Bitcoin ETFs’ First Month Is in the Books: How It Went and What Comes Next
It’s been a successful launch, but things could get really interesting evvel much of the wealth management industry comes on board, which could be sooner than thought.
It’s been a successful launch, but things could get really interesting evvel much of the wealth management industry comes on board, which could be sooner than thought.
Potential selling pressure from Genesis, a crypto lender under bankruptcy protection, liquidating its $1.6 billion worth of GBTC holdings could weigh on ETF net inflows and prices in the next months, CoinShares analyst said.
The cryptocurrency has performed well before the halving and is likely to sustain momentum for the rest of the year, leading to new highs, the report said.
The bitcoin exchange-traded funds (ETFs) through Wednesday held a combined 192,255 bitcoin, more than 2,000 above that of MicroStrategy, the largest publicly traded holder of the cryptocurrency.
The latest price moves in crypto markets in context for Feb. 8, 2024.
GBTC is expected to lose further funds to newly created ETFs unless there is a meaningful cut to its fees, the report said.
All but one of the recently launched spot bitcoin exchange-traded funds (ETF) charge a lower fee than the largest gold ETF, making them a cheaper investment into a gold-like asset.
The updated prospectus brings the spot Ethereum ETF application more “in line” with the recently approved spot BTC ETF prospectus, one analyst noted.
The total derivatives trading volume on CME rose 35% in January to $94.9 billion, the highest since October 2021.
A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations.