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2021-09-06
Definitely. A lot of demand will come in.
Who needs a bitcoin ETF, anyway? It may hold little value for investors now—Here’s why.
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A lot of demand will come in.","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/817113504","repostId":1170878921,"repostType":4,"repost":{"id":"1170878921","kind":"news","pubTimestamp":1630915005,"share":"https://www.laohu8.com/m/news/1170878921?lang=&edition=full","pubTime":"2021-09-06 15:56","market":"us","language":"en","title":"Who needs a bitcoin ETF, anyway? It may hold little value for investors now—Here’s why.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170878921","media":"MarketWatch","summary":"Hi there, again!I’m flooded. There is at least 3 inches of water in my basement in New Jersey. All t","content":"<p><b>Hi there, again!</b>I’m flooded. There is at least 3 inches of water in my basement in New Jersey. All thanks to what the media (hey, that’s me) is referring to as the remnants of Hurricane Ida.</p>\n<p>Anyway, wading knee deep in water at 1 a.m. Eastern Time on Thursday, as I embarked upon the Sisyphean task of bailing bilge out of my basement got me to thinking about the flood of ETF applications for abitcoin-backed products that Gary Gensler’s Securities and Exchange Commission is wading through.</p>\n<p>We talked to Will Rhind of GraniteShares, which put in an application for a long and short bitcoin ETF back in 2017, but is taking a hard pass this time around. I’ll leave you to judge whether Rhind’s reasoning is sound. Rhind is founder and chief executive officer of ETF issuer GraniteShares in New York, which was established in 2016.</p>\n<p><b>You know what to do:</b> Send tips, or feedback, and find me on Twitter at @mdecambre to tell me what we need to be jumping on.</p>\n<p>Sign up here for ETF Wrap.</p>\n<p><b>Why do we need a bitcoin ETF</b></p>\n<p>There is a growing surge of bitcoin ETF applications for a futures-based product, after the SEC said that it would probably approve a bitcoinBTCUSDETF that holds bitcoin futuresBTC,rather than the crypto itself. SEC Chairman Gensler views futures as a more regulated area of the market and one where he thinks investor guardrails are more sound.</p>\n<p>Futures are usually a wager on an underlying commodity such as oilCL,or goldGC00and there is a growing bitcoin futures market run by CME Group.CMEBitcoin futures trade separately from the underlying asset and values don’t always align.</p>\n<p>Rhind told<i>ETF Wrap</i>during a Wednesday phone interview that there may not be any substantial point to the current rigmarole around trying to be the first to offer a bitcoin-backed ETF beyond the optics of it.</p>\n<p>Back in 2017, Rhind said the thesis for providing a bitcoin ETF was clear.</p>\n<p>“We felt bitcoin and other [crypto] currencies seemed like that was an asset that people wanted to trade and they couldn’t easily,” he said.</p>\n<p>That dynamic has changed substantially over the past three years, he argues, because access is easier for the average investor due to platforms like Coinbase GlobalCOINand other venues, such as PayPalPYPL,that offer exposure to bitcoin.</p>\n<p>“The best expression of an ETF has always been market access,” he said. “It can be lightening in a bottle when you combine a genuine need…there’s demand for a particular class and [the ETF],” addresses that need and unlocks value.</p>\n<p>“But by now this is no longer a market-access story,” Rhind said. “People can already get access.”</p>\n<p>The GraniteShares pro also said tax benefits that one might derive from a stock ETF wouldn’t likely be in play for a bitcoin futures ETF.</p>\n<p>“The chances are that the tax treatment will be the same as it would if you owned the underlying futures directly,” he said.</p>\n<p>John Hyland, CFA, and director of Matthews International, told ETF.com that so-called roll costs, as futures contracts expire, could also create idiosyncrasies in ETF prices and trading.</p>\n<p>“Bitcoin futures will likely always be in a mild contango, much like gold futures–a small, but not welcome, outcome,” Hyland told ETF.com in an interview. Contango is a condition where prices are higher for longer-dated contracts.</p>\n<p>“So even if a bitcoin futures fund is small and can easily trade their futures, they will still likely underperform the spot price every year if using futures,” Hyland told ETF.com in an interview.</p>\n<p>All of that is worth thinking about amid all the hullabaloo around a bitcoin ETF. Is it worth it, even if one gets approved by October?</p>\n<p>Some crypto purists also like to point to the paradox of owning a decentralized asset, such as bitcoin or EtherETHUSD,on a centralized platform, like a fund traded on a public exchange.</p>\n<p><b>The good and the bad</b></p>\n<p><img src=\"https://static.tigerbbs.com/69e190f6c95fa1044cc1f421aa792ac2\" tg-width=\"801\" tg-height=\"513\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/893a76e551af75b534550f5b045352ac\" tg-width=\"805\" tg-height=\"512\" width=\"100%\" height=\"auto\">Data from Cboe Global Markets makes the case that the meme stock phenomenon that exploded into focus earlier this year, amid the rabid appetite for AMC Entertainment HoldingsAMCand GameStop Corp.GME,has been around for much longer.</p>\n<p>Cboe’s team, including summer intern, Jeff Nguyen, determined that the meme-stock phenomenon, characterized by stocks that move on social mentions and idea collaboration over social platforms, rather than fundamentals, has been going on since at least 2019 (see attached chart). The group created a program that scanned Reddit’s popular r/WallStreetBets forum for stock tickers and totaled the number of mentions for each ticker by day.</p>\n<p>“We then studied the 15 most discussed social media ‘meme’ stocks from January 2019 to present,” and the researchers compiled each stock’s total trading volume relative to the total composite volume, or TCV, to determine whether a significant trend was afoot.</p>\n<p><b>Let if flow</b></p>\n<p>The exchange-traded fund industry has seen $596 billion of net inflows year-to-date through August, extending its record-breaking year, CFRA points out.</p>\n<p><img src=\"https://static.tigerbbs.com/66efe8059251cad3f530d91a5ba8389f\" tg-width=\"700\" tg-height=\"345\" width=\"100%\" height=\"auto\">Todd Rosenbluth, head of ETF and mutual fund research at CFRA says broad market global equity and U.S. ETFs contributed the most to those flows in the first eight months of 2021, with iShares Core MSCI Emerging Markets ETFIEMG and Vanguard S&P 500 ETFVOOamong the leaders.</p>\n<p><b>August performance</b></p>\n<p>The good folks atBespoke Investment Grouphave a helpful table that provides a snapshot on how some U.S. and international ETFs performed in the month.</p>\n<p><img src=\"https://static.tigerbbs.com/c59cc8c3dbc5c2935462c00f443214b6\" tg-width=\"700\" tg-height=\"694\" width=\"100%\" height=\"auto\">“The Nasdaq-100QQQhad the best August of the major US index ETFs, while the Dow 30DIAwas up the least. The Energy sectorXLEwas the only sector in the red for the month, while every other sector ETF gained more than 1%,” the researchers wrote.</p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Who needs a bitcoin ETF, anyway? 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It may hold little value for investors now—Here’s why.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-06 15:56 GMT+8 <a href=https://www.marketwatch.com/story/who-needs-a-bitcoin-etf-anyway-it-may-hold-little-value-for-investors-nowheres-why-11630600714?mod=markets><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hi there, again!I’m flooded. There is at least 3 inches of water in my basement in New Jersey. All thanks to what the media (hey, that’s me) is referring to as the remnants of Hurricane Ida.\nAnyway, ...</p>\n\n<a href=\"https://www.marketwatch.com/story/who-needs-a-bitcoin-etf-anyway-it-may-hold-little-value-for-investors-nowheres-why-11630600714?mod=markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.marketwatch.com/story/who-needs-a-bitcoin-etf-anyway-it-may-hold-little-value-for-investors-nowheres-why-11630600714?mod=markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170878921","content_text":"Hi there, again!I’m flooded. There is at least 3 inches of water in my basement in New Jersey. All thanks to what the media (hey, that’s me) is referring to as the remnants of Hurricane Ida.\nAnyway, wading knee deep in water at 1 a.m. Eastern Time on Thursday, as I embarked upon the Sisyphean task of bailing bilge out of my basement got me to thinking about the flood of ETF applications for abitcoin-backed products that Gary Gensler’s Securities and Exchange Commission is wading through.\nWe talked to Will Rhind of GraniteShares, which put in an application for a long and short bitcoin ETF back in 2017, but is taking a hard pass this time around. I’ll leave you to judge whether Rhind’s reasoning is sound. Rhind is founder and chief executive officer of ETF issuer GraniteShares in New York, which was established in 2016.\nYou know what to do: Send tips, or feedback, and find me on Twitter at @mdecambre to tell me what we need to be jumping on.\nSign up here for ETF Wrap.\nWhy do we need a bitcoin ETF\nThere is a growing surge of bitcoin ETF applications for a futures-based product, after the SEC said that it would probably approve a bitcoinBTCUSDETF that holds bitcoin futuresBTC,rather than the crypto itself. SEC Chairman Gensler views futures as a more regulated area of the market and one where he thinks investor guardrails are more sound.\nFutures are usually a wager on an underlying commodity such as oilCL,or goldGC00and there is a growing bitcoin futures market run by CME Group.CMEBitcoin futures trade separately from the underlying asset and values don’t always align.\nRhind toldETF Wrapduring a Wednesday phone interview that there may not be any substantial point to the current rigmarole around trying to be the first to offer a bitcoin-backed ETF beyond the optics of it.\nBack in 2017, Rhind said the thesis for providing a bitcoin ETF was clear.\n“We felt bitcoin and other [crypto] currencies seemed like that was an asset that people wanted to trade and they couldn’t easily,” he said.\nThat dynamic has changed substantially over the past three years, he argues, because access is easier for the average investor due to platforms like Coinbase GlobalCOINand other venues, such as PayPalPYPL,that offer exposure to bitcoin.\n“The best expression of an ETF has always been market access,” he said. “It can be lightening in a bottle when you combine a genuine need…there’s demand for a particular class and [the ETF],” addresses that need and unlocks value.\n“But by now this is no longer a market-access story,” Rhind said. “People can already get access.”\nThe GraniteShares pro also said tax benefits that one might derive from a stock ETF wouldn’t likely be in play for a bitcoin futures ETF.\n“The chances are that the tax treatment will be the same as it would if you owned the underlying futures directly,” he said.\nJohn Hyland, CFA, and director of Matthews International, told ETF.com that so-called roll costs, as futures contracts expire, could also create idiosyncrasies in ETF prices and trading.\n“Bitcoin futures will likely always be in a mild contango, much like gold futures–a small, but not welcome, outcome,” Hyland told ETF.com in an interview. Contango is a condition where prices are higher for longer-dated contracts.\n“So even if a bitcoin futures fund is small and can easily trade their futures, they will still likely underperform the spot price every year if using futures,” Hyland told ETF.com in an interview.\nAll of that is worth thinking about amid all the hullabaloo around a bitcoin ETF. Is it worth it, even if one gets approved by October?\nSome crypto purists also like to point to the paradox of owning a decentralized asset, such as bitcoin or EtherETHUSD,on a centralized platform, like a fund traded on a public exchange.\nThe good and the bad\nData from Cboe Global Markets makes the case that the meme stock phenomenon that exploded into focus earlier this year, amid the rabid appetite for AMC Entertainment HoldingsAMCand GameStop Corp.GME,has been around for much longer.\nCboe’s team, including summer intern, Jeff Nguyen, determined that the meme-stock phenomenon, characterized by stocks that move on social mentions and idea collaboration over social platforms, rather than fundamentals, has been going on since at least 2019 (see attached chart). The group created a program that scanned Reddit’s popular r/WallStreetBets forum for stock tickers and totaled the number of mentions for each ticker by day.\n“We then studied the 15 most discussed social media ‘meme’ stocks from January 2019 to present,” and the researchers compiled each stock’s total trading volume relative to the total composite volume, or TCV, to determine whether a significant trend was afoot.\nLet if flow\nThe exchange-traded fund industry has seen $596 billion of net inflows year-to-date through August, extending its record-breaking year, CFRA points out.\nTodd Rosenbluth, head of ETF and mutual fund research at CFRA says broad market global equity and U.S. ETFs contributed the most to those flows in the first eight months of 2021, with iShares Core MSCI Emerging Markets ETFIEMG and Vanguard S&P 500 ETFVOOamong the leaders.\nAugust performance\nThe good folks atBespoke Investment Grouphave a helpful table that provides a snapshot on how some U.S. and international ETFs performed in the month.\n“The Nasdaq-100QQQhad the best August of the major US index ETFs, while the Dow 30DIAwas up the least. The Energy sectorXLEwas the only sector in the red for the month, while every other sector ETF gained more than 1%,” the researchers wrote.","news_type":1},"isVote":1,"tweetType":1,"viewCount":240,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":34,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/817113504"}
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