Spot Bitcoin ETF approval could open door for other crypto products - MarketVector Indexes' Martin Leinweber

- Recent amendments to the spot Bitcoin exchange-traded fund applications filed by some of the largest asset managers in the world have stoked optimism in the crypto community that the next major bull run is imminent as institutions are about to enter the market in force.

“While a reputable prime institutional-grade custodian can address the custody issue, there's still no regulated exchange comparable to the NYSE,” he said. “The definition of a ‘market of significant size’ is also unclear. Does it only include the USD pair, or does it extend to stablecoin pairs as well? This significantly impacts the choice of exchanges.”

He added that regular audits and compliance checks are also an essential piece. “For instance, the NAV [net asset value] valuation can be based on a regulated index that uses vetted exchanges and a reliable index price algorithm,” he said. “That’s the reason why we’ve developed a Bitcoin Benchmark Rate at MarketVector.”

“In the U.S., Bitcoin is the only coin deemed a commodity by the SEC,” he said. “There are indications that ETH could also be classified as a commodity. The SEC has intentionally remained silent on ETH, the CFTC has futures on it, and the new EDX exchange is listing ETH as well, so there's a high likelihood that an ETH ETF could be approved.”

“The BlackRock application indicates potential demand,” he said. “They wouldn't proceed if they only expected to get 100 million USD in AUM. When Larry Fink speaks positively about crypto, it signals to other asset managers that the perceived career risk is lower. This is evident in the filings that followed BlackRock's.”

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