The first U.S. spot Bitcoin ETF to shut down is here: Hashdex’s DEFI, with just $14.7 million in assets.
This report resurfaced today—don’t mistake that for the fund having just blown up today.
Trading was halted on NYSE Arca on August 17, and liquidation proceeds are scheduled to be paid out between August 24 and 28.
Source: BitRss report dated October 24, citing Hashdex’s official liquidation notice.
The official reason makes no attempt to sugarcoat it: the fund was too small, and the numbers simply didn’t add up for custody, compliance, market making, and listing costs.
Meanwhile, the giants like BlackRock and Fidelity are still attracting money in the same space. Retail investors are voting with their feet, favoring scale, fees, and liquidity.
Getting approved doesn’t mean you’ll survive. In the ETF business, it’s first a race to secure a spot, then a test of endurance.
I don’t think this is the death knell for Bitcoin ETFs, but rather the first shakeout after the starting gun: smaller funds exit, the big funds become more concentrated, and liquidity actually deepens.
Now we’ll see whether a second or third small fund follows suit. If closures start piling up, that’s when the shakeout will really accelerate.
Which side are you on: is this a normal culling as the industry matures, or the start of big institutions monopolizing the market?
$BTC $DEFI
#比特币ETF #ETFShakeout
This report resurfaced today—don’t mistake that for the fund having just blown up today.
Trading was halted on NYSE Arca on August 17, and liquidation proceeds are scheduled to be paid out between August 24 and 28.
Source: BitRss report dated October 24, citing Hashdex’s official liquidation notice.
The official reason makes no attempt to sugarcoat it: the fund was too small, and the numbers simply didn’t add up for custody, compliance, market making, and listing costs.
Meanwhile, the giants like BlackRock and Fidelity are still attracting money in the same space. Retail investors are voting with their feet, favoring scale, fees, and liquidity.
Getting approved doesn’t mean you’ll survive. In the ETF business, it’s first a race to secure a spot, then a test of endurance.
I don’t think this is the death knell for Bitcoin ETFs, but rather the first shakeout after the starting gun: smaller funds exit, the big funds become more concentrated, and liquidity actually deepens.
Now we’ll see whether a second or third small fund follows suit. If closures start piling up, that’s when the shakeout will really accelerate.
Which side are you on: is this a normal culling as the industry matures, or the start of big institutions monopolizing the market?
$BTC $DEFI
#比特币ETF #ETFShakeout