Meltem Demirors on Approval of Spot Bitcoin ETF
On 5 January 2024, Meltem Demirors, the Chief Strategy Officer at CoinShares, featured on CNBC’s “Fast Money” to discuss the highly anticipated approval of a spot Bitcoin ETF and its implications for the crypto space.
ETF Approval Like a “Papal Conclave”
Demirors likened the anticipation for the ETF approval to a “papal conclave,” emphasizing the intense interest and long wait involved. She dismissed the notion of this being a “sell the news” event, highlighting significant inflows into crypto ETPs, particularly Bitcoin.
Continued Demand for Bitcoin
Emphasizing the continuous demand for Bitcoin, Demirors noted significant inflows into crypto ETPs, mentioning rumors of substantial investments by major players like BlackRock. She pointed out Bitcoin’s limited supply as a unique and significant factor driving its demand.
Asset Managers and Fee Battleground
Demirors identified fees as the next major battleground for asset managers, noting varying fee structures and highlighting differences in fees offered by various entities, emphasizing the importance of brand versus fees in the ETF space.
Future of ETFs and Crypto Assets
Discussing the future beyond spot Bitcoin ETFs, Demirors acknowledged Ethereum as the next likely candidate, stressing the need for regulatory clarity and market maturity, especially for other crypto assets beyond Bitcoin and Ethereum. She highlighted Bitcoin’s established market as a contrast to the less mature markets of other cryptocurrencies.
Significant Investor Demand in Crypto Space
Demirors emphasized the significant investor demand in the crypto space, noting over $50 billion in global AUM across crypto ETPs, 75% of which is in Bitcoin, and the growing interest in other cryptocurrencies like Ethereum and Solana.
Hot Take: The Future of Crypto ETFs
Meltem Demirors’ insights on the approval of a spot Bitcoin ETF and the implications for the crypto space highlight the continued demand for Bitcoin and the future potential of other cryptocurrencies like Ethereum. The ETF approval and the ongoing battle over fees underscore the evolving landscape of the crypto market.
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