Ophelia Snyder, co-founder and president of 21Shares, called spot Bitcoin ETFs a success during an interview with Bloomberg on Jan. 30.
21Shares is responsible for a joint spot Bitcoin ETF with Ark Invest, one of several approved by the U.S. Securities and Exchange Commission (SEC) on Jan. 10.
Snyder commented on those approvals, stating:
“At the end of the day, these flows have been really promising. It’s one of the best ETF launches of all time. We’ve seen north of $600 million in assets come into our product just in the last couple of weeks.”
Snyder added that this trend is “really exciting” because it originates from a diversified base. She suggested that the new products bring advisors into the crypto community and that the trend will shape the ecosystem in the future.
Bloomberg additionally identified inflows across all spot Bitcoin ETFs as $1 billion. When asked whether that number is relatively low given the massive hype leading up to approval, Synder responded that it is “very early.” She said it will take time for ETFs to be added to more platforms and become more available among advisors, noting that the full process takes about three months.
Synder discusses ETH ETF approval chances
Snyder also commented on pending spot Ethereum ETF applications. On the likelihood that those funds will gain approval in the coming months, she said:
“I think it’s really hard to say at this stage. It’s going to come down to how the arguments that were made in support of a spot Bitcoin product actually translate into Ethereum and what the maturity of that market looks like.”
Synder added that 21Shares is nevertheless optimistic about spot Ethereum ETFs and said that her firm looks forward to engaging with regulators.
Other sources are similarly divided on approval chances. One Polymarket prediction market places 47% odds on a spot Ethereum ETF approval by May 31. Bloomberg ETF analyst James Seyffart has predicted 60% odds of a May approval, while a JP Morgan member has predicted 50% odds of a May approval.
Standard Chartered Bank believes a May approval is likely, while TD Cowen believes an approval at any time in 2024 is unlikely.
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