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21Shares President Hails Spot Bitcoin ETFs as Among the Most Successful Launches Ever

The remarkable success of spot Bitcoin ETFs: insights from 21Shares president

Ophelia Snyder, the co-founder and president of 21Shares, recently heralded the success of spot Bitcoin ETFs as one of the most significant launches in financial history. In a Bloomberg interview on January 30th, Snyder discussed the impact of these ETFs since their approval by the U.S. Securities and Exchange Commission (SEC) on January 10th. Collaborating with Ark Invest, 21Shares played an important role in this achievement.

Reflecting on the immediate aftermath of the approvals, Snyder remarked: 

“At the end of the day, these flows have been really promising. It’s one of the best ETF launches of all time. We’ve seen north of $600 million in assets come into our product just in the last couple of weeks.” 

This influx, according to Snyder, is not just substantial but also comes from a diverse investor base, indicating a broader acceptance and integration of cryptocurrency in traditional finance.

Bloomberg's report further highlighted the collective inflow to all spot Bitcoin ETFs, amounting to $1 billion. Addressing whether this figure matched the pre-approval anticipation, Snyder maintained a long-term view, asserting, “It’s very early.” She emphasized the gradual integration of ETFs in advisory platforms, a process she estimates to span approximately three months.

Ethereum ETFs: assessing the approval odds and market outlook

The conversation with Ophelia Snyder extended beyond Bitcoin, touching on the potential of Ethereum-based ETFs. Regarding the pending applications for spot Ethereum ETFs, Snyder conveyed a cautious optimism. 

She said, addressing the chances of approval:

“I think it’s really hard to say at this stage. It’s going to come down to how the arguments that were made in support of a spot Bitcoin product actually translate into Ethereum and what the maturity of that market looks like.” 

Her outlook hinges on the maturity of the Ethereum market and how the arguments supporting Bitcoin ETFs could be adapted for Ethereum.

21Shares, under Snyder's leadership, remains hopeful about the future of Ethereum ETFs. 

She added:

"We look forward to engaging with regulators," 

Signaling the firm's readiness to navigate the complex regulatory landscape.

The broader market opinion on Ethereum ETFs remains divided. Various sources, including financial analysts and prediction markets, offer mixed forecasts. Polymarket predicts a 47% chance of an Ethereum ETF approval by the end of May, while Bloomberg analyst James Seyffart is slightly more optimistic at 60%. A member from JP Morgan estimates the odds at 50%. Standard Chartered Bank leans towards a likely approval in May, whereas TD Cowen holds a more skeptical view, doubting an approval anytime in 2024.