Reporting that it has $190 billion in assets under management by the end of 2023, Cetera Financial Group announced its plan to invest in Bitcoin ETFs.
Bitcoin ETFs that Cetera plans to allocate to; It was announced as BlackRock's iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC) and Invesco Galaxy Bitcoin ETF (BTCO).
According to BitMEX Research, 10 spot bitcoin ETFs in the US have seen net inflows of $12 billion since their launch. Grayscale's GBTC product, which is the largest fund in the market, saw a net outflow of nearly 12 billion dollars due to the arbitrage opportunity created in this process, but GBTC continues to be the largest fund in the market with a value of 26 billion dollars. IBIT and FBTC, which follow GBTC, have funds of approximately $15.9 billion and $9.2 billion, respectively.
While it was seen that Cetera Financial Group chose advantageous funds according to the transaction fee, it was seen that it did not prefer GBTC, which has a high transaction fee of 1.5% since the launch. This move by Cetera gives an important clue that the demand for Bitcoin ETFs may continue in the coming periods.
Another development regarding the crypto ETF market this week was that two Democratic Senators requested the SEC not to approve another crypto ETP. Experts interpreted this move as a development that could jeopardize Ethereum ETF approval.
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I EXPLAIN IN DETAIL.
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