According to a report by CoinDesk on November 13th, Morgan Stanley stated in a research report last week that the excitement over the possible approval of a bitcoin ETF has driven a strong rebound in digital assets over the past month, but the increase seems to have gone too far. Analysts said that "the approval of a bitcoin ETF will help the cryptocurrency market attract new capital, as new approved ETFs will see inflows of funds," and "the approval will consolidate the victory of the cryptocurrency industry, but it is a setback for the US Securities and Exchange Commission (SEC)," so the SEC is more likely to soften its attitude towards the cryptocurrency industry. The bank expressed skepticism about both of these claims. Existing funds are more likely to be transferred from current bitcoin products (such as the Grayscale Bitcoin Trust (GBTC), bitcoin futures ETFs, and listed mining companies) to newly approved spot ETFs, rather than new capital entering the cryptocurrency field. Morgan Stanley pointed out that such ETFs already exist in Canada and Europe, but "investor interest has been low since their launch."
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