{"id":14845,"date":"2024-03-02T18:52:56","date_gmt":"2024-03-02T18:52:56","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14845"},"modified":"2024-03-02T18:52:57","modified_gmt":"2024-03-02T18:52:57","slug":"grayscale-ceo-says-there-is-insatiable-demand-for-spot-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14845","title":{"rendered":"Grayscale CEO says there is &#8216;insatiable demand&#8217; for spot Bitcoin ETFs"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Grayscale CEO Michael Sonnenshein said the financial industry has \u201cnever seen such insatiable demand for an ETF wrapper\u201d as it has seen with Bitcoin ETFs.<\/p>\n<p>Sonnenshein made the statement during a CNBC interview on March 1, where he shared his insights about the performance of spot Bitcoin ETFs and the market\u2019s response to their recent launch.<\/p>\n<h2>Investor demand<\/h2>\n<p>Sonnenshein said:<\/p>\n<p>\u201c[There\u2019s been] a lot of pent up demand based on the spot Bitcoin ETFs coming to market. \u2026 And so we\u2019re seeing tremendous flows and investor demand, and that\u2019s really also outpacing the supply of bitcoin coming into the market every day which is really being added to the price.\u201d<\/p>\n<p>He added that the demand for these ETFs is diverse and includes retail and institutional investors.<\/p>\n<p>Despite that supposed growth, CNBC noted that the Grayscale Bitcoin Trust (GBTC) has seen significant outflows. Specifically, GBTC experienced continuous outflows over 30 days.<\/p>\n<p>Sonnenshein explained that GBTC is older than most other funds and came to market with $30 billion of assets under management, while the Newborn Nine entered the market without any previous holders.<\/p>\n<p>He added that the company had anticipated the outflows since investors had held the shares for a long time.<\/p>\n<h2>New wave of adoption<\/h2>\n<p>Sonnenshein said that the industry is experiencing a \u201cnew wave of adoption\u201d with the launch of these ETFs, and it\u2019s only a matter of time before money starts flowing into Bitcoin, driving it to new highs.<\/p>\n<p>He noted that there is $40 trillion of advised wealth that has been sidelined from Bitcoin and now has a path to gain some exposure to the flagship crypto.<\/p>\n<p>Meanwhile, traditional financial institutions are starting to relent under client pressure and allowing access to these ETFs, including Bank of America\u2019s Merrill Lynch and Wells Fargo.<\/p>\n<p>Additionally, the halving is encroaching and will reduce Bitcoin\u2019s supply by 50% in less than two months. Sonnenshein believes the upcoming halving will be a significant catalyst in bringing more investors to the industry and driving adoption.<\/p>\n<p>Sonnsenshein also recently said during a separate interview that the approval of spot Ethereum ETFs is a \u201cmatter of when, not if.\u201d<\/p>\n<p>Industry experts predict there is a 50% chance the SEC will greenlight the ETH ETFs by the first application\u2019s deadline this summer.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/grayscale-ceo-says-there-is-insatiable-demand-for-spot-bitcoin-etfs\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale CEO Michael Sonnenshein said the financial industry has \u201cnever seen such insatiable demand for an ETF wrapper\u201d as it has seen with Bitcoin ETFs. Sonnenshein made the statement during a CNBC interview on March 1, where he shared his insights about the performance of spot Bitcoin ETFs and the market\u2019s response to their recent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14845"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14845\/revisions"}],"predecessor-version":[{"id":14847,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14845\/revisions\/14847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14846"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}