The ETF approval by the US financial regulator has evolved into a “sell-the-news” event, believes Danish crypto analyst Mads Eberhardt at Steno Research. Eberhardt says the market has underestimated the risks that lay in Greyscale's large holdings of Bitcoins, and that the net inflow of new capital to buy Bitcoins has been below expectation. But in the longer term, the approval of Bitcoin spot-based ETFs is “extremely positive for the crypto market” and a “historic event,” Eberhardt says in a video interview with Kaupr.
Mads Eberhardt is a crypto analyst at Steno Research, which is an independent analytics company with strong expertise in three areas: macro, geopolitical analysis and cryptanalysis. Eberhardt has been following developments in both the ETF market and the crypto market from day to day. We therefore invited Eberhardt to a conversation to settle some kind of status, both in the ETF market and the crypto market. The interview is done Friday afternoon (Norwegian/Danish time), before the US stock exchanges opened.
In the conversation, we initially discuss how the market, since last summer, expected the ETFs to be approved, and that this expectation drove Bitcoin prices upward throughout the fall and winter from a level of $28-30,000 to $44-46,000. We are talking about the fact that the reaction has now, in the short term, well a week after the ETF approval became available, has evolved into a sell-the-news event. Eberhardt's explanation is that the market has underestimated what effect Grayscale's large holdings of Bitcoins could have. In recent days, there has been a continuous selling pressure, where Graysale's clients have wanted to sell out of Grayscale's fund in large numbers every single day.
In our conversation with Eberhardt, we go through the correlation in the capital flows between the EFT funds and the Bitcoin market, step by step. But we also have time to review the outlook for Bitcoin in the coming months. We also cover the topic of “crypto meets classic finance,” not to say “crypto bids TradFi up to dance” (or was it the other way around?). Here Eberhardt, at the end of the interview is crystal clear, as he describes the ETF decision and launch as a historic event that traditional finance must acknowledge is here to stay, and with which they must now deal.
You can watch the full video interview with Mads Eberhardt below:
<iframe width="100%" height="400" src="https://www.youtube.com/embed/Fb2m6kpIjwc?si=FW596uOigb2tGJYP" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
The ETF approval by the US financial regulator has evolved into a “sell-the-news” event, believes Danish crypto analyst Mads Eberhardt at Steno Research. Eberhardt says the market has underestimated the risks that lay in Greyscale's large holdings of Bitcoins, and that the net inflow of new capital to buy Bitcoins has been below expectation. But in the longer term, the approval of Bitcoin spot-based ETFs is “extremely positive for the crypto market” and a “historic event,” Eberhardt says in a video interview with Kaupr.
Mads Eberhardt is a crypto analyst at Steno Research, which is an independent analytics company with strong expertise in three areas: macro, geopolitical analysis and cryptanalysis. Eberhardt has been following developments in both the ETF market and the crypto market from day to day. We therefore invited Eberhardt to a conversation to settle some kind of status, both in the ETF market and the crypto market. The interview is done Friday afternoon (Norwegian/Danish time), before the US stock exchanges opened.
In the conversation, we initially discuss how the market, since last summer, expected the ETFs to be approved, and that this expectation drove Bitcoin prices upward throughout the fall and winter from a level of $28-30,000 to $44-46,000. We are talking about the fact that the reaction has now, in the short term, well a week after the ETF approval became available, has evolved into a sell-the-news event. Eberhardt's explanation is that the market has underestimated what effect Grayscale's large holdings of Bitcoins could have. In recent days, there has been a continuous selling pressure, where Graysale's clients have wanted to sell out of Grayscale's fund in large numbers every single day.
In our conversation with Eberhardt, we go through the correlation in the capital flows between the EFT funds and the Bitcoin market, step by step. But we also have time to review the outlook for Bitcoin in the coming months. We also cover the topic of “crypto meets classic finance,” not to say “crypto bids TradFi up to dance” (or was it the other way around?). Here Eberhardt, at the end of the interview is crystal clear, as he describes the ETF decision and launch as a historic event that traditional finance must acknowledge is here to stay, and with which they must now deal.
You can watch the full video interview with Mads Eberhardt below:
<iframe width="100%" height="400" src="https://www.youtube.com/embed/Fb2m6kpIjwc?si=FW596uOigb2tGJYP" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
