U.S.-approved spot Bitcoin ETFs would likely dwarf the entire $50 billion cryptocurrency-related ETF market, which is currently worth $50 billion.
According to new data from BitMEX Research, the current global market for cryptocurrency exchange-traded products (ETPs) includes approximately 150 products with total assets under management of $50.3 billion.
The list includes spot funds and futures contracts, and typically tracks the performance of Bitcoin and Ethereum. The largest ETP on the list is Grayscale's Bitcoin Trust – which is currently trying to convert into a spot ETF product.
Market commentators believe that approval of a spot Bitcoin ETF – with broad consensus calling for SEC approval as early as January 10, 2024 – could eventually double investment dollars into the cryptocurrency ETP.
On December 14, crypto investment fund Bitwise predicted that the spot Bitcoin ETF would be the most successful ETF product ever launched, expecting them to amass around $72 billion in assets under management in within the next 5 years – more than double the current market.
Offering a more sober outlook, global fund manager Van Eck estimates that around $2.4 billion will flow into Bitcoin spot products in the first quarter of 2024.
Although a Bitcoin spot ETF has never been approved in the US, it is not an entirely new development in the global context. Several countries including Canada, Australia and Germany already allow investors to buy shares in spot Bitcoin ETFs.
The optimism surrounding the Bitcoin ETF spot reflects a broader trend of institutional investment in cryptocurrency investment products over the past few months.
A December 21 report from ETF research firm ETFGI revealed that globally listed crypto ETFs have attracted $1.6 billion in net inflows year-to-date, with 1, $31 billion of that was added in November alone. This total investment is nearly double the $750 million net inflows into crypto ETPs in 2022.
$1.3 billion was added to crypto ETFs in November alone. Source: ETFGI
Among the 150 crypto funds, the top 20 ETFs attracted the largest investment volumes, with a total of $1.3 billion flowing into them throughout 2023.
The ProShares Bitcoin Strategy ETF (BITO) — launched during the crypto bull market in October 2021 — saw its largest individual inflows, adding $278.7 million in 2023.
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