The annual Exchange ETF Conference saw a significant focus on crypto assets, particularly with the recent approval of 11 spot bitcoin ETFs, allowing retail investors access to digital assets.
The event, sponsored by major ETF providers, highlighted the growing mainstream acceptance of cryptocurrencies.
“Financial advisers who have been coming to this conference for nearly a decade told me the crypto crowd unequivocally brought the buzz this year,” Mark Connors, director of research at Toronto investment firm 3iQ Corp said.
Industry leaders like BlackRock’s Larry Fink and SEC Chairman Gary Gensler played pivotal roles in the shift.
The conference witnessed a surge of interest in crypto discussions, especially around the potential approval of a spot ethereum ETF.
“On investment bank trading desks, you can tell when someone is about to close a significant transaction, one which they’ve worked on a long time with an uncertain outcome. A small crowd forms, including some new friends who ‘believed in this trade from the start,’” Coindesk’s head of product Andy Baehr said.
“The bitcoin panel on the main stage at Exchange felt like that. Not an empty seat to be found. Not a smirk nor an eye roll in sight. Just admirers of $35-plus billion of brand-new ETF assets and the trailblazers who made it happen. Never in doubt, never in doubt!”
Grayscale’s success in securing bitcoin ETF approval set the stage for Wall Street giants to offer crypto exposure.
The sentiment regarding a potential ethereum ETF approval is positive, with industry players eagerly awaiting regulatory decisions.
“Trading desks are known for ‘victory laps’ after big wins, and it would be tempting to put that label on Grayscale’s awesome drone light show on the final night of the conference,” Baehr said. “But, in truth, it felt more like an invitation: crypto is a real thing now, friends new and old. Come with us and let’s make this even bigger.”
“I’d be surprised in the next year if the top 10 wirehouses are not involved in this,” Galaxy Asset Management’s Steve Kurz said. “We will probably see institutional FOMO.”
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