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The emergence of spot Bitcoin ETFs marks a shift in the crypto industry, with global assets accumulating to $4.16 billion.

Canada and Europe, particularly Germany, have taken the lead in accepting spot Bitcoin ETFs, demonstrating a progressive regulatory stance.

Experts predict that the Bitcoin market will surge if the U.S. approves it, potentially injecting about $155 billion into the Bitcoin market.

The crypto industry is undergoing a paradigm shift with the emergence of spot Bitcoin ETFs (Exchange Traded Funds). The latest data shows that the cumulative value of assets invested in spot Bitcoin ETFs worldwide has reached $4.16 billion.

This is a testament to the growing acceptance of these innovative financial instruments, which provide retail and institutional investors with regulated access to Bitcoin.

These are all the Bitcoin ETFs in the world

Canada is a pioneering country in this field, with 7 spot Bitcoin ETFs with a total investment of $2 billion. The world's largest ETF, Purpose Bitcoin ETF, has attracted much attention with an asset size of $819.1 million. In fact, this ETF is a beacon of Canada's progressive stance on the integration of cryptocurrencies in its financial ecosystem.

Europe, led by Germany, has also shown a more open regulatory approach. ETC Group Physical Bitcoin was launched in June 2020 and currently has $802 million in assets, making it the world's second-largest spot Bitcoin ETF. In addition, seven other European ETFs have found their homes in tax-favorable jurisdictions, further solidifying Europe's growing crypto-friendly ecosystem.

Globally active spot Bitcoin ETFs. Source: Coingecko

So far, only eight countries in the world have accepted spot Bitcoin ETFs. These include G20 countries Canada, Germany, Brazil, Australia, and tax havens Jersey, Liechtenstein, Guernsey, and the Cayman Islands.

The global distribution of spot Bitcoin ETFs vividly depicts how countries are positioning themselves in the crypto market.

The United States, on the other hand, maintains a conservative stance. The Securities and Exchange Commission (SEC) has only approved ETFs tied to Bitcoin futures contracts. For example, the ProShares Bitcoin Strategy leads the pack with about $1.2 billion in assets.

U.S. Bitcoin ETF Approval Could Be Huge

Although there are as many as 10 spot Bitcoin ETF applications awaiting approval, the SEC’s concerns about market manipulation remain a significant obstacle.

"I'm not going to prejudge the staff's work on these multiple ETF filings, but it's relevant to these companies as well. When a company or an asset manager seeks to take something public, these exchange-traded products need to be registered with the SEC and they need to file documents similar to what you would file for a listing like an IPO, so it's really a job that our corporate finance department is responsible for providing feedback on and looking at filings," said SEC Chairman Gary Gensler.

The debate heated up further when the focus shifted to the potential U.S. spot Bitcoin ETF market. According to experts, the first-day demand could surge, with first-day demand expected to reach $1 billion or more.

Anticipation is high for the SEC’s decision on pending spot Bitcoin ETF applications, which could potentially propel the U.S. to the forefront of the space.

Blockchain analytics firm CryptoQuant reports, “Once these ETFs are approved, we expect $155 billion to flow into the Bitcoin market. The combined assets under management (AUM) of these firms is approximately $15.6 trillion. If they put 1% of their AUM into these Bitcoin ETFs, the total dollar amount entering the Bitcoin market would be approximately $155 billion. To put this in context, these amounts represent almost a third of Bitcoin’s current market cap.”

Looking ahead, the SEC has pending cases against Bitcoin

Looking ahead, the SEC’s decision on the pending spot Bitcoin ETF application could be a watershed moment, thus potentially ushering in a new chapter for the crypto industry.

Gautam Chhugani, senior analyst at Bernstein Global Digital, said, "We expect a US-regulated ETF to be a watershed moment for crypto and we expect SEC approval in late 2023/Q1 2024. Post-halving, we expect spot demand for Bitcoin via ETFs to be 6-7x the peak miner sell-off. We expect Bitcoin ETFs to be equivalent to 9-10% of spot Bitcoin in circulation by 2028." #BitcoinETF #投资 #监管