“The potential approval of physically backed bitcoin ETFs by the SEC is unlikely to be a game changer for crypto markets,” the analysts wrote. “Spot bitcoin ETFs [have] existed for some time outside the U.S., in Canada and Europe, but have failed to attract large investor interest.”
Multiple other firms, including Fidelity, ARK, WisdomTree, VanEck and Invesco/Galaxy, have also re-filed their spot bitcoin ETF applications, naming Coinbase as the SSA exchange, with alternative asset management firm Valkyrie the latest to re-file on July 3. The analysts noted that while spot bitcoin ETFs remove some of the complexities around direct custody and transfer of BTC and the risk associated with futures-based products, these advantages are rather marginal.
The analysts added that the introduction of spot bitcoin ETFs could also provoke a migration of trading activity and liquidity away from U.S. bitcoin futures markets “to the extent spot bitcoin ETFs replace futures-based bitcoin ETFs.”
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