A growing number of funds are betting on the long-term appeal of bitcoin and ether, a gritty gambit in the depths of a crypto winter
Unfazed by a collapse in prices over the past 11 months, investment firms have unleashed a flurry of exchange-traded funds, anticipating that elite cryptocurrencies and their underlying technology will eventually prevail.
"Naturally when the market is slower, prices are lower, people have lost money, the intensity of the appetite does diminish," said Chen Arad, co-founder of crypto risk monitoring firm Solidus Labs. "But it's not the case in the long run. As a whole, I don't think anyone is giving up." "There is more asset allocation towards baskets that combine the top five or 10 crypto assets by market cap. It's a flight to quality compared to alternative assets in the crypto industry," said Eliezer Ndinga, director of research at 21shares.Most active crypto ETP products are registered outside the United States, though, with Switzerland, Canada, Australia and Brazil racing ahead with spot crypto offerings.
Bitcoin has lost 17% in the past three months, while ProShares Bitcoin Strategy's ETF , which tracks bitcoin futures, has shed about 21%. The world's largest bitcoin fund, Grayscale Bitcoin TrustProShares Bitcoin Strategy ETF, has seen assets under management shrink to just over $600 million as of the end of September, according to Refinitiv Lipper data. At its debut a year ago it pulled in over $1 billion in a matter of days.
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