Anticipating Market Shifts: Spot Bitcoin ETF Approvals and Future Demand

Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval. 

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto. 

Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm.

Show highlights:

• Why Eric believes the ether ETFs will be approved
• Why Matt thinks the Bitcoin ETFs set off a "complete sea change in Washington around crypto"
• Whether the spot Ether ETFs will be approved with or without staking
• Who the authorized participants and other behind-the-scenes players in the ether ETFs will be
• When the ETH ETFs could start trading and why Eric believes they won't be as successful as Bitcoin ETFs
• What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are "stunning"
• Why Michael Sonnenshein stepped down as CEO of Grayscale
• Grayscale’s new mini ETF, BTC
• Whether Vanguard's new CEO appointment could mean a change in attitude by the asset management firm towards crypto
• What a buffered ETF is and why they could be significant
• Matt's prediction for the BTC price
• Their outlook on the future of ETFs and developments in the space

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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Guests:

• Matt Hougan, Chief Investment Officer at Bitwise Asset Management
• Previous appearances on Unchained: 
• How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
• Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
• Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence
• Previous appearances on Unchained:
• How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years
• Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
• Will a Spot Bitcoin ETF Finally Get Approved?

Links

Ether ETFs

• Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
• CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
• The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF
• 
  

SAB 121

• Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance 
• Unchained: Senate Votes to Kill SAB 121 Custody Bill: How Crypto Became So Political

13F Filings

• Unchained: Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings

Leadership changes

• CoinDesk: Grayscale CEO Michael Sonnenshein Steps Down, to Be Replaced by TradFi Veteran
• WSJ: Meet Salim Ramji, Who Is Going to Oversee the Retirement Assets of Tens of Millions of Americans

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