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Author: Murtuza Merchant, Decrypt; Compilation: Tao Zhu, Bitchain Vision
Tether and WAX co-founder William Quigley pointed out this week thatDon’t expect the momentum of crypto ETFs to slow down after the U.S. approved spot Bitcoin and Ethereum funds: Wall Street’s “greed” will bring more and more of these products.
Quigley predicts that driven by Wall Street’s unremitting pursuit of profits,ETFs of other leading cryptocurrencies such as Solana and Cardano will surge.
“Wall Street is greedy,” he said.“Whenever Wall Street packages a new product and sells it to consumers, if the product succeeds, you can guarantee that there will be imitators. If the Bitcoin ETF fails, there will be no ETF.”
He added that Wall Street likes “the next hot new thing” because it can discuss with consumers and sell their products.But if the momentum eventually cools down, Quigley expects ETF providers to shift their focus to the next big trend.
“We will continue to see new ETF launches until a big callback,”he added.“And then, you’ll seeSome ETFs have been shut down by companies that have launched them due to lack of demand.”
In January, the Securities and Exchange Commission (SEC) approved the long-awaited spot Bitcoin ETF in the United States, marking an important milestone in the integration of cryptocurrencies into mainstream financial markets.They allow investors to access Bitcoin without holding cryptocurrencies directly, thus providing a more accessible and regulated investment vehicle.
This approval has sparked great interest and investment inflows, highlighting the growing acceptance and institutional interest in digital assets.
The success of Bitcoin ETFs paved the way for further crypto-related financial products, and the market has been eagerly looking forward to similar developments in other such products.
There is particularly high expectations for Ethereum ETFs, especially after regulators send positive signals.The funds received preliminary approval at the end of May, but trading will not begin until the fund’s S-1 registry is approved.
SEC Chairman Gary Gensler said Thursday that the approval process for Ethereum ETFs could be completed by the end of the summer.
“Individual issuers are still successfully completing the registration process and I expect it will be done sometime throughout the summer,” Gensler said during a Senate hearing Thursday.
While ETFs have attracted more mainstream attention, Quigley has expressed dissatisfaction with traditional finance’s increasingly entrenched in the cryptocurrency space.
“I’m very happy with cryptocurrencies without Wall Street,” he said.”Will it get smaller? Sure. But I don’t think there is any need to continue to expand the size of cryptocurrencies right now.”
He warned,Wall Street’s aggressive marketing of cryptocurrency products can lead to significant risks, especially if institutional investors exit during market downturns.
Despite his reservations about Wall Street’s involvement, Quigley acknowledged that large capital inflows are crucial to large market growth.
“If you want a lot of capital, then yes, you have to do something like ETF,” he admits.
While ETF hype has driven Bitcoin to a certain extent to a new high of over $73,700 in March, and expectations for the four-year halving event in April, BTC has not yet challenged the record again in the following months—— Prices fell to just below $67,000 this week.
But Bitcoin’s price usually rises after six months or more, limiting the expansion of supply as the impact of the halving event begins to emerge.Quigley believes that the historical pattern will continue along this path.
“It can’t rise anymore because it’s not the time,” he said, predicting a sharp rise in prices in the future.
