Bitcoin ETF: Fidelity Gives Up on the US, To Launch Spot BTC ETF in Canada
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Behemoth asset manager Fidelity Investments has announced plans to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) in Canada. Fidelity Investments is one of the world’s largest asset managers, boasting about $4.2 trillion in assets under management.
The company’s new ETF move shows that it is done waiting for the US SEC’s approval to allow a spot BTC ETF and has moved its aspirations to Canada.
The proposed product goes by Fidelity Advantage Bitcoin ETF (FBTC) and will track real Bitcoin price movements. This means that the ETF will hold real Bitcoin instead of receiving exposure through BTC derivative products. The firm also noted that FBTC will get actively managed.
Meanwhile, reports show that Fidelity moved its spot BTC ETF aspirations to Canada due to increased demand from clients, making it unattainable to continue to wait for clarity from the US regulatory body.
The new development comes a few days after Fidelity received the green light from Canada’s regulatory authorities to launch the country’s first BTC institutional solution.
Not surprisingly, the FBTC is not Canada’s first spot Bitcoin ETF products. Reports show that the first-ever such product realized over $400 million in assets after only two days from its launch. Other asset managers to launch a spot BTC ETF include Michael Novogratz’s Galaxy Digital and CI GAM.
Key Bitcoin Levels to Watch — December 2
BTC continues to struggle to get back on a bullish trajectory amid lingering FUD sentiments across the global financial market. The benchmark cryptocurrency recorded a firm bullish leg-up to the $59K barrier but lacked the bullish fortitude to break above that level and slumped to the $56K zone. This slump comes following the formation of a double-top pattern at the $59K resistance after the second failed attempt since November 30.
That said, the double-top-induced bearish slide appears to have slowed down this morning as BTC resurfaced above $57K again. Nonetheless, the primary cryptocurrency needs to post a decisive move above the $59K resistance soon or risk another fall to the $54K pivot bottom as BTC remains range-bound along my descending trendline.
Meanwhile, my resistance levels are at $57,500, $58,000, and $59,000, and my key support levels are at $56,700, $56,000, and $55,000.
Total Market Capitalization: $2.60 trillion
Bitcoin Market Capitalization: $1.06 trillion
Bitcoin Dominance: 41%
Market Rank: #1
