{"id":200031,"date":"2021-11-17T06:00:57","date_gmt":"2021-11-17T00:30:57","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=200031"},"modified":"2021-11-17T05:05:02","modified_gmt":"2021-11-16T23:35:02","slug":"galaxy-digital-exec-compares-crypto-funds-to-hedge-fund-space-in-early-2000s","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/galaxy-digital-exec-compares-crypto-funds-to-hedge-fund-space-in-early-2000s\/","title":{"rendered":"Galaxy Digital exec compares crypto funds to ‘hedge-fund space in early 2000s’"},"content":{"rendered":"

The year-to-date inflows are at a record high of US$8.9 billion as per CoinShares’ weekly fund<\/a> flows until 5 November. The numbers have broken last year\u2019s record of US$6.7 billion in inflows.<\/p>\n

Massive inflows<\/h3>\n

The report also noted<\/a> that this marks the twelfth consecutive week of positive flows in digital investment products totaling US$174b just last week. With these record inflows, market cap of the crypto market is also currently above $3 trillion.<\/p>\n

Thanks to this, Steve Kurz, the global head of asset management at Galaxy Digital is optimistic about the industry’s future. In a recent conversation with Bloomberg, he predicted<\/a>,<\/p>\n

“I expect that you will have a number of very large assets in crypto, in our large-cap index.”<\/p><\/blockquote>\n

However, he agreed that the valuations of Bitcoin and Ethereum are currently massive to be competed with. But, the growth of the space is a testimony to that, according to him. He also stated<\/a>,<\/p>\n

” I would analogize the crypto funds space to the hedge-fund space in the early 2000s. There are 850 funds — it\u2019s a shocking statistic, that people don\u2019t understand the breadth and scope of that. “<\/p><\/blockquote>\n

ETF offerings<\/h3>\n

It is noteworthy here that Galaxy Digital has two partnerships for crypto ETFs at the moment. It includes<\/a> Invesco Alerian Galaxy Crypto Economy ETF (SATO) and the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC).<\/p>\n

A previous report had estimated that 47% of traditional hedge fund managers, that hold close to $180 billion in assets are, in fact, looking at crypto as an asset class. It stated<\/a>,<\/p>\n

“86% of those hedge funds intend to deploy more capital into the asset class by the end of 2021.”<\/p><\/blockquote>\n

Meanwhile, as per a recent notice<\/a> by the Chicago Board Options Exchange (CBOE), VanEck’s new Bitcoin futures ETF (XBTF) is also set to join the market on 16 November.<\/p>\n

With institutions jumping in crypto offerings, Kurz is certain that a lot of work has been happening behind the scenes over the last four years. He said,<\/p>\n

“Every single institution that you can think of in every vertical, they have people who have done work on this.”<\/p><\/blockquote>\n

Recently, former British Chancellor of the Exchequer Philip Hammond also noted<\/a> in an interview that crypto in business is \u201cunstoppable.\u201d He told<\/a> Yahoo Finance,<\/p>\n

“This is going to happen, we have probably got to a point where this is unstoppable.\u201d<\/p><\/blockquote>\n

Therefore, with institutional money, the industry can expect more Bitcoin and Ethereum-like large-cap funds. In 2021, Chainalysis Co-Founder and CEO Michael Gronger also noted<\/a> an “unprecedented interest in cryptocurrencies among financial institutions.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The year-to-date inflows are at a record high of US$8.9 billion as per CoinShares’ weekly fund flows until 5 November. The numbers have broken last year\u2019s record of US$6.7 billion in inflows. Massive inflows The report also noted that this marks the twelfth consecutive week of positive flows in digital investment products totaling US$174b justContinue reading “Galaxy Digital exec compares crypto funds to ‘hedge-fund space in early 2000s’”<\/span><\/a><\/p>\n","protected":false},"author":47,"featured_media":200041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,44,66,3,4,20],"tags":[],"class_list":["post-200031","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nGalaxy Digital exec compares crypto funds to 'hedge-fund space in early 2000s' - AMBCrypto<\/title>\n<meta name=\"description\" content=\"With institutional money, can the industry expect more Bitcoins and Ethereum-like large-cap funds in the ecosystem? 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