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The market reaction to the U.S. Securities and Exchange Commission’s (SEC) reluctant approval of spot bitcoin (BTC) ETFs has been relatively muted, with the focus now shifting to how much capital these new ETFs will pull in, the report said
“We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval,” analysts led by Nikolaos Panigirtzoglou wrote.
Still, the bank does see a significant rotation from existing crypto products into the newly created ETFs, so even if no new capital enters the cryptocurrency market, the new ETFs could still attract inflows of up to $36 billion.
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