{"id":78890,"date":"2018-08-27T03:00:11","date_gmt":"2018-08-27T10:00:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=78890"},"modified":"2020-05-27T03:33:01","modified_gmt":"2020-05-27T02:33:01","slug":"why-andreas-antonopoulos-is-against-bitcoin-etfs-despite-its-hype","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-andreas-antonopoulos-is-against-bitcoin-etfs-despite-its-hype\/","title":{"rendered":"Why Andreas Antonopoulos Is Against Bitcoin ETFs Despite the Hype"},"content":{"rendered":"

Widely recognized security expert and cryptocurrency researcher Andreas Antonopoulos<\/a> recently said in a Q&A session that he is against Bitcoin exchange-traded funds<\/a> (ETFs) and their potential impact on the crypto market.<\/p>\n

With ETFs, large-scale institutional investors and retail traders in the regulated traditional finance sector can purchase and sell assets that represent the value of Bitcoin. Antonopoulos explained that ETFs leave the market vulnerable to manipulation as they give more leverage to traders in regulated financial markets.\u00a0Antonopoulos said<\/a>.<\/p>\n

\u201cEverybody is so excited about ETFs. What we have seen in other markets is that when an ETF becomes available, the price really increases dramatically, as suddenly that commodity becomes available to a lot more investors and these investors pile on. But, the other side of it is that there are always these claims that the commodities markets are heavily manipulated and opening up these ETFs only increase the ability of institutional investors to manipulate the prices of commodities.\u201d<\/p><\/blockquote>\n

Can This Happen to Bitcoin?<\/h2>\n

While it has not been conclusively proven, many investors and analysts in the cryptocurrency sector have claimed that the introduction of the Cboe and CME Bitcoin futures market in December 2017 contributed to the price drop of cryptocurrencies, as the futures market provided accredited investors leverage and incentive to manipulate the price of Bitcoin.<\/p>\n

For instance, earlier this week, BKCM CEO and cryptocurrency investor Brian Kelly stated that the increase in the price of Bitcoin may have been caused by the expiration of futures contracts. On CNBC\u2019s Fast Money, Kelly said:<\/p>\n

\u201cToday we had Cboe futures expiration. Prior to expiration, on average, you've seen Bitcoin down. Then expiration comes, and then next six days, you see an increase of about six percent. That\u2019s happened basically on average, in each of the expiration.\u201d<\/p><\/blockquote>\n

\n

#Bitcoin<\/a> bouncing back today, and @BKBrianKelly<\/a> explains why you should trust this bounce. pic.twitter.com\/YhMo3EoSWp<\/a><\/p>\n

— CNBC's Fast Money (@CNBCFastMoney) August 15, 2018<\/a><\/p><\/blockquote>\n