Canaccord: The launch of Ethereum spot ETFs helps to broaden institutional interest

2024-07-01 21:03:34

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ChainCatcher news, according to CoinDesk, broker Canaccord Genuity analyzed in its quarterly report that the approval of Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) is encouraging. Although digital assets underperformed compared to traditional assets in the second quarter, the potential inflows from ETFs could reverse recent trends. While the inflow of Bitcoin ETFs has slowed from the peak in February, institutional adoption is still on the rise, with over 50% of large hedge funds globally currently trading/holding spot BTC ETFs. Major institutions have only just begun to disclose their holdings, and the U.S. Securities and Exchange Commission may soon approve BTC ETF options.

The report adds that once Ethereum spot ETFs begin trading, they could also have a positive impact, which should help expand institutional interest in other assets, thereby benefiting the broader crypto ecosystem.

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