China News Today TheBitTimes.com

Spot Bitcoin ETFs in the U.S. could eclipse the entire crypto currency exchange-traded product (ETP) market. As BitMEX analysts note, the crypto currency ETP market has 150 products and has a valuation of $50.3 billion as of Dec. 22, 2023. The list includes spot and futures funds that typically track the performance of Bitcoin (BTC) and Ethereum (ETH). The largest ETP on the list is Grayscale’s Bitcoin Trust, which is currently attempting to convert into a spot ETF product. Of the 150 crypto funds, the 20 largest ETFs attracted the most investment, totaling $1.3 billion inflows during 2023. “With the supposedly imminent approval of the Bitcoin spot ETFs by the SEC in the United States, this dataset and Analysis derived from it may be interesting. For example, it could be useful in determining the extent to which the spot Bitcoin ETF cannibalizes existing exchange-traded products or attracts new capital into the crypto currency space.” BitMEX Research The rac...

Arthur Hayes, co-founder of the BitMEX crypto exchange, is sounding the alarm regarding what he sees as possible dire outcomes of the pending regulatory approval of the spot Bitcoin exchange-traded fund (ETF). The concern lies in traditional finance asset managers, such as BlackRock, potentially undermining Bitcoin (BTC) by dominating the spot Bitcoin ETF market. In a blog post on Dec. 22, Hayes highlighted the risk of such firms holding “all the Bitcoin in circulation.” If that happens, he says, an over-successful ETF managed by traditional asset managers could ultimately lead to the decline of the cryptocurrency. "Expression" is my last article of 2024. I offer some thoughts on expressions of the #crypto investment theme that will ultimately prove to be worthless. May the Pump be with you!https://t.co/bG4ZnSjYu5 pic.twitter.com/nbru6yZlJD — Arthur Hayes (@CryptoHayes) December 23, 2023 Hayes argues that BlackRock and similar entities “vacuum u...