The money-making effect of Bitcoin ETFs is stimulating more and more public offerings to enter the market.
On February 22, ** data showed that the Southern Bitcoin ETF, which successfully doubled its performance last year, expanded its income again, and the yield of the product this year has reached 20%, and this money-making effect has also attracted more and more public offerings** to lay out related product lines. Industry insiders**, Hong Kong head public offerings with subsidiaries may generally launch such products. On the night of February 22, the spot price of bitcoin has reached 5$20,000, breaking through the $50,000 platform, Bitcoin's all-time high was reached at 6$90,000.
Bitcoin ETFs earned another 20% at the beginning of the year, and public subsidiaries.
The Bitcoin ETF was launched in Hong Kong by CSOP, a subsidiary of CSOP, and it also broke the "curse" of the "champion base" and "doubling base" that could not continue to lead the performance in the following year.
Brokerage China reporters noticed that the cumulative yield of the Southern Bitcoin ETF in 2023 is as high as 134 times, can be called the 2023 public offering ** performance champion of the whole business line, entering 2024 the bitcoin ETF launched only by the public offering ** subsidiary easily broke the champion "curse", its cumulative yield after the beginning of 2024 reached 20% in just two months, the performance has led the performance of all stock-biased ** products including QDII, and the current best-performing stock-biased ** annual return rate is 14%.
The complexity of buying bitcoin directly, the security of funds, and the current continued strength of bitcoin** have made more and more investors regard the southern bitcoin ETF as a tool product to intervene in bitcoin, which will gradually get feedback from the capital side during the new year. Brokerage China reporters noticed that the trading volume of the Southern Bitcoin ETF on February 9 was 1HK$8.5 billion, which is the first time that the single-day turnover of the product has exceeded 100 million after its listing, and on the second trading day after its first breakthrough, that is, on February 14, there was an astonishing elasticity of a single-day ** surge of about 9%, expanding its cumulative yield after the beginning of the year.
Industry insiders**, the successful layout of the southern ** subsidiary in the bitcoin ETF may attract more head public offerings to develop bitcoin ETFs. Not long ago, there are a number of head foreign public offerings of shareholders have applied for Bitcoin ETF products in the United States, and the Hong Kong regulatory authorities may follow the operation of the United States Bitcoin ETF to approve more ** companies to develop related Bitcoin ETFs.
Overseas regulatory easing stimulus**, showing that the bear market is also an endorsement?
After experiencing the Great Bear Market, Bitcoin seems to have endorsed its performance across the bear market as a product for traditional financial institutions and head public offerings.
If Bitcoin has been ** since its birth, I believe that most investors will think that it will eventually be worthless, and it must prove itself to the market, especially to show investors the worst. "A bitcoin practitioner in Shenzhen believes that bitcoin without a bear market is the most terrifying, and now more and more institutions are launching bitcoin ETFs precisely because bitcoin shows what a bear market looks like and whether it will suddenly be worthless.
At present, Bitcoin has exceeded $50,000, and the latest has stabilized at $5around $20,000, and at the beginning of January 2023, its minimum fell to 1Around $60,000, Bitcoin at that time was not only related to the bull and bear conversion caused by the capital game, but also related to the strict attitude of the regulatory authorities of various countries to the bitcoin trading platform, but after the bitcoin was sharply **, the attitude of the United States to the de-regulation of bitcoin gradually began, and after bitcoin began to be regarded as an investment product by the US regulators, this further stimulated its strength. Especially in January 2024, the issuance of bitcoin spot ETFs further promoted its volatility, and on January 11 this year, the US Securities and Exchange Commission officially approved the applications of 11 bitcoin spot ETFs, including BlackRock and other institutions, making bitcoin soar again and eventually exceed $50,000.
The traditional funds that originally invested in ** and ** began to cover Bitcoin, which has also become another factor in its strength. Bloomberg ETF analyst Eric Balchunas disclosed data showing that BlackRock's Bitcoin spot ETF (IBIT) has reached $5.2 billion in 2024 so far, while BlackRock's 417 ETFs have a total inflow of about $10.4 billion, which means that the inflow of Bitcoin spot ETFs has accounted for about 50% of the total inflows of BlackRock's 417 ETFs so far this year.
Whether Bitcoin is $500,000 or 0 is a huge divergence between European and American institutions.
Despite Bitcoin's demonstration of what a bear market looks like and its endorsement to traditional financial institutions, the controversy over Bitcoin remains.
Mathew McDermott, Goldman Sachs' global head of digital assets, is optimistic about the crypto market in 2024. If the spot Bitcoin ETF is approved this year, the development of Bitcoin will be strengthened and liquidity will increase. The move is expected to attract more pension**, insurance companies, and other institutional investors to participate in the cryptocurrency market. The above-mentioned institutional sources said that the approval of spot cryptocurrency ETFs will create institutional-grade products and prompt traditional financial giants to get involved in the field of digital assets, among them, the US pension market is huge, more than 5$6 trillion indicates that the potential market space is huge. He further explained that business opportunities will be maximized as businesses scale up and blockchain technology is integrated. McDermott emphasized that while crypto spot ETFs may not have a huge impact immediately, their impact will be felt gradually. He foresees the blockchain industry continuing to expand, driven by increased real-world applications and supportive regulations, and over the past year, clear policies and frameworks have facilitated more institutional participation in cryptocurrency.
At a time when some analysts on Wall Street in the United States believe that bitcoin will eventually reach a staggering $500,000 or even $1 million each, European institutions that are more traditional about financial products are dismissive. Ulrich Bindseil, director of market infrastructure and payments, and Juergen Schaaf, advisor at the ECB, reiterated their long-held view that bitcoin poses a risk to both society and the environment as it topped $50,000. The above-mentioned European institutional source stressed that for the followers of Bitcoin, the news of the official approval confirms that investing in Bitcoin seems safe, and the subsequent rally also proves that it looks unstoppable, but if there is no cash flow or other returns, the fair value of a certain class of assets is zero, and any ** that deviates from economic fundamentals is equally untenable.
Editor-in-charge: Wang Yunpeng.
Proofreading: Zhu Tianting.
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