Unchained

How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years - Ep. 616

Listen Later

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

In this episode, Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, discussed the performance of Bitcoin ETFs since their launch two months ago. 

Balchunas noted that the ETFs' performance exceeded his expectations, with a faster and more intense "second wind" than anticipated. He attributed this to a combination of asset managers buying in, retail interest, and the "ETF effect" where the knowledge of incoming flows encourages non-ETF investors to buy. 

Balchunas also predicted that BlackRock's Bitcoin ETF would likely be the most successful of the nine new spot Bitcoin ETFs, while also doubting that any of the smaller issuers would bow out. 

He also discussed the potential for spot Ether ETFs, but was less optimistic about their success compared to Bitcoin ETFs.

Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?

Show highlights:

  • Why the Bitcoin ETF performance in the past couple of weeks exceeded Eric's expectations
  • Whether Eric had ever seen the kind of hype around Bitcoin ETFs occur with other ETFs
  • How there has been a lot of retail interest in these past few weeks
  • Eric's insights into how bitcoin reached all-time highs again this week
  • Whether a good portion of the ETF volumes is sustainable and what's driving those large volumes
  • Whether it's safe to say that BlackRock is the winner among issuers
  • Whether the smaller issuers in terms of volume and AUM will close their ETFs
  • When options on Bitcoin ETFs will be approved
  • Whether in-kind redemptions will be allowed in the near future and the role of politics in that
  • Whether Grayscale will have to reduce its fees considering the huge outflows from GBTC
  • Why Eric believes that spot ether ETFs won't have as much demand as the bitcoin ETFs did
  • Reasons the SEC could use to reject spot ether ETFs
  • Whether issuers will rebalance their portfolios at the end of quarters
  • What Eric expects to see in terms of inflows by year’s end 
    • Thank you to our sponsors!
    • iTrustCapital
    • Polkadot
    • Uniswap
      • Guest
      • Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
      • Previous appearances on Unchained:
      • Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
      • Will a Spot Bitcoin ETF Finally Get Approved?
        • Links

        Recent coverage on Unchained of Bitcoin’s surge: 

        • How the Bitcoins in Your ETF Get Sourced: The Real Story
        • Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
        • Miners Appear to Sell $69 Million Worth of Decade-Old Bitcoin
        • Bitcoin Hits New All-Time High Above $69,000, Presaging More Potential Gains

          • Previous coverage on the Unchained podcast of spot Bitcoin ETFs:

          • Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
          • Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs
          • Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
          • Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
          • The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
          • How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
          • Eric’s tweet on $IBIT smashing $788m 

            • Ethereum spot ETF:

            • BitMEX Blog: Ethereum ETFs & Staking
            • Eric’s tweet on ether ETFs 
            • Unchained: 
            • Why Spot Ether ETFs Likely Won’t Steal Bitcoin’s Thunder — Even if Staking Is Included
            • Spot Ether ETFs Could Introduce New Concentration Risk in Ethereum: S&P Global

              • Learn more about your ad choices. Visit megaphone.fm/adchoices

              ...more
              View all episodesView all episodes
              Download on the App Store
              UnchainedBy Laura Shin
              • 4.6
              • 4.6
              • 4.6
              • 4.6
              • 4.6

              4.6

              1,182 ratings

              More shows like Unchained

              View all
              CoinDesk Podcast Network by CoinDesk

              CoinDesk Podcast Network

              643 Listeners

              The Pomp Podcast by Anthony Pompliano

              The Pomp Podcast

              1,838 Listeners

              The Breakdown by Blockworks

              The Breakdown

              747 Listeners

              On The Brink with Castle Island by Castle Island Ventures

              On The Brink with Castle Island

              289 Listeners

              What Bitcoin Did by Danny Knowles

              What Bitcoin Did

              254 Listeners

              Bankless by Bankless

              Bankless

              1,044 Listeners

              The Wolf Of All Streets by Scott Melker

              The Wolf Of All Streets

              235 Listeners

              Empire by Blockworks

              Empire

              166 Listeners

              Supply Shock by Blockworks

              Supply Shock

              112 Listeners

              Coin Stories by Natalie Brunell

              Coin Stories

              427 Listeners

              Raoul Pal: The Journey Man by Real Vision Podcast Network

              Raoul Pal: The Journey Man

              130 Listeners

              The Milk Road Show by The Milk Road Show

              The Milk Road Show

              40 Listeners

              web3 with a16z crypto by a16z crypto, Robert Hackett, Sonal Chokshi

              web3 with a16z crypto

              62 Listeners

              Bell Curve by Blockworks

              Bell Curve

              33 Listeners

              1000x by Blockworks

              1000x

              5 Listeners