The long wait is almost over. The first Bitcoin-linked exchange traded product for the U.S. market is launching Tuesday.

According to a Wall Street Journal report, fund manager ProShares will launch an exchange-traded fund tracking bitcoin futures on the New York Stock Exchange. The final prospectus submitted to the Securities and Exchange Commission (SEC) did not meet any opposition, paving the way for trading to begin on Tuesday.

The launch of the fund will mark a historic moment for Bitcoin, as it introduces yet another vehicle for investors to get BTC exposure without holding the asset.

Although the Bitcoin Futures ETF doesn’t directly hold bitcoin (an approach that only a spot Bitcoin ETF can provide), it gives investors the opportunity to speculate on the cryptocurrency’s price action via the futures market. The ProShares Bitcoin Futures ETF will track bitcoin futures that trade on the Chicago Mercantile Exchange (CME).

Tellingly, the approval of a Bitcoin futures ETF product could potentially pave the way for U.S. regulators to approve a spot Bitcoin ETF for the industry. A number of applications are currently under the SEC’s review.

Bitcoin Hits New Highs Buoyed By ETF Rumors

Buoyed by reports of an impending Bitcoin ETF for the U.S market, the price of Bitcoin has seen a remarkable 40% increased in October. The cryptocurrency recently recorded its highest weekly close and even traded as high as $62,695 within the last 24 hours.

(Charts via Aurox Terminal)

At the time of writing, Bitcoin is trading around $60,700, seeing a sharp sell-off after news of the Tuesday launch emerged. Market participants continue to speculate on whether the ProShares listing on NYSE will trigger a broader market sell-off or provide a springboard for the leading cryptocurrency to breach its previous all-time high.

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