01:10exchange-traded funds are attracting, it is now becoming obvious that these ETFs are driving additional demand for the underlying cryptocurrency itself, broker Canaccord Genuity said in a research report on Monday.
“It is becoming clear now that there is a material multiplier effect also underway from the ETFs in driving additional demand for the underlying BTC spot itself,” analysts led by Joseph Vafi wrote. Canaccord said that many investors, both retail and institutional,"Find the underlying BTC spot more attractive than ETFs given potentially more ways to hedge and generate yield on HODLs over time as the asset class matures.”
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