Crypto Presence Noted at Exchange ETF Conference Amid Evolving Market
During the Exchange ETF conference in Las Vegas, notable changes in the crypto landscape were reflected since the last event three years ago. Key highlights include:
- Pippa Malmgren previously called Bored Ape Yacht Club NFTs a “revolution in finance.”
- Michael Saylor viewed US Treasury Secretary Janet Yellen's speech as positive for digital assets.
- Fidelity announced launch dates for crypto industry and metaverse ETFs.
- Grayscale's CEO hinted at potential legal action against the SEC over ETF proposals.
- Following a legal victory, Grayscale's efforts contributed to the approval of US spot BTC funds in January 2024.
Current observations from the conference show:
- A strong crypto presence, including notable promotional activities by firms like Franklin Templeton and VanEck.
- Crypto discussions were less dominant compared to previous years, with private credit and ETF share classes gaining attention.
- TMX VettaFi indicated that crypto is now a significant part of investment conversations.
- New filings for single-asset spot crypto ETFs are emerging, with Fidelity proposing a solana ETF.
- Investment firms are developing products that offer bitcoin exposure with downside protection.
- State Street Global Advisors highlighted the need for diversification beyond traditional portfolios.
- Charles Schwab plans to offer spot crypto trading when regulations allow; Vanguard maintains its stance against crypto in long-term portfolios.
- JPMorgan Asset Management has no current plans for crypto ETFs.
- A majority of attendees believe BTC will reach $150,000 or higher, with many expressing bullish sentiment on its future value.