Monday, March 4, 2024

Hashdex tips spot Bitcoin ETFs to trade by Q2, followed by Ethereum

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Hashdex, one of many 13 asset managers vying for a spot Bitcoin (BTC) exchange-traded fund, expects to see the primary spot Bitcoin ETF in the US land by the second quarter of 2024, followed by a spot Ether (ETH) ETF.

“The precise timing of a spot Bitcoin ETF within the U.S. stays unclear, however in 2023, the narrative round this product switched from a query of ‘if’ to a matter of ‘when,’” said Hashdex’s U.S. and Europe head of product Dramane Meite in a 2024 outlook report, printed on Dec. 4.

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“We consider U.S. buyers could have entry to a spot Bitcoin ETF by the second quarter of the brand new 12 months and {that a} spot Ether ETF is probably going to comply with.”

Hashdex is one of 13 asset managers with a spot Bitcoin ETF software earlier than the U.S. Securities and Alternate Fee (SEC). It has additionally pitched a hybrid Ether ETF with futures and spot contracts to the regulator.

Whereas Bloomberg ETF analysts James Seyffart and Eric Balchunas have pinned 90% odds that spot Bitcoin ETFs will be approved within the days main up to Jan. 10, 2024, Seyffart has beforehand famous that this refers solely to the 19b-4 purposes and that the separate Type S-1 should even be permitted for an ETF to launch.

Seyffart famous in November that “there might be weeks and even months between approval and launch.”

Corporations use Type S-1 to notify the SEC of proposed rule modifications and require sign-off from the company’s Division of Company Finance.

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In Hashdex’s report, Meite stated spot Bitcoin and Ether ETFs would see “legacy asset managers with hundreds of workers and trusted manufacturers” supply their prospects a crypto product for the primary time.

He believed this could unlock a $50 trillion market, bigger than Europe, Canada and Brazil mixed — the one three world markets with spot crypto exchange-traded merchandise.

Meite anticipated a lot of the curiosity in single-asset ETFs will give attention to Bitcoin and Ether, “given their identify recognition and little differentiation amongst incumbents.”

Journal: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in