Mike Novogratz Says Investors Are Turning to BTC ETFs
According to Galaxy Digital CEO Mike Novogratz, the sales of GBTC Bitcoin trust shares will eventually reach zero. This is due to the increasing popularity of spot crypto ETFs, which became available on the American market in early 2024.
The liquidation of GBTC, which currently has a capitalization of over $25 billion, is expected to lead to a rapid market bottom and subsequent recovery of Bitcoin.
In a post on X, Novogratz stated that institutional investors are gradually shifting their capital into ETFs, which are becoming the preferred option for investment in the cryptocurrency space.
Last week, the CEO of Galaxy Digital appeared on CNBC and expressed anticipation for the launch of exchange-traded ETFs on the US stock market, which he believes will be a game-changer for the industry.
These ETFs will provide a legal opportunity for large and medium-sized investors to enter the world of digital currencies. The most popular ETFs after the SEC’s approval of issuer applications are crypto funds from Invesco, Fidelity, and BlackRock.
