The number of ETFs tied to cryptocurrencies is expanding dramatically in the first week of October, with a wave of funds that buy ether futures launching on Monday.
"I think the long-term buyers of these products are financial professionals — financial advisors, family offices," and registered investment advisors, said Bitwise CIO Matt Hougan.
The fund has slightly lagged the price of spot bitcoin since inception in 2021, when bitcoin was near an all-time high.
"The thing that people wanted to find out was would a bitcoin futures ETF do its job?
And in fact it has done that quite well," said Simeon Hyman, head of the investment strategy group at ProShares.
Persons:
Matt Hougan, BETH, bitcoin, Simeon Hyman