Buckle up crypto enthusiasts, Hashdex and Tidal's highly anticipated spot Bitcoin ETF, DEFI, starts trading today on US markets! This marks a significant shift, as the previously launched Hashdex Bitcoin Futures ETF transforms to offer direct exposure to spot Bitcoin holdings.

Under the hood, DEFI leverages a new benchmark, the Nasdaq Bitcoin Reference Price – Settlement, to track the price of Bitcoin closely. Hashdex serves as the digital asset advisor for DEFI, while Tidal takes the reins as the sponsor. Tidal ETF Services handles product administration, and BitGo ensures the safekeeping of Bitcoin assets.

"We're excited to complete DEFI's conversion and deliver this innovative product alongside Tidal," said Marcelo Sampaio, Hashdex's CEO. "This collaboration brings revolutionary access to Bitcoin for individuals and institutions worldwide."

Spot Bitcoin ETFs: A Tale of Two Trends

The US market witnessed a craze for spot Bitcoin ETFs this year, with the SEC's approval igniting a trading frenzy. BlackRock's iShares Bitcoin ETF (IBIT) has been the frontrunner, attracting significant investment.

However, a recent ebb and flow has been observed. Spot ETFs saw net outflows on March 19th and 20th, with investors withdrawing $326 million and $262 million respectively. Fortunately, a return to inflows occurred on Monday, with $15.7 million pouring back into the funds.

Bitcoin Soars on ETN News

Bitcoin celebrated the London Stock Exchange's (LSE) announcement of launching BTC and ETH ETNs (Exchange-Traded Notes) in May. This news comes on the heels of the LSE's previous declaration accepting crypto ETN applications this quarter, according to Cryptonews' Ruholamin Haqshanas.

The LSE's announcement, allowing companies to submit applications for Bitcoin and Ethereum ETN listings from April 8th, signifies a major stride towards mainstream adoption of digital assets. With DEFI's launch and the LSE's upcoming ETNs, the future of Bitcoin accessibility appears promising.