The Bloomberg ETF Expert Reveals Bitcoin’s Next Move (what comes next?)

The Bloomberg ETF Expert Reveals Bitcoin’s Next Move (what comes next?)

I’ve heard it stated that even though
Bitcoin ETFs were approved in mid
January that most of the retirement
accounts and all the people that would
buy into these ETFs have not bought yet
is that accurate today I interviewed
James safer ETF research analyst at
Bloomberg intelligence bunch of these
ETFs are some of the best launches in
history uh I did is one of is arguably
the best launch in history to talk about
the success the Bitcoin spot ETFs have
seen like right now these things
if you just look at the numbers they’ve
taken in on a net basis including the
outflows for gbtc they’ve taken in
12 $3 billion since they launched on
January 11th and what comes next crypto
Twitter is kind of in this bubble where
they think it should be inflows every
single day and that is not going to be
the case based on what we saw happen to
Gold how big could these Bitcoin ETFs be
if demand for these ETFs stays similar
to what you expect where is that put
price by end of year top of cycle and
watch today’s whole video we’ll also
talk about the ethereum ETFs but
ethereum ETF do you think that’ll happen
by end of year if you appreciate these
conversations hit the like button and
let’s start dude you’ve been covering
you know the Bitcoin ETFs early early
Bitcoin ETFs putting out great data you
and the Bloomberg terminal um just for
the folks at home though could you go
over your background and how you got
into Bloomberg and ETFs yeah so um I
actually interned at Bloomberg while I
was still in college and had a full-time
offer while I was uh back at school for
my preseason actually so like I went
into my senior year knew I was working
at Bloomberg but you the way you go in
you don’t know where you’re going to go
I wanted to be on the ETFs and hedge
funds team they were connected together
at the time I had done some work at
hedge funds uh prior to that as
internships and I basically pushed
really hard to be covering ETFs and
hedge funds I thought ETFs were the
future still do obviously anyone here
follows me um so I I worked on the back
end the data side uh uploading bunch of
information and data maintaining
relationships with different fund
providers namely like like black rocket
Invesco the names that everyone is now
familiar with um and then in 2017 I made
the jump over to Bloomberg intelligence
which are is where I am now um and
that’s Bloomberg’s research arm um so
when I was there I actually split time
between Eric Bel chunis and Mike mclone
our senior commodity strategist uh and
basically within the first couple weeks
of joining Mike he was like what do you
know about Bitcoin I feel like I need to
start covering it from the commodity
point of view and I was like I know a
decent amount because I had gotten
interested in late 2016 uh into Bitcoin
crypto more broadly so that’s where it
all started I’m full-time an ETF analyst
now but a lot of I do spend a
significant chunk of time covering
specifically the Bitcoin ETFs crypto
ETFs globally um you name it um so yeah
that’s that was a little bit more
long-winded than I planned but anything
ETF related yeah yeah and believe me I I
want this detail because obviously in
the first 30 days after approval the
Bitcoin ETFs were what everybody was
talking talking about and they’re still
we’re still seeing inflows every day so
could you just give a current state of
the Bitcoin ETFs today yeah I mean we’re
kind of out of stag it’s stagnating I
guess is what I would say um but just
looking but like right now these things
if you just look at the numbers they’ve
taken in on a net basis including the
outflows for gbtc they’ve taken in
123 billion since they launched on
January 11th um bnch bunch of these ETF
are some of the best launches in history
uh ibid is one of is arguably the best
launch in history uh fastest to the
they’re at 17.6 billion gbdc has whittel
its way down to 19.3 billion and then we
have Fidelity that’s right around the1
billion Mark I mean this is this was an
absolute smashing success there’s a lot
of liquidity and volume which is very
good for long term for these ETFs being
used as trading vehicles and long-term
asset allocators uh but in all in all
these things have
5354 billion in assets um it’s just been
a smashing success that said like I said
the beginning things have kind of
stagnated uh gbdc is still seeing
meaningful outflows around 100 million
per day on average um sometimes less
sometimes more most recently it was a
little more uh and things have slowed so
ibit actually I think it’s 72 days
yesterday was the first day that ibit
did not have an inflow uh and so a 72
day inflow streak is like one of the top
10 streaks we’ve ever seen for an ETF
period stop
and it is the record for a launch we’ve
never seen an ETF launch and then
continually taking money every single
day day in day out the way that black
Rock’s I it did so if since this was for
Black Rock the very first time we didn’t
see a net inflow we broke the streak if
this goes on for a week or if we have
the next few weeks where it’s some on
some off I don’t know is that the end of
the world is that normal in ETFs I mean
it should be normal I mean for the most
part most ETFs don’t first of all most
ETFs don’t see a flow every day in or
out for the most part it’s going to be
zero if we look at ETFs for yesterday
the only ETFs that saw inflows were
Fidelity and Arc at 5.6 and 4.2 million
every single other one was zero and then
gbdc was an outflow of 130 for example
that’s probably going to be more along
the lines of what’s normal going forward
uh it’s standard and normal procedure
for an ETF just not to have flows on a
given day right um there are going to be
days and weeks where these things see
meaningful outflows we just haven’t
really seen it yet aside from anything
from CH like aside from gbtc but going
for like these things that’s what
they’re built to do they’re built to
track the underlying value of the assets
so if there’s enough demand and the
demand outstrips the current supply the
amount of shares that we have out in the
market the the market makers the
authorized participants they’re going to
create new shares which is inflows to
meet that demand if the demand is lower
than the current Supply they’re going to
destroy shares and we’re going to see
outflows in selling of Bitcoin so like
that’s all these ETFs are going to do
they’re just indicative of what’s going
on in the overall Market particularly
for demand for these ETFs and over time
that’s just the way things are going to
play out so I think I think crypto
Twitter is kind of in this bubble where
they think it should be inflows every
single day and that is not going to be
the case uh long term uh I think over
the long term they’ll be net inflows I
think there’ll be plenty of times where
we’re going to see meaningful inflows
come to these things uh but it’s going
to be coincide with also some outflows
but over the long term I think the
inflows will win is my my guess I’ve
heard it stated that even though Bitcoin
ETFs were approved on in mid January
that most of the retirement accounts and
all the people that would buy into these
ETFs have not bought yet is that
accurate um somewhat misleading but
mostly accurate as guess is the way I
would characterize that so if you think
about this right a lot of this we’ll
have more information in so right we’re
recording this at the towards the end of
April we have more information by miday
about exactly who has bought these
things and where this money has come
from BAS on anecdotal evidence and
talking with different people it’s small
independent advisor shops so it’s just a
couple people running money for a
certain amount of uh clients or it’s
retail investors buying for their own
IRAs their own brokerage accounts things
like that um that’s anecdotally what
we’re hearing some of the data is
showing this there’s some meaningfully
decent sized investment advisor groups
that have bought this that we’ve seen
from some of these 13f filing so I said
miday because that’s when the 13f
filings are due to come out and we’ll
know for sure uh a good chunk of like
how much who bought these things that
said the huge platforms the wealth
platforms uh I think UBS Morgan Stanley
JP Morgan those types of advisor
networks and brokerage platforms they
everyone thinks like these things get
approved and all a sudden everyone can
buy it it’s it’s kind of the opposite
it’s like a lot of these platforms it’s
like you can’t buy this until it’s
expressly gone through a due diligence
process we know everything the ins and
outs of these different ETFs and we’ll
approve a handful for buying so a lot of
them have been approved for buying but
it’s there’s it’s not allowed to be like
pitched essentially so the way that a
lot of this works is these independent
advisers that are small shops they can
be nimble they can do what they want
they could have bought this thing like
pretty much from day one just like a
retail investor could these larger shops
these adviser networks these brokerage
platforms um it’s more like uh it’s the
opposite like you need to go through
that process and usually there’s levels
of it so right the first level is like
no one can buy this under any
circumstance until we look at it a
little bit closer um for the most part
seems like most of the platforms are not
at that level they’ve gone past this to
the second level which is like this
middle range of like there’s some
restrictions on who can buy it there’s
some hoops you have to jump through you
cannot recommend it to clients but the
clients come to you maybe you can buy it
after you fill some paperwork explaining
why you’re buying it there’s like this
Middle Ground of like yes you could
probably buy it if you really want it
but it’s not something you can pitch to
your clients uh and it’s not something
you can just put into a model portfolio
for your clients the final level of
approval is you can go out and tell your
clients that I think this would fit as a
2% allocation your portfolio 5%
allocation that is not happening pretty
much anywhere at this point as far as
wew there’s very few places where
there’s allowing these platforms and
these advisers and Brokers to go out and
recommend these these ETFs so when will
that happen who knows um usually you’d
say at least three months likely even
six months for that to happen we’re
beyond the three-month Mark um but
sometimes it just takes different time
and also it’s a little bit different
here uh just for some of this stuff
because um it it when you’re doing this
do diligence process it’s a little
different because it’s just like you’re
buying one asset sometimes it can get
very complicated if you’re looking at an
active portfolio manager or different
things you’re trying to understand
exactly what they’re buying and selling
in this case you just need to understand
the risk of Bitcoin and the risk of the
ETF rapper it’s not as complicated um
but yeah we’ll like I said we’ll see in
miday is we’ll get a better idea of who
owns this and if some of these big
platforms are allowing people to buy it
uh but we’re not there yet back when
gold got its very first ETF back in 2004
I believe re evolutionary at the time
and gold’s price even though day-to-day
it varied to me it looks like virtually
only went up for the next 5 years as
institutions are finally able to buy in
is that a reasonable expectation you
know for a hard asset like
Bitcoin uh I think that’s a little bit
it’s it’s way there’s way more Nuance to
that like you got to realize that this
thing launched in 2004 right before the
great financial crisis um central banks
were buying a ton of gold um during the
financial crisis and after uh there was
a lot of demand for gold itself not
necessarily so yes one the ETF
democratized gold investing so before
that the only way to get gold was like
going down to your like Corner pawn shop
and like go I buy gold and like selling
or buying gold manually and physically
um so one just being able to buy in your
brokerage platform like that was is
hugely beneficial for people who wanted
exposure to the shiny yellow metal right
um it’s a little different with Bitcoin
like you could always have bought it in
your pocket this wasn’t like completely
democratizing the exposure it does put
Bitcoin on the traditional fin own for
rails it does make it easier for people
who don’t have like a coinbase account
or Kraken account you name it um so I
don’t think it’s like for like there but
like I said there were there was a lot
of other circumstantial things that like
caused gold to run up aside from just
the ETF but the ETF definitely helped um
just because it made it easier for
people to buy it ironically the GLD the
gold ETF is the only ETF in history to
be larger than the S&P 500 ETF spy so
for like two or three days in 2011 I
think it was gold actually surpass spy
and Assets Now it’s a fraction of the
size of spy but um yeah and also just to
add on and I want get your take on this
a circumstance that’s would be
beneficial to bitcoin versus gold is I’m
sure when the gold ETF was approved the
the big money invested in more miners
they inflated that Supply put mined more
gold into the ecosystem with Bitcoin as
investor Lawrence leapard says hard
asset they cannot make more of it no
matter what happens to demand yeah
that’s yeah that’s correct so gold you
can increase you can increase the supply
over time if there’s if the price goes
up enough and it becomes more profitable
get to harder deposits things like that
um but yeah like you said gold is
completely capped so they’re they’re not
obviously like for like in many
different different ways when however
you look at this but um there are some
analogies you can look to James what are
you most passionate about in the ETF
space is it Bitcoin or what aspect of
Bitcoin like in the one time
frame um I mean recently it’s been
crypto and Bitcoin but largely that is
not necessarily just from like I’m 100%
a Bitcoin Maxi or crypto wholehearted
believer I just view the way that the
SEC has handled this whole process is
completely dropping the ball I think
they’ve handled this completely wrong um
I think the SEC has handled a lot of
things completely wrong over recent
years I think Gary gendler and this
Administration has damaged the sec’s
reputation going forward um so like
that’s why there’s a there’s a lot of
stuff going on around this you have
politics involved you have billions of
dollars at stake you have the largest
asset managers so it was just genuinely
exciting and then also the flows coming
in made it super exciting um but I don’t
just cover crypto like right now I’m
writing about passive management and the
passive ownership of different
individual stocks and different like
passive index rules um things like that
so like I do a lot of traditional
Finance type research I don’t just do
crypto um but I would say recently the
most the hottest topic has obviously
been crypto and both from our client’s
point of view from we see it in our
reads and I see it in my the interest on
whenever I tweet about it uh people
whenever I tweet about regular Financial
stuff people seem to get mad at me well
I can certainly understand being most
excited about Bitcoin that’s why our
Channel exists in crypto um I want to
ask you a question that your your
clients are probably asking you and this
one’s just for fun nobody can see the
future but if demand for these ETFs
stays similar to what you expect
where’s that put price by end of year
top of cycle I’m actually not allowed to
talk about price period stop um the one
thing I will say on this is that I think
a lot of people in the crypto world uh
misconstrue and this doesn’t happen in
the tral financial world is like the ETF
flows are just a piece of the overall
pie like they are just one one area of
buyers like they are one small sliver
actually I guess it’s a big sliver now
with the amount of money they the amount
of Bitcoin they bought over the last
three months but they’re just a piece of
the overall Market they are not
dictating where price is going and also
people are looking at flows and trying
to like talk about where them where like
that means the price is going to go for
the most part once the flows happen like
once we see what the flows are it’s
already that has already impacted the
market the bitcoin’s already been bought
there’s already been hedging made to get
exposure to bitcoin like it’s all
already done so everyone’s like super
focused on flows and what’s it’s going
to do the price and by the time we get
the flows like it’s already impacted the
market like we the trading has already
happened all that information has
already happened yeah yes it can be good
to look back and see what sentiment is
like like right now sentiment doesn’t
seem to be very strong considering we’re
not seeing much inflows into these ETFs
right now um but for the most part
people tend to overestimate what these
ETFs can do uh to the price in my point
of view I mean and the demand obviously
this is heavy on the demand side of
things impacting the price of Bitcoin um
particularly when you’re seeing billions
of dollars coming every week it’s going
to be positive uh but that said it’s
going to take um it there’s no way to
know exactly what the price impact will
be but I do think um even if we stopped
we didn’t get a single dollar of flows
in for the rest of the year at 12
whatever it is 12.3 billion dollar in
assets that have come in like that’s
still an extremely successful launch for
a group of ETFs um so that that is the
one caveat I would
give let’s talk about ethereum ETF um
final question and and feel free to pass
on this just last one on bitcoin can you
say do you think Bitcoin will be higher
than 73 you know in the next two years
are you allowed to give it range no I’m
technically not allowed to yeah I
respect I have my views but I’m but I
will I’m not allowed to talk about it
unfortunately I respect it and by the
way that’s why I follow you on Twitter
links are down below so I can get those
breadcrumbs um but ethereum ETF do you
think that’ll happen by end of year by
end of year probably not I think it’ll
happen in 2025 but we need we’ll have
more information so we’ve been very
vocally bearish uh ethereum ETFs getting
approved in May May 23rd is the deadline
uh my Eric and I have been very bearish
on this happening for the last couple
months much to uh eth Maxi’s
disappointment um it’s not happening
we’re not seeing any movement there it’s
very unlikely to happen our official
stats are 25% we’re going to have to
lower that in the near future because
we’re not seeing any movement whatsoever
so I don’t think it’s going to happen uh
in order to give you like a timeline and
we do think it’s going to happen like I
said I think 2025 is more likely but we
need to see what the SEC denies on right
so we’re going to get denial letters and
they’re going to explain why they’re
denying um if they deny so so they have
three options right they can approve
which I just said not happening the
second option is or third option it
depend anyone order it but the the one
one main option is go nuclear and say
that ethereum is security and then you
end up in a bunch of court cases and
that could take a very long time I do
not think the SC is going to go there
that’ll open up a battle between them
and their sister agency the CFC uh a
whole host of other reasons the has made
it uh and made implicit moves that
accept ethereum as a commodity in my
point of view so I don’t think they’re
going to go that route I do think they
might they could try to uh thread a
needle there in different ways and say
parts of the ethereum like stake
ethereum could be um a security in some
way I could see them trying to thread
that needle I don’t know exactly what
they’re going to do that said even if
these things do get approved they’re not
going to have staking not anytime
remotely soon uh they’re not going to
allow for inine TR uh creation
Redemption just like the Bitcoin ETFs
you can’t actually give over ethereum
and get shares of the ETF or vice versa
um so the the final option which I think
of what they’re going to do is they’re
going to basically come up with a word
salad uh maybe lean on correlations and
say the correlations were weak uh a
couple years ago and it’s not enough for
us to approve the problem with doing
that leaning on like a word salad
talking about correlations all of a
sudden you’re like you’re not actually
full on like stopping this you’re just
kicking the can down the road again so I
think that’s what they’re going to do I
think they’re going to kick the can down
the road um and then they’ll have to
come up with a different reason if they
lean on correlations or whatever else
they lean on uh at some point um but
yeah I don’t think it’s going to happen
later in the year the odds are slightly
higher as you get later in the year I
guess I would be crazy to say there’s
not like some way that things could
sneak through um but yeah it’s it’s 2025
is more looking possible but we’ll have
I’ll have a better idea after I see the
denial letters um the other part of this
is where I don’t think there’s going to
be any decisions made uh until the um
election happens uh so we have the
election in November um if the Biden
admin stays in power that’s not very
good for the prospects of some of these
things um it’s not necessarily guarantee
I guess the Republican admin coming in
would do something better but it’s
probably more likely that they’ll do
something positive on the crypto space
and with the SEC so who knows exactly
what will happen um but yeah I don’t I
don’t think it’s happening um this year
unfortunately and just to be clear one
of the reasons you were so sure that
Bitcoin ETF would get approved is
because we saw in those months leading
up to it the conversations and the
refiling between the issuers and the SEC
we’re seeing Zero that with ethereum
correct yeah we’ve seen a couple
reilings but you got to realize like
when we were looking at the other ones
it was like all of a sudden everyone was
filing like an update and the up the
changes were very similar you could see
like this was obviously due to
conversation with the SEC the stuff now
we’ve seen updates over the last few
months here and there but for the most
part it’s like pretty standard stuff it
looks like it’s just bringing it in line
with the stuff they learn from the from
the Bitcoin ETF filings so yeah we’re
just not seeing any movement any any
interaction between the SEC and when we
ask uh our sources what’s going on and
ask for information uh they’ve got that
there’s basically nothing happening so
uh it seems like Gary gedler and the SEC
just aren’t going to approve this thing
without essentially a court case um
so that’s where we stand here but the
other part of this is like you got to
realize Gary approved this thing and he
was the deciding vote in a five m
commission the two Democrats voted not
to approve Bitcoin ETFs and Gary did and
he was basically backed into a corner by
the federal courts and even with the
federal court ruling um for grayscale
and against the SEC Caroline khaw and
another Democrat commissioner still
dissented and thought they should have
denied them even though like any lawyer
I spoke it was like the SEC really
doesn’t have much of a choice unless
they want to virtually defy a federal
court order um so uh that that’s
basically all you need to know in the
sense of like how the Dems and the
Democrats Commissioners reviewing this
they they do not want anything to get
through they we wouldn’t even have
Bitcoin ETFs if were up to them and
correct me if I’m wrong but the the Crux
of the grayscale case and the SEC lost
against grayscale and then we have
Bitcoin ETFs is because the argument was
uh we have Bitcoin Futures and that
tracks the price if we have Futures
products why can’t we have spot
products yeah that’s pretty much what it
comes down to I mean the FCC approved
Futures ETFs Bitcoin Futures ETFs um you
could make the same argument now for
ethereum because they approved ethereum
Futures ETFs but when they approve so
when the when Grace scale won their
lawsuit is basically like you can’t
basically approve something that is a
derivative on these actual spot markets
the the derivative the Futures are based
are derivatives of the spot pricing and
then so you’re going to allow this
derivatives market and these derivatives
ETFs to trade but not allow the actual
spot Market to trade and not to mention
like no matter how you look at it
derivatives are inefficient ways of
getting exposure those Futures ETFs were
efficient when compared to a spot ETF
over time they underperform by
significant margins over any over longer
time periods particularly in bull market
so they’re just not good for end
investors so the fact that the SEC was
supposed to be protecting investors in
our view was also just insane in the
fact that they were allowing Futures ETF
to trade but not spot ETFs it was a case
of uh Missing the forest for the trees
and I mean for a very long time we were
on the side of grce scale saying that
they had a shot at winning this lawsuit
I remember my colleague Elliot Stein
wrote a note basically saying that that
uh he thought Grace scale had a 40%
chance of Victory and that was in um
when was that early in the early in 2023
and I had people berating me I had even
our clients telling us that this was a
frivolous lawsuit and that Grace scale
was going to lose and then after or oral
arguments Elliot Stein and I and other
colleagues sat together we decided to go
to 70% odds of victory for gray scale
and I can’t tell you how many people
thought we were insane um so I I my my
only thing is like I feel like a lot of
people in this space and covering this
space have such like builtup uh emotions
whether Pro or con so a lot of people
just refuse to accept the fact that it
looks like this thing is going to get
denied these ethereum ETFs just like a
lot of people on the opposite side
refuse to accept that the Bitcoin ETFs
were going to get approved and great
skill is good in the lawsuit so people
that can’t like put away their personal
put aside their personal feelings and
look at the facts on the ground um
they’re the ones that keep getting
things wrong James I appreciate this
perspective again links for all your
stuff down below final thoughts for the
altcoin daily
Army um I guess my my last thing I would
say is the the Hong Kong ETFs are coming
yes so there are Hong Kong ETFs coming
big spot Bitcoin spot ethereum they are
going to be in kind unlike the US ones
but there’s a lot of people that are
overhyping the the value that that will
provide I think longterm that could be
huge the problem is the Hong Kong market
is very small Mainland Chinese investors
will not be allowed to invest in China
is very strict on this stuff it’s not
they you’re not just going to get to be
able to buy access using a VPN and
different things like this is China
we’re talking about so in the near term
it’s unlikely to be hugely impactful um
that said uh they do look like they’re
going to be cheaper than we thought
which is going to be very competitive
but to put it in perspective the Hong
Kong ETF Market is about 40ish 45ish 48
billion dollars in assets all ETFs
listed in Hong Kong the US ETFs are over
50 so the US ETFs that we have here the
US spot Bitcoin ETFs have more in assets
the entire assets space in um Hong Kong
that’s not to say like if these things
get a billion dollars in Assets in the
first year that would be an absolute
smashing success right so there’s not
saying it’s not gonna it’s going to be a
negative impact it’s definitely going to
be positive it’s just not going to be to
the same level of positivity that the
the spot pickling ETS here in the US
played even though they were cash Creed
only um so we’ll see what happens uh
we’ll be watching those are going to be
launching in the very near future um
it’s kind of unfortunate that the SEC
and this ad are treating crypto the way
that they currently are but you kind of
have to play the hand at your dealt uh
and we just don’t think the SEC is going
to allow eth anytime soon not without a
battle and even still like I said I
think if they lean on correlations that
correlation argument will fall apart
within a year so by this time next year
they won’t be able to deny on
correlations anymore and if they deny on
different factors then all of a sudden
uh you’re going to end up back in a
fourth case battle again and I think the
SEC will lose and very very quickly can
you talk about why in kind is is better
for Hong Kong CU I remember when the
American ones were not in kind everybody
said oh not a big deal they still have
to buy the Bitcoin why is in kind better
yeah so in kind is better because it’s
just more efficient for everyone and
also if you have Bitcoin you can just
basically send it over to the trust if
you’re an authorized participant uh it
just makes things slightly more
efficient um so what what inine means is
rather than so essentially if you have a
certain amount of Bitcoin um this five
Bitcoin equates to 500 shares of the ETF
that’s not how it works but you can
exchange 500 shares for five Bitcoin and
you can exchange five Bitcoin for 500
shares at all times that’s how this uh
these ETFs track the underlying price if
demand and Supply get out of whack
they’re going to create more Supply or
destroy Supply to meet demand within
kind it’s just more efficient there’s
way less steps that have to be involved
you’re just handling over Bitcoin and
getting shares of the ETF with the cash
create process it’s cash that’s going
over and you’re getting uh you’re
getting shares back you need way more
lead time when you’re doing creation
Redemption because you’re sending cash
to the big the Bitcoin ETF issuer and
then they have to go out and buy the
Bitcoin in the open market they have to
use different mechanisms there’s just
also way more things that you can do
when it’s allowed to do in kind there’s
efficiencies that are created um but the
SEC was not all not okay with it they
wer about uh money laundering uh know
your customer laws getting broken
potentially but really it comes down to
the fact that the SEC doesn’t want
Brokers touching Bitcoin and there’s no
like real uh there’s no real uh guide
guidelines for how this should happen or
what should happen so they were like no
we’re definitely not allowing this um so
but honestly the the fact that they did
this in this cash only is the reason why
you have you have Goldman and some of
these other massive Banks uh JP Morgan
ironically enough despite uh Jamie
Diamond hating Bitcoin they’re all
involved because it’s cash create um so
these ETFs in C in China are going to be
in kind or in cash so you’ll be able to
do both um there’s no way to know
exactly what that is from our point of
view but it it it just adds a little
more
flexibility cool James I want to have
you back in three four months revisit
some of this thank you again and links
for your stuff down below

What’s next for bitcoin? Ethereum ETF predictions? Today we are joined by James Seyffart of Bloomberg Intelligence to discuss bitcoin ETF, Ethereum, cryptocurrency news & MORE! 👍
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TimeStamps:
00:00 Intro
01:11 Background
02:52 Current State of Bitcoin ETFs
04:39 Why Inflows Just Went Negative
06:27 Most People HAVEN’T Bought Bitcoin ETFs Yet?
09:52 When Gold ETF Was Approved, There Was An 8 Year Bull Run..
12:23 What Aspect of ETFs is James Most Passionate About?
13:48 Bitcoin Price Prediction
16:09 Will an Ethereum ETF be Approved in 2024?
21:05 The Real Reason Why Gary Gensler Approved Bitcoin ETFs
23:24 Impact of Hong Kong ETFs (Bitcoin & Ethereum)
25:25 ‘In Kind’ vs ‘Cash Create’

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