The development of BTC ETF can be described as ill-fated. As early as 2013, the Winklevoss brothers announced the upcoming BTC ETF. In 2014, the ETF was rejected by the SEC after submitting an application. Since then, the Winklevoss brothers have tried to change trading venues, establishment locations, and other methods to set up a BTC ETF. They have applied for several times over the years, but they have not been successful. The plan is still in suspension. This may be the first attempt of the BTC ETF.

In 2016, SolidX's application for the Bit ETF was rejected. 2017 is a year in which the BTC ETF seems to be developing rapidly. The price of BTC changed drastically during the year, from the lowest of US$789 at the beginning of the year to the highest of US$18,674 at the end of the year. Within one year, several BTC ETF funds applied for the establishment, from BTC Investment Trust at the beginning of the year, VanEck at the middle of the year, to Exchange Listed Funds Trust, Pro Shares, REX BTC, First Trust at the end of the year, and six ETFs within one year. However, unfortunately, they were rejected by the SEC or withdrawn voluntarily, and none of them successfully issued. In 2018, even in the context of continued decline in currency prices, new ETF applications were still not suspended. This year, two new players, GraniteShares and Direxion, were added to the market, as well as two old players: VanEck and SolidX jointly applied for an ETF. But it is no different from the past year. The ETF applications of the former two were rejected by the SEC, while the applications of the latter were voluntarily withdrawn due to the breakdown of the partnership.

At the time, the SEC had not yet clearly defined BTC, and Crypto was neither a security nor a financial derivative. As a non-physical commodity, BTC is theoretically not regulated by the US Securities and Exchange Commission and the Commodity Futures Trading Commission. This is one of the main reasons why BTC ETFs are frequently rejected.

Since then, BTC has submitted applications for one or more funds each year, but without exception, they have all failed. Applications have been repeatedly rejected and expectations have been repeatedly failed. The issuance of BTC ETF seems to stay in "next year" forever. To this day, the issuance of the "first BTC ETF in the United States" is still in a state of "hope to pass".

When the time comes to 2021, the wheel of history has finally moved forward slowly. In February of this year, Canada approved the world's first BTC ETF-Purpose BTC ETF. After the ETF (stock code BTCC) was officially listed on the Toronto Stock Exchange in Canada, the total trading volume on the first day was 9.3 million shares, with a total trading volume of US$145 million, making it one of the top ten most actively traded securities on the Toronto Stock Exchange that day.

In just a few months thereafter, the Crypto ETF began to grow, and within a few months it quickly completed a path that had not been traversed in the previous few years. Only two months after the issuance of the BTC ETF, three ETH ETFs were also approved for listing, namely: Purpose Ether ETF (ETHH) launched by Purpose Investment, CI Galaxy Ethereum ETF (ETHX) launched by CI Global Capital Management, and Evolve Capital Group The launched Evolve Ether ETF (ETHR).