Bitcoin ETFs have smashed records this week. With more and more influx of capital, each day the Bitcoin ETFs have kept the prices of BTC afloat. Despite constant outflows since inception, Grayscale has kept its optimistic stance constant for Bitcoin ETFs. In a recent interview, Grayscale’s Global Head of ETFs expressed his positive stance on the current Bitcoin ETF inflow rise.
Grayscale stays Positive on Bitcoin ETFs
In a recent interview with Yahoo Finance, Grayscale Global Head of ETFs Dave LaValle said Bitcoin ETFs are ‘democratizing’ cryptocurrency investing. The remarks come in the same tone as of other industry experts terming ETFs as the “bridge” between digital currencies and traditional financial markets. Last month has seen outflows totaling close to $8 billion from Grayscale’s Bitcoin Trust (GBTC).
According to Yahoo Finance, LaValle explains “We came to market with $28 billion in assets, and we had 100% market share, so for us to expect that we were going to maintain 100% market share wasn’t something that we were looking at, so the outflows that we have seen have been expected. we anticipated that”.
Read Also: Binance Faces No Confirmed Fine, Nigeria Clarifies After Mix-Up
Grayscale Sees Prime Advertisement in New York
Grayscale’s comments on Bitcoin ETFs come at a time when GBTC saw prime advertisement hoarding at the Wall Street office in New York. The advertisement marks an important milestone for Grayscale, showing support for people despite the heavy outflows that it has incurred since the exchange-traded funds debuted.
Hours of work condensed into minutes, years of work condensed into a day. We’re ringing the @NYSE opening bell to celebrate $GBTC uplisting as a spot #Bitcoin ETF! (1/5) pic.twitter.com/YOpk95OV6i
— Grayscale (@Grayscale) March 1, 2024
Bitcoin ETFs: What to Expect?
It is safe to state right now that the upward momentum could last for some time given the recent gain in the price of Bitcoin and the spike in demand for ETFs. Because the return on investment (ROI) for Ethereum and BTC is higher than that of other assets like gold, oil, stock exchanges, and other assets, Wall Street investors are dumping capital into BTC ETFs. The Crypto Fear & Greed Index has reached a close that is four years higher than before. As of right now, the market is exhibiting “Extreme Greed,” as indicated by the levels of 80.
Both market enthusiasts and experts in exchange-traded funds agree that BTC ETFs are outperforming important market indicators. In the future, it is anticipated that the market size and assets under management for BTC ETFs will increase. The market now believes that all exchange-traded funds provide investors with significant short-term profits in addition to long-term viability. Moreover, the market forecast indicates that $10–$15 billion more will enter BTC Spot ETFs in 2024 than was initially anticipated.
Source:coingape.com
