Hello as always, and welcome to today's edition of Overbit Insights.

We kick off today with an often-talked about topic in the crypto space: the potential for a Bitcoin ETF or exchange-traded fund. Though it's still a tad early in the process, it seems this product could finally be on its way to reality.

On Friday, 15 October, the Securities and Exchange Commission (SEC) approved a Bitcoin futures ETFs, a first for the sector, following a meeting of the regulator's five commissioners.

It now appears that ProShares, which applied for its Bitcoin Strategy ETF this summer, might be the first to begin trading next week. On 15 October, the business filed a post-effective revised prospectus, saying that the fund will begin trading on Monday, 18 October. However, the fund may not begin trading immediately.

Many investors have clamoured for such a product as it would open the doors for investors of all types, allowing Bitcoin financial products to be offered alongside other popular ETFs like the SPY, which tracks the S&P 500.

Proponents of a Bitcoin ETF argue that by providing investors with a regulated alternative to the underlying digital asset, the product will be more broadly accessible for those interested in Bitcoin than the actual cryptocurrency.

On the other hand, the first product will monitor Bitcoin futures rather than the price of Bitcoin itself. Due to the regulations under which futures-based products operate, SEC Chair Gary Gensler believes they may provide greater investor protections.

The SEC has previously expressed its opposition to Bitcoin ETF plans, although it is no longer obligated to do so. Rather than issuing a public notice as required by federal law, the SEC may simply allow an application to become effective.

It's important to note how big of a departure the SEC's stance on the ProShares ETF is from the previous filings. The SEC has denied every previous application and has failed to make a decision on more than 30 more applications currently pending. One of the first ETFs dates all the way back to 2013 when the Winklevoss twins submitted one of the first filings.

While nothing is set in stone until the bell rings for trading, this is certainly a promising development for almost all cryptocurrency market investors, particularly those concerned with illegitimacy risk.

Closing out this week's edition of Overbit Insights, we take a look at one of the most legendary investors and his recent take on Bitcoin.

Just before Bitcoin achieved a six-month high and broke through the $60,000 threshold, "The Big Short" investor Michael Burry inquired about strategies to bet against it.

"Ok, I haven't done this before, how do you short a cryptocurrency," Burry said in a Wednesday tweet. "Do you have to secure a borrow? Is there a short rebate? In such volatile situations, I tend to think it's best not to short, but I'm thinking out loud here."

The renowned investor has been a vociferous critic of cryptocurrencies, citing their high volatility and speculative trading activity as reasons for their popularity. He has previously linked Bitcoin to the housing boom of 2007, which he had predicted and significantly gained from. In the last week, Burry has also referred to Shiba Inu as a meme, calling it "pointless".

Burry was one of the first investors to call and profit from the subprime mortgage crisis and now manages about $340 million at Scion Asset Management. Though Burry confirmed to CNBC in an exclusive email that he is not shorting cryptocurrencies, he believes they are indeed a bubble.

That's it for this week's edition of Overbit Insights! We'll continue to keep you updated with the latest news, stories and highlights in the cryptocurrency industry.

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