North America’s Share of Global ETF Trading Volume to Reach 99.5%?
The approval of spot Bitcoin exchange-traded fund (ETF) applications in the United States could significantly increase North America’s share in the global trading volume for crypto-related ETFs. The US Securities and Exchange Commission (SEC) recently issued a delay letter for Ark Invest’s spot Bitcoin ETF application, raising questions about the fate of other asset management companies’ applications. Bloomberg ETF analyst Eric Balchunas predicts that if the spot ETFs are approved, North America’s percentage of crypto ETF trading volumes could reach 99.5%. Currently, the region accounts for 97.67% of the total global crypto ETF trading volume. Balchunas also highlighted the strong performance of crypto-related equity ETFs, such as the Valkyrie Bitcoin Miners ETF, which has seen a year-to-date return of 227%.
– North America’s share of crypto ETF trading volume could reach 99.5% with the approval of spot Bitcoin ETFs.
– The SEC’s delay letter for Ark Invest’s application has raised concerns about other asset management companies’ applications.
– The Valkyrie Bitcoin Miners ETF is the best-performing equity ETF in 2023, with a year-to-date return of 227%.
– Other top-performing crypto-related ETFs include the VanEck Digital Transformation ETF, the Global X Blockchain ETF, and the Bitwise Crypto Industry Innovators ETF.
– The outcome of the Grayscale lawsuit against the SEC could play a pivotal role in the approval of Bitcoin spot ETFs.
Pending Grayscale Lawsuit to be Pivotal to Bitcoin ETF Approval
The final judgment in the Grayscale Investments lawsuit against the SEC may have significant implications for the approval of Bitcoin exchange-traded funds. Grayscale sued the SEC in 2022 after its application to convert its flagship product, GBTC, into a spot Bitcoin ETF was rejected. Nathan Geraci, president of the ETF Store, believes that the outcome of this lawsuit will play a crucial role in the race for Bitcoin ETF approval. Grayscale has argued against the commission’s decision to allow Bitcoin futures ETFs while rejecting similar spot Bitcoin funds. The Grayscale legal team has urged the SEC to approve all eight applications for Bitcoin spot ETFs in a letter submitted in July.
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