All eyes in the crypto industry are heavily focused on the current list of candidates vying to launch the first spot bitcoin ETF in the U.S.
"Traders may not have a view on bitcoin, they may be indifferent to it, but they will have a view on efficient portfolio theory and the implications of the inclusion of a physical bitcoin ETF to their holdings and/or investment strategy" Grant added. Grant proposed that the multiple layers of trading, including options, futures, and pure volatility trading, could result in the creation of a complex value chain. "All of a sudden there are four, or more, levels to this trading dynamic and an entire value chain is created based on this new product," Grant added.CoinShares Research Associate Luke Nolan said the introduction of a spot bitcoin ETF would simplify institutional investors' access to bitcoin exposure.