Valkyrie CIO: Bitcoin spot ETF issuers with assets under management of less than US$100 million may be eliminated by the market

Odaily News Valkyrie Funds Chief Investment Officer (CIO) Steven McClurg said in a recent interview that major Bitcoin spot ETFs will be open for trading for a month, but the field is likely to shrink before the end of this year. Steven McClurg predicts that of the ten issuers currently operating Bitcoin spot ETFs, only about seven or eight issuers may be left by the end of the year, because the cost of operating a Bitcoin spot ETF may be too high, especially at this time This could hurt the profitability of struggling publishers amid competition to cut fees. Steven McClurg said: If your asset management scale has not reached $100 million by now, then you should probably give up. In addition, McClurg expects more funds to flow out of Grayscale GBTC and be diverted to other spot ETFs. BlackRocks iShares Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund have surpassed $3 billion in AUM in the past month since being approved for launch, while ARK 21Shares ARKB and Bitwises BITB have also attracted more than $700 million in AUM. Money flows in. In light of this, McClurg expressed satisfaction with the performance of the Valkyrie Bitcoin Spot ETF, which had approximately $123.7 million in assets under management as of February 8; although it is far lower than the product assets under management of other large companies, McClurg said that beating them is not focus. Youre not going to beat BlackRock and Fidelity, they have a fixed market, McClurg explained. But if you compare it downwards, that is, to relatively smaller competitors, I think were doing very well. (Decrypt)