While the financial world outside of crypto is eagerly awaiting the SEC's decision on Bitcoin spot ETFs, important claims came from Steven McClurg, founder of Valkyrie Investments, one of the companies seeking approval for its application.
"We expect between 200 and 400 million dollars"
In an interview with US media outlet The Block, McClurg said he doesn't think all ETFs will open for trading at the same time and expects between $200 million and $400 million to flow into his funds in the first few weeks:
"I think we'll get the approval on Wednesday, and it may not be all 13 ETFs in the first wave of trading. Because some details still need to be worked out for them. We've been working all through the Christmas period, and I expect about 10 ETFs to open for trading at the same time on Thursday. The Valkyrie ETF could get $200 to $400 million in the first few weeks. We think the total amount that will enter the funds in this time frame will be 4-5 billion dollars."
"Not like normal ETFs"
Stating that approving Bitcoin spot ETFs is not as easy as other ETFs, Valkyrie founder said:
"There are two custodians here. Both crypto and cash need to be stored. You need to make sure that both accounts are connected to each other. It's almost like there are two jobs to do..."
McClurg also said that he thinks that it is not institutional investors who will put money into these ETFs in the first place, but individual, i.e. small investors.