Defiance has submitted a new application for a Bitcoin basis market-neutral ETF

ChainCatcher news, Bloomberg ETF analyst Eric Balchunas posted on the X platform that Defiance has submitted a new application for a Bitcoin basis market neutral ETF, aimed at providing investors with a "hedge fund basis trading" strategy.

This strategy captures the premium by going long on IBIT (BlackRock's Bitcoin ETF) and shorting Bitcoin futures. At the same time, they have also submitted an Ethereum version of the product, coded as DETH.