Bitwise, a crypto asset management fund, filed an application for crypto index ETF
This crypto index ETF is compiled of 10 most popular cryptocurrencies. Currently, it offers the same product to accredited investors in US, but the approval by SEC would allow it to be traded worldwide.
An index fund, a crypto basket, might sound like a good idea for introducing it to traditional retail investors on global stock markets. The approval of Bitcoin ETF by SEC would be great, but Bitcoin isn't the only cryptocurrency in existence, even if old school investors associate Bitcoin with cryptocurrencies. Would this index ETF be popular among investors? Would it outperform the Bitcoin-focused ETF, given that the whole market moves with Bitcoin? We don't have the answers.
But it might be good in the future because it's possible that at some point the market will grow enough to decouple from Bitcoin and draw its own patterns. Until then, all technical analysis of various cryptocurrencies is futile, you can just analyze Bitcoin to see what is happening on every chart. Until then, buying this kind of an index ETF is like filling your portfolio with Bitcoin. Anyway, raising awareness about other cryptocurrencies can't be considered a bad thing, so let's hope it gets approved.