Cryptoverse: Bitcoin ETFs take US$50bil baby steps toward big time

FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration picture taken in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration/File Photo

LAST October, Matthew Hougan told an industry panel that he expected spot bitcoin exchange-traded funds (ETFs) to attract $55 billion of assets in their first five years.

As of late August this year, about eight months after their debut, the 10 new funds approved by U.S. regulators collectively boasted more than $52 billion, according to data from TrackInsight.