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Spot ETFs' Effect Are Non-Existent On Bitcoin Growth - Analyst
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Spot ETFs Fail To Ignite Bitcoin Growth – Analyst

Semilore Faleti
Semilore Faleti
7 months ago
3 mins read
Bitcoin

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The Spot Bitcoin ETFs have become a major headliner recently due to heightened levels of market inflows. According to data from SoSoValue, these ETFs have attracted over $5 billion in investments over the past three weeks coinciding with an impressive Bitcoin price rally of over 23%. However, amidst this euphoria, macro investment researcher Jim Bianco says these Spot ETFs have contributed no significant growth to the Bitcoin market. 

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Spot Bitcoin ETFs Bring In No New Money, Only Recycled Investments

In a series of X posts on November 2, Bianco claimed the Spot Bitcoin ETFs despite their impressive inflow record do not attract any new investments to the underlying asset. Firstly, The analyst applauds the performance of these institutional funds some of which rank as the best-performing ETFs of 2024 following their launch in January.

However, Bianco highlights BTC has failed to surpass its all-time high value of 73,750 set eight months ago despite the Spot Bitcoin ETFs accruing over $12 billion in inflows since BTC within the same period. 

Rather than being less than 4% down from its ATH, the analyst explained that such high inflows should have since pushed premier cryptocurrency beyond the $100,000 mark especially considering other positive indicators such as Fed rate cuts, the halving, and public endorsement by Republican Presidential candidate Donald Trump. 

For context, Bianco references the Gold ETFs with a record of over $6 billion in inflows since March 13, resulting in a 25% increase in gold’s market price during that period. The market analyst postulates that this price growth can be attributed to the “new money” flowing into the Gold ETFs. However, recycled funds shifted from on-chain wallets or centralized exchanges account for the majority of the investments in Spot Bitcoin ETFs. 

Jim Bianco backs this theory with a report from Coinbase CFO Alesia Haas which highlighted a decline in the exchange’s bitcoin retail traders over the last few months. Furthermore, he also points to the average Spot BTC ETF trade of $16,000 compared to the average gold ETF trade of  $72,000 which is consistent with investments from wealth managers and institutions.

In conclusion, Jim Bianco states the Spot Bitcoin ETFs are not attracting any “new money” but merely circulating existing investments in Bitcoin, which he describes as a concerning trend that may grant traditional financial institutions (TradFi) more influence in the crypto market as against the ethos of decentralization.

 

Bitcoin
Source: Jim Bianco on X

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Bloomberg Analyst Fires Back At BTC ETF Criticism

Popular Bloomberg ETF analyst Eric Balchunas has issued a strong rebuttal to Bianco’s take on the Spot Bitcoin ETFs which he describes as merely “mental gymnastics”. Balchunas has lauded the performances of these ETFs which he believed have played a crucial role in driving Bitcoin’s price from $35,000 in January to the present market price of almost $70,000. The Bloomberg analyst describes the Spot Bitcoin ETFs as “powerful” due to their low cost, high liquidity, and association with an established brand name and advises against betting against them.

At the time of writing, BTC. continues to trade at $68,100 reflecting a 2.55% decline in the past 24 hours.

Bitcoin
BTC trading at $68,102 on the daily chart | Source: BTCUSDT chart on Tradingview

 Featured image from Blockzeit, chart from Tradingview

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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