Though approval of multiple spot bitcoin ETFs translates to increased fee competition and a way out for current GBTC investors, many traders would take a capital gains tax hit if they exited their GBTC position to purchase another ETF.
watch nowWhether the appetite for spot bitcoin ETFs is overblown is another key concern among investors.
"Gold ETFs are currently 1.4% of above ground (investible) gold," the JPMorgan analysts wrote.
"We believe that the cryptocurrency markets are pricing in an optimistic impact from Bitcoin ETFs that is likely to fall short of expectations."
WATCH: SEC approves 11 bitcoin spot ETFs
Persons:
Omar Marques, Emilie Choi, GBTC, Bryan Armour, Bernstein, CNBC's Jordan Smith
Organizations:
Lightrocket, Getty, U.S . Securities, Exchange Commission, BlackRock, Fidelity, North America, Morningstar, Research, JPMorgan, Mizuho, SEC
Locations:
U.S