The first US Bitcoin (BTC) exchange-traded fund is rapidly getting close to breaching a limit on the number of futures contracts it is permitted to hold, Bloomberg reported.

Just days after launch, the ProShares Bitcoin Strategy ETF (BITO) already owns nearly 1,900 contracts for October, and Chicago Mercantile Exchange (CME) limits the number of front-month contracts to 2,000.

Record trading volume

After two days of trading, the fund already had more than $1 billion under management, read the report.

The Bitcoin Futures ETF amassed 1,400 November contracts in order to avoid breaching the limit, but judging by the unprecedented early volume, BITO could soon hit the maximum total position of 5,000 contracts.

While limits are being raised at end of October (and our futures expert thinks they will raise if needed again) we still well over a week away. Here’s what CME says curr on this via their website: pic.twitter.com/3VYM8W33P0

— Eric Balchunas (@EricBalchunas) October 21, 2021

The launch of competing products, such as Valkyrie’s and VanEck’s Bitcoin Strategy ETFs, could ease the demand for BITO.

One solution to avoid hitting the limit would entail BITO to spread out its holdings into longer-dated contracts, but that poses a risk of further distancing the fund from the performance of Bitcoin.

“The end result is the ETF will start taking on potentially significant tracking error versus the spot price of Bitcoin,” president of advisory firm The ETF Store, Nate Geraci, told Bloomberg.

“The ETF is forced to obtain Bitcoin price exposure at higher and higher prices as it goes further out on the futures curve,” he explained.

Spot-based Bitcoin ETFs to the rescue

“The unprecedented early volume in BITO makes it like a snowball rolling downhill, as liquidity and assets beget more liquidity and assets,” according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, who commented for the report.

“The new ones will have some selling points such as only holding the front month or being cheaper and that will help, but it is nearly impossible to steal volume in the short or medium-term,” he added, arguing that the momentum behind the ProShares fund will be hard to stop.

According to Balchunas, BITO’s success and “the clear issue of the potential capacity of futures“ may prompt the SEC to speed up the approval of Bitcoin spot ETFs.

“may” is key here, but perhaps yes, both the success, general functioning of ETFs and the clear issue of potential capacity of futures may get the SEC to reconsider or work out a path for spot. That would def be easy way to divert shock flow-a-thon away from futures mkt.

— Eric Balchunas (@EricBalchunas) October 21, 2021

“That certainly would do the trick in slowing down BITO and providing a release valve for futures demand,” he added for the report.

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Source: https://cryptoslate.com/bitcoin-futures-etf-is-so-popular-that-its-breaching-futures-limits-set-by-tradfi/

Pokémon

In addition to Research Breakthrough encounters, Mega and 5-Star Raids, and Spotlight Hours, November appears to be another promising month for Pokémon GO with four planned events on the way.

Here’s a breakdown of the planned November 2021 events for Pokémon GO.

Niantic published the full list in its official news blog post detailing all the upcoming events of November 2021. More details for these events are said to be coming soon, but here’s what we know about the roadmap so far.

From ​​Friday, Nov. 5, to Sunday, Nov. 14, Niantic will be inviting trainers to celebrate light overcoming darkness with an all-new event called the Festival of Lights.

Similar to last year’s first-ever Day of the Dead special event for trainers in Latin America, Pokémon GO will be hosting a Día de Muertos special event for trainers around the world from Monday, Nov. 1, to Tuesday, Nov. 2.

Pokémon GO will also be having a Brilliant Diamond and Shining Pearl Celebration Event to commemorate the launch of the upcoming titles from Tuesday, Nov. 16, to Sunday, Nov. 21.

Lastly, the Season of Mischief will reportedly close out with an “epic” event that has yet to be revealed. From Friday, Nov. 26, to Monday, Nov. 29, trainers who completed the Misunderstood Mischief Special Research story will be able to unlock a Special Research story where they will have an opportunity to “learn more” about Hoopa.

For more on Pokémon GO, feel free to check out our coverage of the November Community Day reveal, and the October Limited Research.

Source: https://www.dbltap.com/posts/pokemon-go-november-planned-events-01fjq8c3zf4d?utm_source=RSS

Pokémon

Niantic has officially unveiled the Spotlight Hour dates and featured Pokémon for the month of November in Pokémon GO.

Spotlight Hour has rapidly become a fan-favorite weekly event for Pokémon GO trainers. For an hour each week, Niantic picks a Pokémon to take over the wild with an increased spawning rate. Not only does this provide a chance for trainers to catch rarer Pokémon and fill out their Pokédex, but it also occurs at a local time instead of at a set time across the world — making it extremely convenient for trainers whether they reside in New York City or Tokyo.

Niantic published the full list in its official news blog post detailing all the other events of November 2021. On top of weekly raids featuring Unova Legendaries such as the Swords of Justice — Cobalion, Terrakion, and Virizion — alongside a Community Day event with Shinx, trainers can look forward to their usual weekly Spotlight Hour programming.

Spotlight Hour will take place every Tuesday in November from 6 p.m. to 7 p.m. local time. There are five Tuesdays in November, during which trainers can expect to see the following Pokémon and special bonuses:

For more on Pokémon GO, feel free to check out our coverage of the November Community Day reveal, and the October Limited Research.

Source: https://www.dbltap.com/posts/pokemon-go-november-spotlight-hours-revealed-01fjq7d3vkq5?utm_source=RSS