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BlackRock's Head of Digital Assets:
Client Interest: Our client base today, their interest overwhelmingly is in bitcoin first and then somewhat in ETH. There's definitely interest in ETH too, and there's very little interest today beyond those two.
ETF Holder Behavior: There has been a remarkable degree of long-term "buy and hold" behavior from ETF holders so far. IBIT has only had one day of negative flows in 6.5 months since launching in January. They expect this will change over time, and they'll likely see more negative flow days in the future as that would be natural.
Adoption Stage: The Bitcoin ETF has been highly successful, but it's still early days, especially for institutional and wealth advisory adoption.. Most wealth advisory platforms are still at the 'unsolicited' stage for Bitcoin ETFs, with 'solicited' status likely to come later this year or beyond.
Allocation: Independent advisors allocating to Bitcoin ETFs are typically doing so in the 2-3% range.
Bitcoin's Unique Position: BlackRock views Bitcoin not as a simple 'risk-on' asset, but as an asset with unique fundamental drivers and potential as a flight-to-safety asset.
ETH ETF Demand: expect ETH ETF demand to be about 20%-25% of Bitcoin ETF demand in the long term.
Bitcoin's Correlation: There's one macro risk factor where bitcoin is highly exposed and highly correlated to so called risk assets. And that is that bitcoin is massively short real interest rates.
Future Outlook: I don't think we're going to see a long list of crypto ETF's. If you think of bitcoin today, 55% of the market cap ETH at 18%, the next plausible investable assets, like 3%. There's just nothing close to being at that threshold of track record and maturity, liquidity, et cetera, that bitcoin, and to a lesser extent eth have.
Client Interest: Our client base today, their interest overwhelmingly is in bitcoin first and then somewhat in ETH. There's definitely interest in ETH too, and there's very little interest today beyond those two.
ETF Holder Behavior: There has been a remarkable degree of long-term "buy and hold" behavior from ETF holders so far. IBIT has only had one day of negative flows in 6.5 months since launching in January. They expect this will change over time, and they'll likely see more negative flow days in the future as that would be natural.
Adoption Stage: The Bitcoin ETF has been highly successful, but it's still early days, especially for institutional and wealth advisory adoption.. Most wealth advisory platforms are still at the 'unsolicited' stage for Bitcoin ETFs, with 'solicited' status likely to come later this year or beyond.
Allocation: Independent advisors allocating to Bitcoin ETFs are typically doing so in the 2-3% range.
Bitcoin's Unique Position: BlackRock views Bitcoin not as a simple 'risk-on' asset, but as an asset with unique fundamental drivers and potential as a flight-to-safety asset.
ETH ETF Demand: expect ETH ETF demand to be about 20%-25% of Bitcoin ETF demand in the long term.
Bitcoin's Correlation: There's one macro risk factor where bitcoin is highly exposed and highly correlated to so called risk assets. And that is that bitcoin is massively short real interest rates.
Future Outlook: I don't think we're going to see a long list of crypto ETF's. If you think of bitcoin today, 55% of the market cap ETH at 18%, the next plausible investable assets, like 3%. There's just nothing close to being at that threshold of track record and maturity, liquidity, et cetera, that bitcoin, and to a lesser extent eth have.