VanEck chief executive officer indirectly said that institutional money inflow in the Bitcoin market via ETFs is still at the 10% level.
VanEck is a reputable company that manages investment funds. They’re known for coming up with clever ways to invest people’s money. They offer different types of funds for different kinds of investments, like stocks, bonds, & digital assets. Their goal is to help people make money and reach their financial dreams.
As we know the United States Securities and Exchange Commission (SEC) green-signalled a dozen of Bitcoin spot ETF applications in Jan of this year. VanEck was one of the fund managers who also secured approval for its Bitcoin Trust (HODL).
On 10 April 2024, Jan Van Eck, the CEO of VanEck, appeared in an interview with popular crypto news media Coindesk and said that the crypto sector needs to focus on the transaction fees of the crypto networks, not on top two crypto assets Bitcoin & Ethereum or their related ETF products.
VanEck CEO explained his point of view and said that no person in the world is going to fill his car for $50 fees and this is a reason why developers don’t want to develop any application or product on Bitcoin & Ethereum.
Furthermore, the CEO praised the role of the Solana network as the best layer-1 crypto network. He said Solana is better for the crypto users because the transaction fee is predictable enough and we can deploy apps on such networks to drive high levels of adoption.
On the possibilities of Ethereum spot ETF applications approval, VanEck CEO said that there are rare chances for approval and possibly May 2024 is not the deadline for the SEC’s response on these applications.
He also said that the SEC body so far has not responded to the firm’s application for Ethereum spot ETF, which is itself a very big negative sign by the end of SEC body.
On 11 April 2024, In an interview with Cointelegraph, VanEck CEO said that in the initial phase of money inflow in the Bitcoin market following the approval of BTC spot ETF was very high, even more than our expectations.
According to the CEO, the traditional financial market players are still very far from bitcoin spot ETF products and he noted that nearly 90% of money inflow in the Bitcoin ETF market is coming from retail investors.
90% of Bitcoin spot ETF buyers are retail investors: VanEck
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