[ETF Issuer Defiance Applies to U.S. SEC to Launch Bitcoin and Ethereum Basis Trading ETFs] According to Foresight News, as reported by Fortune magazine, ETF issuer Defiance has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch two basis trading ETFs. One will be linked to Bitcoin, with the ticker symbol NBIT, and the other to Ethereum, with the ticker symbol DETH. The Bitcoin version will invest in funds similar to BlackRock's IBIT and short Bitcoin futures on the Chicago Mercantile Exchange (CME). The expected returns will come from the price spread between the two markets, which is influenced by factors such as volatility and demand dynamics.