James Seyffart didn't expect Morgan Stanley to do this. Now he's watching to see if BlackRock blinks.
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When Morgan Stanley launched MSBT this week, it didn't just become the first major US bank to issue its own spot Bitcoin ETF — it became the cheapest one on the market, undercutting BlackRock's iBIT by 11 basis points. For a firm not known for fee competition, that surprised even close ETF watchers.
James Seyffart, senior analyst at Bloomberg Intelligence, has spent years tracking how wirehouses have slowly warmed to Bitcoin products. He joins Laura Shin to discuss what MSBT's launch says about where institutional crypto adoption is heading, whether Morgan Stanley's 16,000 advisors and $7 trillion in assets could meaningfully shift flows, and why Seyffart now sees inaction on crypto as the active choice, not the safe one, for portfolio managers.
Plus: Strategy's $14.5 billion loss, Saylor keeps buying, and why MSTR’s S&P 500 question is now entirely a Bitcoin price story.
Host:
Laura Shin, Host / Unchained
Guest:
James Seyffart, Senior Analyst, Bloomberg Intelligence
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James Seyffart from Bloomberg Intelligence joins to break down the state of crypto ETFs and their explosive growth.
We cover the rise of Bitcoin and Ethereum ETFs, the debate between ETFs and DATs, and the institutional inflows reshaping the market. James explains how advisors, hedge funds, and sovereign wealth funds are participating, the regulatory hurdles around staking ETFs, and why basket products may be the next big wave.
We also explore the implications of tokenized ETFs, the S&P 500’s gatekeeping of crypto companies, and what to watch for in the coming months as approvals and new products hit the market.
------
TIMESTAMPS
0:00 Intro
1:18 DATs vs ETFs
6:18 DATs Final Equilibrium
9:21 ETFs 1-Year Check-in
23:42 Crypto Indexes
30:41 ETF Approval Process
41:03 Solana ETF
44:17 BTC & ETH ETFs
56:11 What’s Driving the Price?
59:39 Crypto Companies in the S&P
1:07:17 Blackrock Tokenized ETFs?
1:13:59 Key Outcomes
1:19:14 Closing & Disclaimers
------
RESOURCES
James Seyffart
https://x.com/JSeyff
https://www.linkedin.com/in/jamesseyffart
Bloomberg Intelligence
https://www.bloomberg.com/professional/products/bloomberg-terminal/research/bloomberg-intelligence/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Almost everything we buy nowadays has been in a box at some point. Goods are shipped in boxes. Products ordered online arrive at our doorstep in boxes. Boxes are so ubiquitous that some strategists use them as an unconventional macroeconomic indicator to gauge retail spending. Now, shipments of boxes are falling dramatically. At the same time, prices for boxes have actually been going up. So, what's going on? And what does it suggest about the health of the US consumer and the broader economy? In this episode, we speak with Ryan Fox, containers and packaging analyst for Bloomberg Intelligence. We talk about the box industry overall, how companies choose their packaging, and what makes the perfect box.
Read more:
Lula, Xi Decry Tariffs and Urge BRICS Unity Amid Trump Threats
What Declining Cardboard Box Sales Tell Us About the US Economy
Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots
See omnystudio.com/listener for privacy information.
When stocks are plunging in a typical market environment, people reach for safe haven assets like US Treasuries. But we've seen that phenomenon break down more and more. It broke down in a sustained way during the intense inflation of 2022. And it's been breaking down again, in an acute way, since President Trump's so-called "Liberation Day." On the night of April 8 and early morning of April 9, we saw a major spike in yields. As Trump put it, the bond market was getting the "yips." But what was actually going on? Who was selling? And why? And what have we learned more broadly about technical and economic demand for US government debt? On this episode, we talked to Ira Jersey, the chief US interest rate strategist at Bloomberg Intelligence, for a crash course in what drives the bond market in both the short and long terms.
Read more:
The Bond Investors Who Got Trump to Pause His Tariffs
US Bonds Rally as Fed’s Hammack Revives Odds of a June Rate Cut
Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots
See omnystudio.com/listener for privacy information.
On Tuesday, options on BlackRock’s bitcoin ETF, IBIT, launched, seeing $1.9 billion worth of those options changing hands on the first day.
The launch of these options could mark a turning point for crypto markets, with implications for liquidity, volatility, and institutional adoption.
Eric Balchunas, senior ETF analyst at Bloomberg, explains why these options are so significant, who they’re designed for, and how they could impact the broader ecosystem.
Plus, he offers some cautionary advice to bitcoiners, gives insight into whether spot ether etf options are on their way, and discusses the odds of SOL ETFs launching.
Show highlights:
What bitcoin ETF options are and why they are relevant for traders and investors
Whether options will reduce the volatility of BTC
Why Eric offers caution after seeing bitcoin surging so much recently
What Eric thinks about the possibility for Bitcoin ETF options to spark a “gamma squeeze”
What type of investors Eric thinks typically trade options
Whether regulators treat Bitcoin differently and with prejudice
What he would like to see from a new SEC
Why IBIT options will likely dominate the market, according to Eric
Why Eric was surprised that options on futures ETFs was so low compared to the spot ETFs
How the launch of options will affect Deribit, the main exchange for trading options
Whether options for ether spot ETFs are coming as well
His thoughts on the news that spot SOL ETFs may be moving to the next phase
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Polkadot
Mantle’s FBTC
Guest
Eric Balchunas, Senior ETF Analyst at Bloomberg
Previous appearances on Unchained:
Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday
How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Previous coverage of Unchained on bitcoin ETFs options:
Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto
Unchained: Bitcoin Hits New All Time High as IBIT’s First-Day Volume Nears $1.9 Billion
Timestamps:
00:00 Intro
01:15 Why Bitcoin ETF options are a game-changer for traders
07:35 How options could impact Bitcoin’s volatility
11:38 Eric’s cautionary take after Bitcoin’s recent surge
13:13 Whether price rises will be due to gamma squeezes or a lack of resistance
16:04 Insights into the typical investors trading ETF options
16:58 Perceptions of bias against Bitcoin in traditional markets
18:53 What Eric hopes for under new SEC leadership
20:47 Why IBIT options might dominate the market
23:05 Comparison between futures and spot ETF options
25:20 What IBIT options mean for Deribit’s dominance
28:58 Are ether spot ETF options on the horizon?
29:25 What Eric thinks of the filings for SOL ETFs
32:37 News Recap
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The Ether spot ETF has officially started trading as of today July 23rd, 2024 marking a landmark day for Ethereum and crypto as a whole. We're going live today to discuss the magnitude of this moment and what it means for Ether the asset, and more broadly the entire crypto industry. This is a big deal and we're stoked to be sharing this moment live with the Bankless Nation.
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------
TIMESTAMPS
00:00 Intro To Eric 02:53 $1B Daily Inflows 06:17 Mini ETH 08:13 What To Look For Next 12:25 #2 Launch Of All Time? 19:12 Pitching ETH To The World 24:08 ETH As A Tech Platform 27:43 Winners of BTC vs Winners of ETH ETFs 30:32 What To Watch
------ RESOURCES
Eric Balchunas: https://x.com/EricBalchunas
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
✨Mint the episode on Zora✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/3
The Ether spot ETF has officially been approved marking a landmark day for Ethereum and crypto as a whole. We're going live today to discuss the extent of this approval and what it means for Ether the asset, and more broadly the entire crypto industry. This is a big deal and we're stoked to be sharing this moment live with the Bankless Nation.
James on X: https://x.com/JSeyff
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------
TIMESTAMPS & RESOURCES
00:00 It Happened
05:09 ETF Approved!
07:24 Boom Approval Surprise
09:11 Why Did This Happen?
13:38 When Will The ETFs Go Live?
15:47 ETF Inflows
19:18 ETH Education Campaign
21:37 Staked ETF?
24:14 What Coin is Next?
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto.
Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm.
Show highlights:
Why Eric believes the ether ETFs will be approved
Why Matt thinks the Bitcoin ETFs set off a "complete sea change in Washington around crypto"
Whether the spot Ether ETFs will be approved with or without staking
Who the authorized participants and other behind-the-scenes players in the ether ETFs will be
When the ETH ETFs could start trading and why Eric believes they won't be as successful as Bitcoin ETFs
What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are "stunning"
Why Michael Sonnenshein stepped down as CEO of Grayscale
Grayscale’s new mini ETF, BTC
Whether Vanguard's new CEO appointment could mean a change in attitude by the asset management firm towards crypto
What a buffered ETF is and why they could be significant
Matt's prediction for the BTC price
Their outlook on the future of ETFs and developments in the space
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Polkadot
VaultCraft
Guests:
Matt Hougan, Chief Investment Officer at Bitwise Asset Management
Previous appearances on Unchained:
How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence
Previous appearances on Unchained:
How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Ether ETFs
Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security
CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources
The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF
SAB 121
Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance
Unchained: Senate Votes to Kill SAB 121 Custody Bill: How Crypto Became So Political
13F Filings
Unchained: Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings
Leadership changes
CoinDesk: Grayscale CEO Michael Sonnenshein Steps Down, to Be Replaced by TradFi Veteran
WSJ: Meet Salim Ramji, Who Is Going to Oversee the Retirement Assets of Tens of Millions of Americans
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Scott shares the most impactful parts of his recent (and totally unrelated to the markets) ketamine trip. Then George Ferguson, senior Aerospace, Defense, and Airline analyst for Bloomberg Intelligence, joins the show to break down what Boeing’s crisis means for the future of the company and its competitors. Finally, Scott and Ed take a look at an AI-adjacent investment area that’s starting to get a lot more attention.
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Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
In this episode, Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, discussed the performance of Bitcoin ETFs since their launch two months ago.
Balchunas noted that the ETFs' performance exceeded his expectations, with a faster and more intense "second wind" than anticipated. He attributed this to a combination of asset managers buying in, retail interest, and the "ETF effect" where the knowledge of incoming flows encourages non-ETF investors to buy.
Balchunas also predicted that BlackRock's Bitcoin ETF would likely be the most successful of the nine new spot Bitcoin ETFs, while also doubting that any of the smaller issuers would bow out.
He also discussed the potential for spot Ether ETFs, but was less optimistic about their success compared to Bitcoin ETFs.
Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?
Show highlights:
Why the Bitcoin ETF performance in the past couple of weeks exceeded Eric's expectations
Whether Eric had ever seen the kind of hype around Bitcoin ETFs occur with other ETFs
How there has been a lot of retail interest in these past few weeks
Eric's insights into how bitcoin reached all-time highs again this week
Whether a good portion of the ETF volumes is sustainable and what's driving those large volumes
Whether it's safe to say that BlackRock is the winner among issuers
Whether the smaller issuers in terms of volume and AUM will close their ETFs
When options on Bitcoin ETFs will be approved
Whether in-kind redemptions will be allowed in the near future and the role of politics in that
Whether Grayscale will have to reduce its fees considering the huge outflows from GBTC
Why Eric believes that spot ether ETFs won't have as much demand as the bitcoin ETFs did
Reasons the SEC could use to reject spot ether ETFs
Whether issuers will rebalance their portfolios at the end of quarters
What Eric expects to see in terms of inflows by year’s end
Thank you to our sponsors!
iTrustCapital
Polkadot
Uniswap
Guest
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Recent coverage on Unchained of Bitcoin’s surge:
How the Bitcoins in Your ETF Get Sourced: The Real Story
Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
Miners Appear to Sell $69 Million Worth of Decade-Old Bitcoin
Bitcoin Hits New All-Time High Above $69,000, Presaging More Potential Gains
Previous coverage on the Unchained podcast of spot Bitcoin ETFs:
Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Eric’s tweet on $IBIT smashing $788m
Ethereum spot ETF:
BitMEX Blog: Ethereum ETFs & Staking
Eric’s tweet on ether ETFs
Unchained:
Why Spot Ether ETFs Likely Won’t Steal Bitcoin’s Thunder — Even if Staking Is Included
Spot Ether ETFs Could Introduce New Concentration Risk in Ethereum: S&P Global
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In today's episode Jason is joined by ETF celebrities Eric Balchunas, a senior ETF analyst at Bloomberg, and Matt Hougan, Chief Investment Officer for Bitwise Asset Management. They start off by discussing the criticisms around underwhelming trading volumes and put the declines in GBTC into context. Discussion then leads to an inside scoop on how authorized participants source liquidity for the ETF and the real costs involved in running these funds. They also dive into how advisors are rethinking portfolio construction given crypto’s changing risk profile and the potential impacts on Bitcoin price. To close out they discuss the potential timing of an Ethereum ETF approval. Enjoy!
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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.
Use the link below to learn more, and use EMPIRE10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!
Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home
- -
Follow Matt: https://twitter.com/Matt_Hougan
Follow Eric: https://twitter.com/EricBalchunas
Follow Jason: https://twitter.com/JasonYanowitz
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- -
Timestamps:
(01:46) The ETF Guys & Free Milkshakes
(04:05) BTC ETF Underwhelming?
(12:13) The ETF Launch Process
(18:49) Costs of an ETF Service
(22:10) What does Buying an ETF Mean?
(30:31) Wormhole Ad
(31:57) Paypal Ad
(32:55) Impact of ETF Flows on Bitcoin Price
(36:56) Role of Bitcoin in Portfolios
(47:15) Eth ETF Predictions
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Unless you've been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs.
Show highlights:
The initial impact and trading volumes on the launch day of the ETFs
How BlackRock’s ETF, IBIT, had a lot of volume in pre-market and what that means
Why Eric was surprised that BlackRock proceeded with a waiver for its ETF, but realized that it was “genius marketing”
Whether there’s a problem that ETFs don’t trade 24/7, unlike BTC itself
Why James says the spot ETFs are not going to have significant premiums or discounts to NAV
What the percentage premium is and how it will play out with spot Bitcoin ETFs
Whether the SEC will ever allow in-kind creation and redemption
Why Nate and Eric believe that the SEC’s denials of spot Bitcoin ETFs for a decade was “completely suboptimal” for retail investors
How the SEC commissioners pointedly disagreed with each other in their comments and dissents
The politics of the approval process
Whether Ethereum spot ETFs will be approved next
Why some big platforms and brokerages are not offering the spot Bitcoin ETFs
How RIAs will respond to the ETF and whether there’s going to be mainstream adoption by advisors
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
iTrustCapital
Guests
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Nate Geraci, President of The ETF Store
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Approval:
Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand
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It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
What the recent 19b-4 and S-1 filings say about how close the ETFs are to approval
Whether Hashdex's existing futures ETF impacts its treatment in the spot Bitcoin ETF process
The likely timeline for trading to start post-ETF approval
The possibility of simultaneous launches for all approved ETF issuers
The SEC's concerns about ensuring a fair launch, informed by the BITO experience
Eric’s surprise at JP Morgan's involvement as an Authorized Participant
Why the SEC is approving the ETF despite Gensler’s stance against crypto
What extreme cases Eric believes might cause the ETF not to be approved
How BlackRock's low fees set a challenging benchmark for competitors
The potential for an issuer to offer even lower fees than current players
How issuer margins are thin due to marketing fees, and the impact of waivers
James’ theory about why Grayscale might be keeping the fee on GBTC so high
Predictions about which issuer(s) will gain the bulk of assets under management
The rumor about BlackRock introducing substantial liquidity on the ETF's first day
Eric and James's expectations for ETF inflows and market dynamics
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
Guest:
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Fees
Unchained: Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants
Caitlin Long’s tweet warning about no fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees
Market participants:
Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report
The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source
Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF
CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
Others:
Better Markets’ letter: The SEC Must Follow the Law and Reject Spot Bitcoin ETPs Which Will Inflict Massive Investor Harm
FXSTREET: BlackRock might be on track to create history with $2 billion inflows in spot Bitcoin ETF in a week
Eleanor Terrett of Fox News’ tweet on Better Markets’ letter
Scott Johnson of Van Buren Capital’s estimate
Learn more:
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?
Learn more about your ad choices. Visit megaphone.fm/adchoices
James Seyffart is an ETF Research Analyst for Bloomberg Intelligence.
In this episode, Seyffart shares why he believes a spot bitcoin ETF approval is on the way and how the market might react to the news.
Grayscale Investments’ win against the SEC in August over its application to convert its flagship Grayscale Bitcoin Trust (GBTC) product into a spot bitcoin ETF is another major factor in the SEC’s potential approval, Seyffart said.
“I think the SEC has kind of been backed into a corner here by the judges basically throwing out every decision and reasoning it's used to deny an ETF in the past,” he added. “I think the SEC and Chair Gary Gensler know that they were overplaying their hand a bit and are kind of forced into a corner right now.”
OUTLINE:
00:00 - Bitcoin ETFs Overview
04:30 - Bitcoin ETF Decision Timelines
07:47 - Spot Ethereum ETF Odds
09:54 - Spot Bitcoin ETF Odds
18:09 - Grayscale vs. SEC
24:35 - Crypto ETF Nuances
27:03 - Institutional BTC Demand
33:29 - Closing Thoughts
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The long-awaited approval of a spot bitcoin ETF looks to be mere weeks away, and Bloomberg ETF analyst James Seyffart joins Unchained to discuss the final issues and considerations, especially the battle over whether the new funds will feature in-kind vs. cash creation and redemptions, which appears to be one of the last main sticking points in negotiations between the SEC and fund companies. He also discusses the specific impact of an ETF approval on Grayscale, which runs the $26.6 billion Grayscale Bitcoin Trust, and why he thinks the SEC has thrown in the towel on trying to classify Ethereum as a security.
Show highlights:
Why James views the multitude of potential issuers meeting with the SEC as a positive sign for the future of ETFs
When James anticipates the ETFs will actually be listed on exchanges, which differs from their approval dates
The crucial differences between in-kind versus cash creation and redemptions in ETFs and their impact on market dynamics
How the choice of in-kind or cash creation and redemptions influences the overall cost structure of these financial products
Whether the current actions of ETF issuers suggest a "bending the knee" approach to the SEC's preference for cash creations and redemptions
How the selected ETF model will specifically impact Grayscale and the future of its GBTC offering
The potential strategies behind BlackRock's private trust, especially in terms of integrating its Bitcoin holdings into its prospective ETF
Why James holds a more cautious outlook for the approval of an Ethereum spot ETF compared to his confidence in Bitcoin ETFs
Thank you to our sponsors!
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Guest
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Links
Previous coverage on spot Bitcoin ETFs:
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks
Understanding the ETF creation and redemption mechanism
Nate Geraci’s tweet on in-kind/cash
James comments “the people want in-kind”
James: “I think everyone is gonna have to bend the knee to cash creates and redeems.”
Eric Balchunas suggests the SEC is only letting cash-create ETFs launch initially
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James Seyffart, market analyst at Bloomberg Intelligence, and Matt Hougan, chief investment officer at Bitwise Asset Management, feel quite certain a spot Bitcoin ETF will launch in the next few months.
First, the SEC decided not to appeal a court’s rejection of Grayscale’s application to convert its bitcoin trust to a spot ETF. Second, there’s been a change in the way the SEC has been treating the many other spot Bitcoin ETF applications—requesting miniscule tweaks in disclosure language. And even though other legal hiccups are occurring—the NY Attorney General’s lawsuit against Grayscale parent company, DCG, the SEC’s potentially renewed vigor in the Ripple case, and Cointelegraph’s incorrect tweet about a bitcoin ETF—the SEC needs a PR win right now. According to them, this means good things not just for spot Bitcoin ETFs but also, shortly thereafter, Ethereum ETFs.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
why the SEC did not appeal a decision in the Grayscale case
whether the NYAG lawsuit against DGC, the parent company of Grayscale, will affect the prospects for GBTC being converted into an ETF
how likely it is that GBTC will be converted into an ETF and what needs to happen for that to occur
why the SEC probably wants Grayscale to "completely refile," according to James
why the recent changes in the ETF applications are "relatively modest," according to Matt
whether the incorrect Cointelegraph tweet about a spot bitcoin ETF will be used by the SEC to bolster its market manipulation argument
an overview of the deadlines of the different applications
what happened at the launch of Ethereum futures ETFs and how it was different from the launch of Bitcoin futures ETFs
whether the approval of a spot Bitcoin ETF will pave the way for a spot ether ETF
what the impact is of all the negative PR for the SEC and Chair Gary Gensler after losing many cases
what the differences between the various ETFs are and how they will compete in the market
Lightning round questions: volumes after launch, inflows in the first year, projections for BTC price
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LayerZero
Popcorn Network
Guests:
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearance on Unchained: Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Matthew Hougan, CIO of Bitwise
Previous appearances on Unchained:
The 2 Types of Investors Driving Interest in Crypto
Bitwise’s Latest Plans to Get a Bitcoin ETF Approved
Links
ETFs:
Previous coverage of Unchained on ETFs:
Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved?
Grayscale v. SEC: Who Won This Week’s Hearing?
Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter
Bitwise’s Latest Plans to Get a Bitcoin ETF Approved
DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
Unchained:
Bitcoin Surges to $30K After False Spot ETF Approval Tweet
Ethereum Futures ETFs See ‘Average’ First Day Trading Volumes
Cointelegraph: Clarification on sharing false spot Bitcoin ETF news
Redeem GBTC 🌽 Campaign
Ripple:
SEC Drops Charges Against Ripple CEO and Chairman - Unchained Crypto
Market manipulation
CNET: 23-year-old arrested in Emulex hoax
SEC Charges Avraham Eisenberg with Manipulating Mango Markets’ “Governance Token” to Steal $116 Million of Crypto Assets
NYAG lawsuit:
NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud
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Last week was unprecedented, to say the least. Several, yes that’s right, not 1, not 2, but several ETH Futures ETFs launched last week for the first time in the U.S.!
What does this mean for crypto? Volumes have been surprisingly low. Is it a surprise? Will volumes pick up? Regardless, of whether they do or don't, what do all of these ETH ETFs mean for crypto? Are Bitcoin ETFs next?
We brought on Eric Balchunas to help us answer the above and much more. is an analyst at Bloomberg Intelligence focused on exchange-traded funds. Eric is an analyst at Bloomberg Intelligence focused on exchange-traded funds.
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------ TIMESTAMPS
0:00 Intro 7:12 Why ETF Week Was Unprecedented 11:15 Magnitude of Many Launches 16:40 Futures Less Than Spot? 18:25 ETHE vs. Futures 23:43 Is ETH a Security? 28:28 Why Do We Care About ETH ETFs? 32:40 Spot Approval Interpretation 37:23 Scope of the Opportunity 46:50 Timing Predictions of Spot Approvals 51:00 Gensler Preventing Spot Approval? 55:30 Eric’s Twitter 57:00 Closing & Disclaimers
----- RESOURCES
Eric Balchunas https://twitter.com/EricBalchunas
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
This week’s emphatic ruling in favor of Grayscale in its suit against the SEC to convert its massive bitcoin trust into an ETF generated plenty of hopium among the bitcoin faithful that a spot bitcoin ETF will get approved soon and open a flood of investment in bitcoin. What are the odds of that truly happening now, though, and if it did, how much additional money could wind up being invested in bitcoin as a result? Also, which companies’ applications would get approved first and how would the various products compete with one other? Bloomberg’s senior ETF analyst Eric Balchunas separates the hype from the reality in answering these questions and more.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
why Bloomberg increased the likelihood of a Bitcoin ETF being approved this year from 50% to 75%
how the ruling exceeded the expectations of the legal analysts at Bloomberg
why it's important that the ruling was a bipartisan decision
whether, from a legal perspective, it's "weird" to deny a spot ETF but approve a futures one
how a spot Bitcoin ETF would act as a bridge for Baby boomers to invest in crypto
what the two most likely SEC responses to the ruling are
what the likely timelines for an SEC spot Bitcoin ETF approval or disapproval would be
whether Gary Gensler's agency will approve Ethereum futures ETFs in the U.S.
why BlackRock's and Fidelity's ETFs are more likely to be approved first, according to Eric
how the different ETFs would compete in the market
why spot Bitcoin ETFs pose a serious threat to crypto exchanges' businesses
Eric's estimate of how much additional money would pour into Bitcoin if a spot Bitcoin ETF is approved
Thank you to our sponsors!
Crypto.com
Arbitrum Foundation
Thales DAO
Toku
Guest
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Links
Previous coverage of Unchained on Grayscale and ETFs:
Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
Bitwise’s Latest Plans to Get a Bitcoin ETF Approved
DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
Unchained:
Grayscale Wins Lawsuit Against SEC Over Denial of Bid to Convert GBTC Into a Bitcoin ETF
Bitcoin ETFs Explained: What Are They & How Do They Work?
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Today we're joined by James Seyffart, a research analyst at Bloomberg who's the perfect person to answer our questions regarding the convergence of crypto and ETFs.
We dive into: - The probabilities of a Blackrock Bitcoin ETF and why - Important dates in which the SEC will need to give us answers - Neutrality, or lack thereof around the ETF approval process
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------ TIMESTAMPS
0:00 Intro 7:44 What is an ETF? 13:00 ETF History Lesson 17:40 ETF Market Size and Holders 22:46 Types of ETFs 27:02 Where Are These Assets Stores 34:04 Who Approves ETFs? 40:08 Neutrality Of Regulators 44:16 Types of Bitcoin ETFs 49:17 Reasons For Rejection 55:12 Does Gary Just Hate Crypto? 58:13 Does Blackrock Change Things? 1:04:46 Will Blackrock Get Approved? 1:15:20 Possible Approval Dates 1:19:09 Lack of ETFs to Blame For Crypto Fallout? 1:28:38 Why Should we Care? 1:34:14 Risks and Disclaimers
------ RESOURCES
James on Twitter: https://twitter.com/JSeyff
Trillions Podcast: https://www.bloomberg.com/podcasts/series/trillions
------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
The SEC has swatted down so many spot bitcoin ETF applications that crypto diehards simply gave up caring. Then comes TradFi giant BlackRock – at the height of the SEC’s crypto crackdown, no less – with an ETF application that has seemingly changed the calculus. Bloomberg Intelligence ETF watcher James Seyffart joins the show to unpack the odds of BlackRock being the first to win approval, and what it would mean for other players in the space chasing down TradFi’s “holy grail.”
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show highlights:
why the SEC rejected all of the previous bitcoin spot ETF applications
what makes the application from BlackRock, the world’s largest asset manager, different
what a 19b-4 filing is and how it relates to the BlackRock application
whether BlackRock “knows something,” considering the recent enforcement actions against major crypto exchanges
why being a first mover is a considerable advantage in the ETF market
whether BlackRock choosing Coinbase as a custodian is a risk, given that the SEC is in a legal battle with Coinbase
what’s different about a spot bitcoin ETF, and why a bitcoin futures ETF is not enough
what are the differences between the applications filed by BlackRock, Invesco, WisdomTree and Valkyrie
which are the applications that are most likely to be approved, according to James
what the impact will be of Grayscale’s lawsuit against the SEC over the denial of its proposal to convert GBTC to an ETF
why James says that Gary Gensler could be thinking like a politician as it relates to spot bitcoin ETFs
Thank you to our sponsors!
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Guest
James Seyffart, Research analyst at Bloomberg Intelligence
Links
Previous coverage of Unchained on the topic:
Grayscale v. SEC: Who Won This Week’s Hearing?
Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter
Bitwise’s Latest Plans to Get a Bitcoin ETF Approved
DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
The Block: BlackRock ETF launch would put pressure on Grayscale's valuation: Bloomberg analyst
CoinDesk: A Straightforward Explanation for Why Financial Giants Want to Issue a Spot Bitcoin ETF
Unchained:
Invesco and WisdomTree Follow BlackRock, Reapply for Bitcoin ETFs
BlackRock Files for Bitcoin Spot ETF
Valkyrie Applies for Bitcoin Spot ETF ‘BRRR’
Reuters:
Cboe files with U.S. SEC for third time to list ARK 21Shares Bitcoin ETF
US court questions SEC's rejection of Grayscale's bitcoin fund proposal
Barron’s: ETF: Invesco, WisdomTree Join Push. Why It Might Happen.
Blockworks: BlackRock, then Bitwise — How the spot bitcoin ETF filings differ
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James Seyffart is an ETF analyst at Bloomberg Intelligence.
In this episode, Seyffart analyzes BlackRock's recently announced spot bitcoin ETF application and the impact it would have on the crypto market if approved.
While bitcoin futures ETFs exist, Seyffart says that BlackRock's spot bitcoin ETF application is the "holy grail of bitcoin exposure in the TradFi markets."
In the wake of BlackRock's filling, Wisdom Tree, Invesco, and Valkyrie also put their hats back in the race for a spot bitcoin ETF.
This episode is brought to you by our sponsors PayPal and CleanSpark.
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Elliott Stein, senior litigation analyst at Bloomberg Intelligence, shares his insights from a court hearing this week on the SEC’s rejection of Grayscale’s bid to convert GBTC into a spot bitcoin ETF. Stein says federal appellate court judges seemed skeptical of the SEC’s arguments for why bitcoin futures ETFs are OK while bitcoin spot ETFs aren’t. Who’s likely to win the case and what does it mean for the crypto industry as a whole?
Show highlights:
why Grayscale filed the lawsuit against the SEC
why Grayscale believes that a bitcoin futures ETF is essentially the same as a spot ETF
what the SEC disagrees
why the judges pushed back against the SEC’s arguments
why Elliott changed his mind about who will win the case after the hearing
what would happen if Grayscale ends up winning the lawsuit and whether the SEC could go back on its previous approvals
whether other companies applying for a bitcoin spot ETF would benefit from Grayscale winning the case
whether this case could have an impact on the jurisdictional battle between the SEC and the CFTC
why Elliott is keeping an eye on other cases such as Ripple, Terraform Labs, and insider trading at Coinbase
Thank you to our sponsors!
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Railgun DAO
Previous coverage of Unchained on Grayscale and GBTC:
Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF
$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter
Bitwise's Latest Plans to Get a Bitcoin ETF Approved
DCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?
Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
Guest
Elliott Stein, Senior Litigation Analyst for the Financials Sector at Bloomberg Intelligence
Twitter
Links
CoinDesk:
Judges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing
A Dozen Reasons Why the SEC Should Have Approved Grayscale's Spot Bitcoin ETF
Axios: Judges question SEC rejection of Grayscale's spot bitcoin ETF
Reuters: US court questions SEC's rejection of Grayscale's bitcoin fund proposal
Don Verrilli
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This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Vanguard. Vanguard and its founder, Jack Bogle, have ushered in an era of low-cost investment, which has left its mark on the entire industry. Today, the business commands $7.5 trillion of assets under management and owns approximately 8.5% of any given public company in the US. To break down Vanguard, I’m joined by Eric Balchunas, a senior ETF analyst at Bloomberg and author of The Bogle Effect. We explore the firm’s unique ownership structure, which in large part enabled its success, look at the potential for regulation to slow Vanguard down, and assess the unique figure that founded the business, Jack Bogle. Please enjoy this breakdown of Vanguard.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt
Show Notes
[00:02:24] - [First question] - The size and scale of Vanguard as it exists today
[00:05:45] - Some of the secular forces that has allowed Vanguard to capture so much of the market
[00:09:04] - How Vanguard generates revenue and thoughts on its ownership structure
[00:12:36] - What the fee structure would look like as an investor buying an ETF versus a fund
[00:15:10] - The key differences of investing in a Vanguard ETF compared to a mutual fund
[00:18:20] - Market share of the key players and the industry landscape
[00:21:24] - How big of a player ARK is in relation to how much media coverage they get
[00:22:33] - Jack Bogle’s history, his thesis on mutual funds, and starting Vanguard
[00:28:07] - What it was like transitioning to new leadership given Jack’s fans and supporters
[00:32:10] - The thing that allows Vanguard to attract more funds despite their competitors
[00:35:58] - Complimentary services their competitors are offering that Vanguard is considering to capture more market share
[00:42:59] - Potential regulatory risk that could pose a threat to Vanguard’s growth
[00:47:27] - How Vanguard has managed to avoid headlines unlike Blackrock
[00:48:56] - The lessons for investors and builders when studying Vanguard’s story
In this episode of Empire, Jason & Casey are joined by Senior Bloomberg ETF Analyst Eric Balchunas & CEO of Valkyrie Funds Leah Wald.
With the recent approval of the Valkyrie Bitcoin futures ETF, we invited Eric & Leah onto the show to discuss everything you need to know from how an ETF works, the benefits of an ETF for institutional investors, the SEC's Bitcoin ETF regulation framework & if the SEC will approve a spot Bitcoin ETF.
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Regulators in Canada approved two bitcoin exchange-traded funds (ETFs) in recent days, marking the first approvals of their kind for North America.
Since launch, the products have seen considerable inflows. With the demand for a bitcoin ETF now proven, many wonder what a Canadian approval could mean for a U.S. offering.
The Scoop spoke with Eric Balchunas, a senior ETF analyst at Bloomberg, about what an approved bitcoin ETF means for the landscape. During this week's episode Balchunas broke down the winding road to approval and why Canada was always likely to be a first.
Now that Canada has its BTC ETFs, he argued that an approval from the U.S. Securities and Exchange Commission (SEC) is just around the corner.
"I think it's just a matter of the SEC coming around, and then once they come around mentally, I imagine it will happen pretty quickly," he said. "But again, I'm not in that bubble. I'm not a regulatory analyst. That's just my sense from talking to people."
How Canada has historically been a proving ground for novel financial products.
The differences and similarities in the Canadian and U.S. approval processes.
Why Balchunas thinks 2021 will be the year of a U.S. BTC ETF approval.
Why it's only a matter of time before a meme ETF launches.
This episode is brought to you by Kraken
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With so many people working at home, bored, and with no sports to bet on, there’s been an incredible explosion of retail stock market trading. One service, Robinhood, in particular has gotten a lot of attention due to its free trading, and videogame-like appeal to young users. But how are they really making money on those free trades, and how does the economics of the business work these days? On this episode, we speak with Larry Tabb, the Head of Market Structure Research at Bloomberg Intelligence, who explains how it all works.
See omnystudio.com/listener for privacy information.
My guest this week is Eric Balchunas, the senior ETF analyst for Bloomberg and the author of the Institutional ETF toolbox. This episode is intended for those in the asset or wealth management industry who have considered using ETFs in their portfolios, or for the individual investor who likes to stay up to date on trends in the market for asset management products. We cover all aspects of ETFs in some detail, and luckily in ways that have little overlap with a few other recent ETF-centric episodes on two of my favorite podcasts: the Meb Faber Show and Capital Allocators with Ted Seides with Matt Hougan and Tom Lydon respectively.
We open with Eric’s favorite ETF tickers, discuss the pros and cons of ETFs versus other investment vehicles, and explore the largest areas of opportunities for new ETFs coming to market in the years to come. ETFs have become the vehicle of choice for many investors, so it was about time we covered them in depth in this forum. As you’ll hear, Eric is the right person to teach the world about ETFs, thanks to deep domain knowledge and unflagging enthusiasm. Please enjoy my conversation with Eric Balchunas on the past, present, and future of ETFs.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Books Referenced
Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System
Links Referenced
Chart – There Are Now More Indexes Than Stocks
Show Notes
2:32 - (First Question) – Eric’s favorite ETF tickers
4:07 – How Eric got started into his career and how it led him into the ETF world
8:04 – An overview of the ETF landscape
10:10 – Active managed ETFs
12:17 – Chart – There Are Now More Indexes Than Stocks
13:32 – Key variables he thinks about when assessing a new ETF
15:18 – Evaluating shiny object ETFs
17:30 – The appeal of ETFs
20:18 – Future regulatory concern of the tax treatments of ETFs
22:10 – The liquidity advantage of ETFs and why that can actually be bad for investors
24:19 – What would Eric do to build the perfect ETF
26:03 – What are the future trends for new ETF’s launched
29:40 – Categories that work well in the ALT world of ETFs
31:32 – Most effective marketing strategy for ETFs
35:50 – Quantitative Momentum: A Practitioner's Guide to Building a Momentum-Based Stock Selection System
36:28 – How will the winning asset managers have done differently in this space
41:56 – How the next downturn could impact ETFs
46:17 – Do ETF’s create pricing distortions
50:33 – What trend is Eric most interested in right now
53:21 – Alpha through Beta
55:51 – Kindest thing anyone has done for Eric
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
By now, almost everyone in financial markets is familiar with ETFs (exchange-traded funds), and how they allow investors to move quickly in and out of a basket of stocks with a few clicks. But perhaps people don't realize quite how revolutionary they are, and how much of an impact they've had on the financial system. On this week's episode we talk to Eric Balchunas, an ETFs analyst at Bloomberg Intelligence and Joel Weber, the editor-in-chief of Bloomberg Markets magazine about how extraordinary ETFs are, how far they've come, and how they're about to evolve and get even more gigantic.
See omnystudio.com/listener for privacy information.
How can you tell whether people in any given country are happy or not? That's the topic we wrestle with on the latest edition of the Odd Lots podcast. First we talk to Peter Atwater of the firm Financial Insyghts about the growing signs that a significant swathe of the population is depressed and how that's showing up in markets, the culture and of course the election. Then we speak to Bloomberg Intelligence economist Carl Ricadonna about the so-called Misery Index, a super simple way of measuring the economy that has a surprisingly good track record for predicting Presidential results. We talk about the history of this indicator, and what it's telling us ahead of the November vote.
See omnystudio.com/listener for privacy information.