Chris Rhine, the Managing Director of Galaxy, said at the Token2049 "Institutionalization of Digital Assets" roundtable in Singapore: "When communicating with many institutions, they believe that approving Bitcoin and Ethereum ETFs for spot trading is a huge regulatory milestone. This almost helps to view cryptocurrencies as an asset class rather than just a potential unregulated investment tool. So most of the feedback I have heard is positive. I think from another perspective, the involvement of large institutional capital will involve time.

But to be honest, I have worked at BlackRock for more than ten years, and they are a powerful marketing machine. An area in the US market that is completely undeveloped is wealth channels. It has always been very difficult to obtain product approval for wealth channels in many large banks. Now, there will finally be a new wealth management model, which will allow investors and interested parties to gain exposure to cryptocurrency investments in a very simple and accessible way, as well as at a lower cost."