Bloomberg's exchange-traded fund (ETF) analyst James Seyffart believes that the next phase of adoption for Crypto asset ETFs will be driven by financial advisors managing assets for high-net-worth individuals, large brokerage firms, and brokers.
In the "Coin Stories" podcast, Seyffart outlined how these financial institutions, which manage trillions of dollars in assets, play a core role in expanding the BTC ETF market.
He noted that BTC ETFs performed exceptionally well in their first year on the market, exceeding many analysts' expectations. While Bloomberg is optimistic about BTC ETFs, he acknowledged that the actual performance has surpassed their predictions.
Seyffart stated, "There has indeed been some outflow of funds in recent weeks, but since their launch, the peak fund size has only decreased by about $40 billion, and the current asset size of these ETFs is approximately $110 billion. IBIT has been one of the most actively traded ETFs, reaching a size of $50 billion in just over a hundred days, whereas the previous record took over a thousand days to achieve. So, from any angle, they have broken all visible records."
Given this momentum, he believes that using BTC ETFs as a tool for portfolio allocation for high-net-worth clients could drive their continued success.
Despite large companies like BlackRock suggesting a 1% to 2% allocation of BTC in portfolios, Seyffart emphasized that "large brokerage firms and major banks" do not allow investors to purchase Crypto asset ETFs.
He added that these brokerages, financial advisors, and brokerage platforms control a significant amount of capital, including that of billionaires.
These institutions influence asset allocation decisions within a broad financial portfolio. Seyffart indicated that if these institutions start to include BTC ETFs as part of their portfolios, for example, at a 5% allocation, it could drive continued growth in adoption rates.
In addition to institutional adoption, Seyffart also noted a trend of corporations, states, and even countries incorporating BTC into their balance sheets. This helps enhance the legitimacy and stability of BTC as an asset class in traditional finance.
However, he emphasized that the increased acceptance of financial intermediaries could be a key driver of ETF growth.
Today, asset management firm Grayscale released a report claiming that high-net-worth investors are showing interest in Crypto assets.
Grayscale CEO Peter Mintzberg stated on social media, "It's great to see the momentum for Crypto assets shifting, with more and more investors beginning to recognize the value of digital assets. Notably, 38% of high-net-worth investors believe that their portfolios will include Crypto assets in the future."
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