According to a report by Bernstein, the ETF opportunity in cryptocurrencies is not limited to Bitcoin and will expand to include multiple digital assets.
The report predicts that the industry will launch its first spot Bitcoin ETF within the next six months, followed by an Ethereum spot ETF. The report also suggests that the asset management industry will explore other top blockchains and decentralized finance (DeFi) assets as potential ETF candidates.
The report follows a court decision that Grayscale, the world's largest crypto asset manager, won against the US Securities and Exchange Commission (SEC) last week, paving the way for the Grayscale Bitcoin Trust (GBTC) to be converted into an ETF.
Considering that ETH also has a similar CME futures market and spot market structure, industry pressure for an ETH spot ETF would follow immediately on the heels of Bitcoin ETF approval, they said.
Analysts also said that the asset management industry will move beyond BTC and ETH and into areas like Solana and Polygon. They also mentioned leading DeFi assets, including Uniswap and Aave, as possible ETF targets.
Analysts say this is a huge business opportunity for the asset management industry to generate healthy commissions in a growing asset class.
*This is not investment advice.
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