'We're Extremely Early': How Much Higher Bitcoin Can Go When Real Money Arrives | James Seyffart

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May 12, 2025

James Seyffart, an ETF Analyst at Bloomberg Intelligence, shares his insights on the evolving landscape of cryptocurrency. He discusses the dynamics of Bitcoin ETF trends, highlighting the role of hedge funds and their strategies. Seyffart also examines the rollercoaster journey of Ethereum ETFs and their contrasting performance with Bitcoin ETFs. Additionally, he delves into the regulatory challenges and the potential for institutional adoption of Bitcoin, emphasizing the future of tokenization in finance.

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INSIGHT

Bitcoin Moves With Global Risk Assets

Bitcoin price movements reflect global risk asset trends, not Bitcoin-specific issues.
Selling off has been due to global deleveraging and momentum shifts, which may benefit stronger crypto assets.

INSIGHT

Hedge Funds Behind Bitcoin ETF Flows

Hedge funds drove Bitcoin ETF inflows via basis trades capturing double-digit yields.
When yields collapsed, these trades unwound causing significant ETF outflows, not retail selling.

INSIGHT

Ethereum ETF Flows vs Price Dynamics

Ethereum ETFs saw net outflows initially but gained $3B inflows after Trump's election.
Price declines pulled down total assets despite inflows, reflecting price and flow dynamics.

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