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Jim Bianco, CEO of Bianco Research, has suggested that Bitcoin exchange-traded funds (ETFs) in the United States, which began trading earlier this year, will need more time to become significant tools for broader adoption rather than remaining niche products. In a September 8 post, Bianco expressed skepticism about the immediate impact of spot Bitcoin ETFs, which launched with considerable anticipation.
According to Bianco, recent market trends indicate that these ETFs have not yet achieved the anticipated transformative effect. He noted signs such as recent outflows, losses among holders, and the limited participation from major institutional investors as evidence that the Bitcoin {ETF} market may require additional maturation. The data reflects over $1 billion in net outflows from the 11 U.S. Bitcoin ETFs in the past eight trading days, with the sector's assets under management decreasing from a peak of $61 billion in March to approximately $48 billion.
Bianco suggested that the market may need to wait until the next {Bitcoin} (BTC) halving event in 2028 and until there is significant advancement in on-chain tools before Bitcoin ETFs can achieve broader market integration. He emphasized the need for patience and further development breakthroughs to reach a point where these ETFs become a central element of the cryptocurrency ecosystem.
Contrarily, some analysts argue that the current status of Bitcoin ETFs should not be viewed negatively. Bloomberg’s senior ETF analyst Eric Balchunas pointed out that despite the short timeframe, Bitcoin ETFs have accumulated substantial assets. He questioned the assessment of success based on these figures, noting that some ETFs, like BlackRock’s iShares Bitcoin Trust (IBIT), have garnered over $20 billion in inflows.
Additionally, crypto analyst Bryan Ross highlighted that the current lack of significant institutional participation might indicate future potential for substantial inflows when market conditions become more favorable. Thus, while some analysts see a need for further development and time, others view the existing performance as a positive indicator of future growth in Bitcoin ETF adoption.
