Share this article
Arca’s Jeff Dorman: Market’s Fixation on Bitcoin ETF is Because 2023 is Boring
There hasn't been much to sink your teeth into as a digital asset investor this year, said Arca's chief investment officer.
Updated Aug 29, 2023, 5:18 p.m. Published Aug 29, 2023, 5:18 p.m.
While bitcoin today jumped more than 7% on a positive ruling regarding Grayscale’s attempt to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF, Jeff Dorman, Chief Investment Officer at Arca, says the world’s largest digital asset will need a “significant catalyst” to break out of its range-bound ways.
“When you get positive ETF news, whether it's Grayscale winning their lawsuit with the SEC or an actual approval of one of the many outstanding Bitcoin ETFs, you will definitely get a move higher in price," he said during a recent interview with CoinDesk TV.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
However, he warned that it's "premature" to anticipate this as a magic bullet for sustained growth, emphasizing that the "real follow-through only happens once BlackRock and others start to really market bitcoin in their documents."
"If you're looking for a short-term move in bitcoin, it's probably going to be if we start to see rates start to go back down or inflation going back up, and therefore real rates going down," Dorman said.
Bitcoin, he argues, "really just tracked real rates" for much of the past year and a half, highlighting that this correlation becomes particularly important when real rates start to rise.
Dorman pointed out that for most of the year – which has been otherwise dull for digital asset investors – bitcoin has acted as a “call option on future problems with confidence in your local governments and banks.”
“During periods like in March, when there was a big loss of confidence in regional banks in the US, that was a real boon to Bitcoin's price," he said.
The big question is, what will be that next market-moving sentiment?
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
