Empire
Unpacking the Bitcoin ETF and What's Next | Roundup
Jan 12, 2024
Blockworks Senior Reporters Casey Wagner and Ben Strack join the podcast to analyze the first approvals of Bitcoin spot ETFs. They discuss early winners among asset managers, the unfolding fee war between issuers, and Coinbase's role as custodian. Stay tuned for more on this and the impact of the SEC's decisions on the crypto industry.
42:00
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Quick takeaways
- The approval of Bitcoin spot ETFs by the SEC opens up opportunities for institutional participation and a fee war among issuers is underway.
- Grayscale's legal victory against the SEC in converting its GBTC product to an ETF is a turning point in challenging regulatory decisions and has inspired other issuers to pursue ETF conversions or launches.
Deep dives
Bitcoin ETFs approved, attracting billions in inflows
The SEC has approved the launch of several Bitcoin-based ETFs, leading to predictions of significant inflows into these funds. Analysts have estimated that combined inflows could reach 2.4 billion in the first quarter and up to 55 billion over the next five years. The approval also paves the way for increased institutional participation in the crypto market, as registered investment advisors can now offer exposure to Bitcoin through these ETFs. The launch of the ETFs has sparked a fee war among issuers, with fees being lowered to attract investors.
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