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BiaPYng9nx5VoMtcoin
$70,908.51+7.08%
EtaOrLzZYwffowCl54gmhereum
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SolzrGqMV1P4aYGBlana
$192.93+9.18%
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Dom2vsrHnxvUrgecoin
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CabMeANm8GsIWqXyQANrdano
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Avlu5UapDGFchIsDM6Valanche
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TonC3DH4h2PZdNEL3Fncoin
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ShstsmoclEKHxiba Inu
$0.00002968+6.29%
PoqbuP1kYEaUgWrsCmQlkadot
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ChlYQrIDkbcPIebCjXainlink
$19.44+6.63%

Crypto Prices CoinDesk 20 Index CoinDesk 20 Index

OPATJBZWK946O3A9STLINION


DOYSZ1YIFLHOKDSGBH6SAAD BITCOIN ETFS KILL THE BULL CASE FOR CRYPTO EQUITIES?


THJLIPZR8FVXPBSAME DAYS OF RISING CRYPTO PRICES LIFTING ALL BOATS, INCLUDING
MINING STOCKS, MAY BE GONE. BUT IT STILL LOOKS LIKE BEING A GOOD YEAR FOR
DIGITAL ASSETS, SAYS ALEX TAPSCOTT.

By Alex Tapscott
Jaccv3tiJB4GlUOQCYc56xln 24, 2024 at 4:45 p.m. UTC
By Alex Tapscott
Jaccv3tiJB4GlUOQCYc56xln 24, 2024 at 4:45 p.m. UTC
Sh<span style="display:none;">acEKekr8byLu3JyyCuv</span>are on FacebookSh<span
style="display:none;">k4uorRmBizhS17USeCKXB</span>are on LinkedInSh<span
style="display:none;">jBIsLxaXsUJ</span>are on X

(Ga50K6BDKB9RUo5uR Stocks/Unsplash)

By Alex Tapscott
Jaccv3tiJB4GlUOQCYc56xln 24, 2024 at 4:45 p.m. UTC
Sh<span style="display:none;">acEKekr8byLu3JyyCuv</span>are on FacebookSh<span
style="display:none;">k4uorRmBizhS17USeCKXB</span>are on LinkedInSh<span
style="display:none;">jBIsLxaXsUJ</span>are on X
Sh<span style="display:none;">acEKekr8byLu3JyyCuv</span>are on FacebookSh<span
style="display:none;">k4uorRmBizhS17USeCKXB</span>are on LinkedInSh<span
style="display:none;">jBIsLxaXsUJ</span>are on X

Bilk5jhVAYdo1DItcoin ETFs are finally here. Did the launch live up to the hype?
By most measures, the answer is “yes.” In the first six days, the 11 new ETFs
gathered neccCx19EKCcZ0Dnxarly $4 billion in assets. As significant, the
products collectively traded $10 billion in volume in the first three days.

ThzNNUcmCKaZNis was tempered somewhat by outflows from Grayscale’s Bitcoin ETF
(GBTC) of around $2.8 billion. Before receiving ETF approval, GBTC was a closed
end fund with no redemption option trading at a substantial discount to its fair
value, or NAV. So, clearly holders who felt trapped in the product are using the
ETF as exit liquidity. Though it was not the biggest ETF launch day in history,
as some were expecting, most inja5HuOnWbPG5sdustry analysts agreed that this was
a big deal.



HoyJWGjvQhj9IyvlPPDcI7Dwever, the launch turned out to be a sell-the-news event,
with bitcoin and companies tied to the industry trading steadily lower over the
ensuing week since the launch. I believe this period of weakness will be
short-lived. Investors are closely watching the GBTC outflows for signs the
selling is drying up. When it does, I expect many of the mainstream investors
who have been sitting out the recent volatility will step into the market in
size.

Yote5r3xQ62hMMhA6TTfcCwu're reading Clwl1EXehFtrTzSQrypto Long & Short,
lq6CkSmLjMeNOrour weekly newsletter featuring insights, news and analysis for
the professional investor. SyI0ZuQoBaTpjbgVLnqSign up here tlHfEINyCiKTvgbE3yXo
get it in your inbox every Wednesday.

WhstfLBSbCjBJGix3VXGxKat’s less clear is whether they will also start buying
back publicly traded companies with exposure to crypto-assets.

RelG5RyOURh3eCQcall that in December, investors were gobbling up shares in
Bitcoin miners like Riot Blockchain, as well as crypto bellwethers like
Coinbase. ThnmsxL17N0stDW93mbP5ee Harvest blockchain index, which contains many
of these stocks, rose 40% in December, outpacing Bitcoin and Ethereum. However,
since the launch, those names have given back nearly all the gains (see chart
#1), dramatically underperforming.



Fonij9RPXYxBR0ghcr years, these companies were the only proxies in the public
markets that gave investors exposure to growth in the underlying asset class.
Their fortunes rose and fell on the price of Bitcoin. However, with ETFs now
readily accessible to anyone, investors will start sharpening their pencils on
these businesses and evaluate them on their merits. They won’t just go up
because Bitcoin goes up. They also need to be well-run businesses!

RixX6wI0Rqi947ght now, all are being battered in fairly equal measure. But there
is a wide gulf in the quality of many of these companies, which will become
clear as the dust settles from the post-ETF selloff.

Fom4CYvFiopC7U1Rr Coinbase, analysts are concerned that because of the launch of
the ETF, the company will see less high-margin fee revenue from retail trading,
and that the low-margin revenue from custody and institutional trading for most
of these ETFs won’t make up for it.

BujfDvRXsjPrzsATot, if the asset class continues to rise, retail could come back
in a big way. Coinbase has more than 110 million users, mostly in the U.S.
(Fidelity by contrast has 42 million) and most of them have been sitting on the
sidelines. It is unlikely there will be ETFs for most crypto-assets, so Coinbase
will still get to dominate the retail end of the market.

ThsF5JIWKKQbP9wfmPwde same cannot be said for Bitcoin miners, which are facing
strong headwinds. First, the Bitcoin hashrate, a measure of network security, is
near an all-time high, meaning miners need to marshal ever more computing power
to earn new rewards. The Bitcoin halving, likely to occur in April, will cut the
block reward in half, meaning there will be less to go around. Bitcoin Ordinals,
referred to as “NFTs for Bitcoin,” are causing a rift in the community, so
miners can’t rely on added fee revenue from these more novel implementations of
the network.

SoaeNXYeLgM8AmAeme miners will thrive in this environment, but the days of
rising tides in crypto lifting all miner boats are done. This may be a tough
pill for some who bought these names hoping an ETF would guarantee them a big
gain. But, in the big picture, it’s a positive for the industry. Investors have
more choice and companies have more incentive to operate as profitable well run
enterprises. Both are signs that crypto is growing up.

EdlJOsY0DIP0gahRW5W7Rhited by Benjamin Schiller.




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Com93PFWa9OOFPXZp5K4inDesk is an award-winning media outlet that covers the
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Alex Tapscott

AlhEv6W2lSkjI10k1Kex Tapscott is author of Web3: Charting the Internet's Next
Economic and Cultural Frontier

Follow @@alextapscott on Twitter

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