Spot Bitcoin ETF Approval May Lead To Chasing Crypto ETP Market's $50B Value: Report

The cryptocurrency exchange-traded products (ETPs) market is currently valued at a significant $50.3 billion, BitMEX Research report indicates.

The research highlights the maximized presence of Bitcoin BTC/USD with Bitcoin ETP's total value at $35.4 billion.

Grayscale Bitcoin Trust GBTC leads the list with $27.08 billion in assets, followed by ProShares Bitcoin Strategies (BITO) at $1.65 billion.

Ethereum's ETH/USD contribution to the list stands at $8.8 billion with Grayscale Ethereum Trust boasting $6.9 billion in assets followed by XBT Provider Ethereum (EUR) at $535.2 million.

Also Read: Will Spot Bitcoin ETF Approval Be A Boon Or Bane? Here's What Industry Experts Say

Altcoins have also found a space in the list with Solana SOL/USD representing $682.4 million in total value led by 21Shares Solana Staking ETP with $529.5 million in assets and Grayscale Solana Trust worth $21.5 million in assets.

Meanwhile, multicoin products ETP report a subtotal of $720 million for Bitwise Multicoin and $381.6 million for Grayscale Digital Large Cap. Gaining high traction, Avalanche AVAX/USD dedicated ETP 21Shares Avalanche has $18.9 million in assets. Also, 21Shares Cardano ETP focusing only on the token Cardano has $50.4 million in assets while 21Shares Ripple (XRP) ETP XRP/USD boasts $53.6 million.

See Also: Assets In Exchange-Traded Products Backed By Crypto Surge 91% In 2023

Why It Matters: Amid the imminent Spot Bitcoin ETF approval in January 2024, BitMEX Research sees a major impact on the crypto ETF market which includes both spot and futures funds. It mainly tracks the performance of crypto majors — Bitcoin and Ethereum.

New investors will be attracted to the crypto markets if the Spot Bitcoin ETFs are approved. Bitwise in its latest prediction indicated that the Spot Bitcoin ETFs would emerge as the most successful ETF product ever launched.

Coinshares data today reported digital asset inflows of $103 million with BTC accounting for $87 million. This takes the year-to-date number to $1.97 billion for the digital assets space.

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