According to Foresight News, investment bank Canaccord Genuity stated at its digital assets seminar that Bitcoin ETFs are driving additional demand for the BTC spot itself, potentially creating a significant multiplier effect. Many retail and institutional investors may find the underlying BTC spot more attractive than ETFs, as there may be more ways to hedge and generate HODL returns as the asset class matures.
Canaccord predicts that in the coming months, Bitcoin spot ETFs will be added to multiple Registered Investment Advisor (RIA) platforms and large brokerage firms. This is particularly true for sovereign wealth funds, which may have already invested in Bitcoin and are expected to announce such investments in the coming months. With the new FASB accounting standards and ongoing inflation concerns, more businesses may follow MicroStrategy's lead and start buying Bitcoin.