No wonder, then, that cryptocurrency exchange-traded funds , which reflect the market’s fortunes, are also on the ropes.
Purpose Investments worked closely with regulators to ensure that its bitcoin ETF met their standards before launching, he explains. “We have seen net positive inflows in the year to date despite all the challenges,” he says of the cryptocurrency funds, adding that the company was still seeing that trend during November, after the FTX collapse.
Nevertheless, like his peers, Mr. Klymochko sees no reason to close down or otherwise change the ETF in spite of a rough year. He praises bitcoin’s inflation-proof monetary mechanism – the cryptocurrency’s code limits the total number of bitcoins. “We expect digital assets to rebound once central banks pivot on interest rates,” says Paul Cappelli, portfolio manager and head of liquid passive strategies at CI GAM’s specialist portfolio advisor, Galaxy Digital Capital Management LP.
“The gateway drug for some of these institutions, especially the asset managers, is the actual bankruptcy of the FTX group itself,” he says, predicting that banks on the lookout for distressed assets will find opportunities in an ailing crypto market.
Pretend money is a great scheme, how can I bet the mortgage on this…..
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