The president of Ava Labs believes that approval of a spot market Bitcoin (BTC) exchange-traded fund (ETF) would probably result in the launch of comparable merchandise for different digital belongings.
In a brand new interview with Bloomberg Crypto, John Wu, president of Avalanche (AVAX) growth agency Ava Labs, says that he believes the primary product to launch after a spot market BTC ETF approval could be an Ethereum (ETH) spot market ETF, adopted by different varieties.
“My prediction is that after there’s a Bitcoin ETF, shortly you’ll see Ethereum. And even higher, you’re going to have – a giant development in ETFs proper now are energetic managed ETFs – actively managed ETFs for the crypto asset class, and then you definately’re going have issues like Avalanche in there and also you’re going to have issues like Chainlink entering into there after which swiftly it’s a complete index of belongings within the crypto house.”
Wu additionally says that he believes the newest Bitcoin rally was ignited by extra favorable macroeconomic circumstances for danger belongings together with the prospect of an ETF approval for Bitcoin as quickly as subsequent month.
“The market construction just isn’t totally repaired. Nonetheless, the rationale why it’s gone up a lot this 12 months is as a result of the macro circumstances, or the notion of it, has modified, the anticipation of a ton of liquidity with the ETFs coming into the house, and I feel folks now understand that the basics of actual enterprise use instances are literally occurring.”
In response to Wu, conventional finance entities, who’re at present sitting on the sidelines, will probably pour enormous quantities of liquidity into Bitcoin ETFs.
“A few of this run is clearly entrance operating the anticipation of ETFs functionality. However like I stated earlier than, there are individuals who simply, and establishments, who can not purchase it till it truly turns into an ETF. So not like different securities or shares or commodities or artwork, they’ll’t fully entrance run the information right here as a result of actually you simply basically can not purchase it till the precise ETF.”
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