What to make of the new bitcoin-linked exchange-traded fund

CRYPTO SEASONSETFSECCME are not what they used to be. In 2017, just as bitcoin was nearing $20,000 for the first time, a regulatory crackdown triggered a crypto “winter”—a period of depressed prices—that lasted nearly three years. In May this year frost set in after China clamped down on crypto transactions, bringing bitcoin down by half from its peak of $64,900. But after just a few icy months, things are warming up again. On October 20th bitcoin briefly crossed $67,000—a new record.The latest heat reflects a much-awaited event: the listing of America’s first bitcoin-linked exchange-traded fund () on the New York Stock Exchange. Run by ProShares, a maker of specialist investment products, it got a green light of sorts after the Securities and Exchange Commission (), America’s main markets watchdog, let a deadline to approve or reject it lapse without objection. The listed fund offers investors exposure not to the cryptocurrency itself but to bitcoin futures, and specifically to contracts traded on the Chicago Mercantile Exchange (). Depending on whom you ask, the launch is either a landmark, a way for regulators to retain control, or a disappointment.