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Биткоин vs. Доллар

📌 Valkyrie’s CIO predicts a negative trend in the bitcoin ETF market 1.

Since the U.S. Securities and Exchange Commission (SEC) approved the first bitcoin ETF on January 10, investor interest in the sector has increased. Trading volume on the first trading day was significant, reaching US$4.5 billion. Fund inflows were also significant, with Bloomberg analyst James Seyfarth reporting an inflow of US$400 million in a single day. Bitcoin

– Since the U.S. Securities and Exchange Commission (SEC) approved the first bitcoin ETF on January 10, investor interest in the sector has increased. Trading volume on the first trading day was significant, reaching US$4.5 billion. Fund inflows were also significant, with Bloomberg analyst James Seyfarth reporting an inflow of US$400 million in a single day.

Reflecting on the past month, McClurg notes that market events were generally in line with Valkyrie’s pre-listing expectations. Grayscale’s move from a trust to an ETF triggered a temporary sell-off in bitcoin, causing its value to fall below US$41,000 but then recover.

Although selling pressure has eased recently, McClurg expects further outflows that could spread to other ETFs. With nine competitors, including industry giants like BlackRock and Fidelity, Valkyrie faces stiff competition. Notably, BlackRock’s iShares Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Fund have already crossed the $3 billion mark in assets under management in the first month, while Arc Invest’s 21Shares and Bitwise ETFs have also experienced significant inflows. Arc Invest’s 21Shares and Bitwise ETFs also experienced significant inflows.

Despite its small size, Valkyrie, which had about $123.7 million in assets under management as of Feb. 8, has performed satisfactorily, according to McClurg. He attributes this success to Valkyrie’s extensive experience in both digital assets and traditional markets. McClurg acknowledges that competing with industry giants such as BlackRock and Fidelity is not easy, but emphasizes the importance of superior performance compared to peers. While recognizing the intense competition in the ETF market, McClurg mentions the lower fees that have occurred since the ETF launch.

These cuts are designed to attract more investors, but they also reduce ETF yields. Valkyrie, which sets its sponsor commissions at 0.25%, like BlackRock and Fidelity, wants to keep a low profile but finds these early commission cuts “disappointing.” Given the high costs of managing spot ETFs, including securities and custody costs, maintaining these fee reductions can be challenging for struggling issuers.”

McClurg’s prediction that the number of issuers could shrink next year is due to profitability issues facing some players. He suggests that some issuers may abandon bitcoin spot ETFs due to financial difficulties, and emphasizes that if you want to identify desperate players, you should pay attention to bitcoin spot ads at the Super Bowl.

The bitcoin spot ETF sector has seen significant growth and investor interest since its inception, but yield issues and stiff competition could lead to consolidation among players in the near future. Despite stiff competition from industry giants, smaller players like Valkyrie are trying to perform better than their peers by navigating a challenging market.

Adebayo likes to follow interesting blockchain projects. He is an experienced writer with many articles on cryptocurrencies and blockchain to his credit.

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