[Defiance Submits New Bitcoin Basis Market Neutral ETF Application] Bloomberg ETF analyst Eric Balchunas posted on the X platform that Defiance has submitted a new Bitcoin basis market neutral ETF application, aiming to provide investors with a 'hedge fund basis trading' strategy. This strategy seeks to capture premiums by going long on IBIT (BlackRock's Bitcoin ETF) and shorting Bitcoin futures. Meanwhile, they have also submitted an Ethereum version of the product, with the ticker DETH.