So it was good for Bitcoin and also for crypto market coz everybody who's investing in dollar now get exposure to bitcoin so this can change the current situation of crypto market positively . This news created some type of positivity in market and people tends to be bullish on bitcoin again but manipulation is still going on , bears are controlling the market .
Hope this news will give bitcoin a good bounce back and positively we can see btc growing soon .