VanEck: Spot Bitcoin ETFs Will Take in $40 Billion

VanEck’s Sigel talks spot bitcoin ETFs and the outlook for crypto.

Just two days after launching, spot bitcoin ETFs collectively took in around $1 billion in new assets. That’s right in line with what Matthew Sigel, head of digital assets research at VanEck, was expecting. 

In this episode of Talk ETFs, Sigel explains what makes the Vaneck Bitcoin Trust (HODL) distinct from the other spot bitcoin ETFs on the market and what he thinks is coming next for crypto ETFs in general. 

Although the HODL ETF got off to a slow start, with only $10 million of inflows over its first two trading days, Sigel believes that the fund can compete with ETFs issued by companies with more name recognition, like BlackRock and Fidelity. 

The growth of spot bitcoin ETFs is just getting started. Over the next one to two years, Sigel expects that these funds could take in $40 billion of fresh cash.

“We are definitely going to compete. HODL was one of the biggest launches we’ve ever had in terms of trading volumes and retail orders. We’ve been involved in bitcoin since 2017; we’re not tourists in this space,” Sigel said.