Share this article
Crypto ETF Opportunity Doesn't Stop at Bitcoin, Extends Into Multiple Digital Assets: Bernstein
The industry push for an ether spot ETF will follow immediately after a bitcoin ETF approval since ETH has a similar market structure of a traded CME futures market and a spot market, the report said.
Updated Jan 24, 2024, 12:40 a.m. Published Sep 4, 2023, 10:13 a.m.
Make us preferred on Google
Grayscale secured a landmark win against the U.S. Securities and Exchange Commission (SEC) last week in a court ruling that went past the Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded-fund (ETF), laying out unambiguous principles for regulators to evaluate spot ETF applications, broker Bernstein said in a report on Monday.
“The crypto ETF opportunity won’t stop at just bitcoin , but will extend into multiple crypto assets,” analysts led by Gautam Chhugani wrote.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The industry will get its first spot bitcoin ETF some time between mid-October and mid-March, and approval of all spot ETF applications, including Grayscale, will happen at the same time, the report said.
“The industry push for an ether spot ETF follows immediately after, given ETH also has a similar market structure of a traded CME futures market and a spot market,” the analysts wrote.
The asset management industry is expected to push beyond bitcoin and ether into areas including other top blockchains, such as Solana and Polygon, and even leading decentralized finance (DeFi) assets, the note said. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without traditional intermediaries.
This is a massive commercial opportunity for the asset management industry to generate healthy fees in a burgeoning asset class, the note added.
“The strong showing in the courts (Ripple and Grayscale in 2 months), improved ETF chances and the progressive institutional interest, are positioning crypto for an unprecedented capital led cycle, unlike the retail led crypto cycles of the past,” the report added.
CoinDesk’s parent company, Digital Currency Group, owns Grayscale.
Read more: Grayscale’s Legal Win Versus SEC Makes Spot Bitcoin ETF Approval More Likely: JPMorgan
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Silver nears $1 billion in volume on Hyperliquid as bitcoin remains frozen: Asia Morning Briefing
Silver perps have more volume on Hyperliquid than SOL or XRP.
What to know:
- Silver futures on the Hyperliquid crypto derivatives exchange have surged to become one of its most active markets, ranking just behind bitcoin and ether in trading volume.
- The SILVER-USDC contract’s high volume, sizable open interest and slightly negative funding suggest traders are using crypto infrastructure for volatility and hedging in macro commodities rather than for directional crypto bets.
- Bitcoin is holding near $88,000 in a "defensive equilibrium" with cooling ETF inflows, uneven derivatives positioning and rising demand for downside protection, while ether lags and capital rotates toward hard assets like gold and silver.
Top Stories
