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International Business Times

Business

Marvie Basilan

Bitcoin ETFs Down To $46B – Not A TradFi Adoption Vehicle After All?

Jim Bianco Bitcoin TradFi ETF Crypto BlackRock SEC

The SEC approved spot Bitcoin ETFs in January, marking a historical breakthrough for the crypto industry. (Credit: Marco Verch/flickr)

KEY POINTS

Jim Bianco noted how the total assets in Bitcoin ETFs have plunged to $46 billion from a peak of $62 billion in June
Bianco said that instead of a tradfi adoption tool, BTC ETFs became a "small tourist tool"
Some crypto users said Bianco's call was too early, and others disagreed with his adoption projection

Spot Bitcoin exchange-traded funds (ETFs) were the biggest story in cryptocurrency innovation and development this year after the U.S. Securities and Exchange Commission (SEC) approved them for trading in January.

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