{"id":568685,"date":"2024-01-09T09:00:47","date_gmt":"2024-01-09T09:00:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=568685"},"modified":"2024-06-11T07:03:35","modified_gmt":"2024-06-11T07:03:35","slug":"spot-bitcoin-etfs-8-above-fair-value","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/spot-bitcoin-etfs-8-above-fair-value\/","title":{"rendered":"Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Renowned Expert"},"content":{"rendered":"

In a recent interview with Bloomberg, Reggie Browne, Co-Global Head of ETF Trading and Sales at GTS, shared insightful predictions regarding the potential trading dynamics of spot Bitcoin exchange-traded funds (ETFs). Browne foresees these ETFs trading at a significant premium, estimating as high as 8% above their net asset value (NAV).<\/p>\n

Why Spot Bitcoin ETFs Could Trade At A 8% Premium To NAV<\/h2>\n

“I think the spreads will be very competitive and tight. The market maker community is resilient and prepared to offer a lot of liquidity,” Browne stated<\/a>. However, he highlighted a critical concern, saying, “I think it’s going to be the premium to NAV… US broker dealers can’t trade Bitcoin cash inside their broker dealers. So you\u2019re going to have to trade hedges over futures and trade it on a premium, and then take that off, and I think there is a lot of complexity there.”<\/span><\/p>\n

This complexity, according to Browne, arises from the cash creation model forced by the SEC and regulatory constraints that limit direct Bitcoin trading within US broker dealers, compelling them to rely on futures for hedging. He expressed, “What I think, potentially, you could see 8% of premium above fair value. It’s a big number, but let’s see how it plays out.”<\/p>\n

Related Reading: Former SEC Chair Affirms: \u2018Nothing Left To Decide,\u2019 Bitcoin ETF Approval Imminent<\/a><\/div>\n

Additionally, Browne touched upon the subject of in-kind creations and redemptions, aspects that were points of contention during negotiations with the Securities and Exchange Commission (SEC). Despite the challenges, he remains optimistic about their future implementation. “Absolutely, I think this was really just to get the ball moving… the in-kind will come after we climb a couple of mountains,” Browne remarked.<\/p>\n

Echoing Browne’s sentiments, Eric Balchunas, a Bloomberg ETF expert, commented on the potential premium, expressing surprise at the anticipated high rate. He drew a comparison with Canada’s spot ETFs, which are also cash creations but have much smaller premiums, despite occasional spikes.<\/p>\n

[Browne] thinks bid-ask spreads on spot ETFs will be tight but (thx to cash only creations) premiums could be as high as 8%. That\u2019s really high and I\u2019m a bit shocked tbh. For context Canada spot ETFs are cash creations and their premiums are very small.. albeit the occasional 2% day.<\/strong><\/p><\/blockquote>\n

Related Reading: Why This Analyst Thinks It\u2019s Impossible For The Bitcoin ETF To Be Priced In<\/a><\/div>\n

The crypto community is closely monitoring the SEC as it approaches a critical deadline<\/a> to decide on the first batch of several spot Bitcoin ETF applications by tomorrow, January 10. Prominent asset managers such as BlackRock<\/a>, Fidelity, Ark Invest, Bitwise, Franklin Templeton, Grayscale, WisdomTree, and Valkyrie are among those with pending applications.<\/p>\n

Browne believes that the approval of spot Bitcoin ETFs could attract substantial investor interest<\/a>, projecting massive inflows over the first year. \u201cI expect investors to add at least $2 billion to spot Bitcoin ETFs within the first 30 days they trade, if approved. For the full year, I see $10 billion-$20 billion in the funds,” he noted. This prediction underscores the significant interest and potential market impact of spot Bitcoin ETFs.<\/p>\n

At press time, BTC traded at $46,768.<\/p>\n

\"Bitcoin
BTC price rallied to $47,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In a recent interview with Bloomberg, Reggie Browne, Co-Global Head of ETF Trading and Sales at GTS, shared insightful predictions regarding the potential trading dynamics of spot Bitcoin exchange-traded funds (ETFs). Browne foresees these ETFs trading at a significant premium, estimating as high as 8% above their net asset value (NAV). Why Spot Bitcoin ETFs Could Trade At A 8% Premium To NAV “I think the spreads will be very competitive and tight. The market maker community is resilient and prepared to offer a lot of liquidity,” Browne stated. However, he highlighted a critical concern, saying, “I think it’s going to be the premium to NAV… US broker dealers can’t trade Bitcoin cash inside their broker dealers. So you\u2019re going to have to trade hedges over futures and trade it on a premium, and then take that off, and I think there is a lot of complexity there.” This complexity, according to Browne, arises from the cash creation model forced by the SEC and regulatory constraints that limit direct Bitcoin trading within US broker dealers, compelling them to rely on futures for hedging. He expressed, “What I think, potentially, you could see 8% of premium above fair value. It’s a big number, but let’s see how it plays out.” Related Reading: Former SEC Chair Affirms: \u2018Nothing Left To Decide,\u2019 Bitcoin ETF Approval Imminent Additionally, Browne touched upon the subject of in-kind creations and redemptions, aspects that were points of contention during negotiations with the Securities and Exchange Commission (SEC). Despite the challenges, he remains optimistic about their future implementation. “Absolutely, I think this was really just to get the ball moving… the in-kind will come after we climb a couple of mountains,” Browne remarked. Echoing Browne’s sentiments, Eric Balchunas, a Bloomberg ETF expert, commented on the potential premium, expressing surprise at the anticipated high rate. He drew a comparison with Canada’s spot ETFs, which are also cash creations but have much smaller premiums, despite occasional spikes. [Browne] thinks bid-ask spreads on spot ETFs will be tight but (thx to cash only creations) premiums could be as high as 8%. That\u2019s really high and I\u2019m a bit shocked tbh. For context Canada spot ETFs are cash creations and their premiums are very small.. albeit the occasional 2% day. Related Reading: Why This Analyst Thinks It\u2019s Impossible For The Bitcoin ETF To Be Priced In The crypto community is closely monitoring the SEC as it approaches a critical deadline to decide on the first batch of several spot Bitcoin ETF applications by tomorrow, January 10. Prominent asset managers such as BlackRock, Fidelity, Ark Invest, Bitwise, Franklin Templeton, Grayscale, WisdomTree, and Valkyrie are among those with pending applications. Browne believes that the approval of spot Bitcoin ETFs could attract substantial investor interest, projecting massive inflows over the first year. \u201cI expect investors to add at least $2 billion to spot Bitcoin ETFs within the first 30 days they trade, if approved. For the full year, I see $10 billion-$20 billion in the funds,” he noted. This prediction underscores the significant interest and potential market impact of spot Bitcoin ETFs. At press time, BTC traded at $46,768. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":568692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,679,1119,1122,3799,84647],"class_list":["post-568685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-price","tag-btc","tag-btc-price","tag-sec","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nSpot Bitcoin ETFs Could Trade 8% Above Fair Value: Expert<\/title>\n<meta name=\"description\" content=\"In a recent interview with Bloomberg, Reggie Browne, Co-Global Head of ETF Trading and Sales at GTS, shared insightful predictions regarding the potential\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/ktsl888.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Renowned Expert","url":"http:\/\/ktsl888.com\/news\/spot-bitcoin-etfs-8-above-fair-value\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/spot-bitcoin-etfs-8-above-fair-value\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/shutterstock_1268504080.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/shutterstock_1268504080.jpg?fit=4532%2C3022"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin price","btc","btc price","sec","spot bitcoin etf"],"dateCreated":"2024-01-09T09:00:47Z","datePublished":"2024-01-09T09:00:47Z","dateModified":"2024-06-11T07:03:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Renowned Expert\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/spot-bitcoin-etfs-8-above-fair-value\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/spot-bitcoin-etfs-8-above-fair-value\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1268504080.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1268504080.jpg?fit=4532%2C3022\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin price\",\"btc\",\"btc price\",\"sec\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-01-09T09:00:47Z\",\"datePublished\":\"2024-01-09T09:00:47Z\",\"dateModified\":\"2024-06-11T07:03:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/shutterstock_1268504080.jpg?fit=4532%2C3022","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/568685"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=568685"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/568685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/568692"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=568685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=568685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=568685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}