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The approval of spot Bitcoin ETFs in January was one of the biggest moves in crypto this year, with funds generating a surge in demand for BTC. However, eight months after their launch, interest in those products appears to be waning.on X, Jim Bianco, the CEO of Bianco Research, stated that Bitcoin ETFs have failed to live up to their pre-launch hype. He pointed out that the assets in all 11 US spot Bitcoin ETFs have plummeted since reaching a peak of $62 billion in June.
According to Bianco’s charts, the cumulative assets under management of all Bitcoin ETFs are valued at $46 billion, which is the lowest in over four months. With the increase inBianco stated that contrary to the popular belief that Bitcoin ETFs would drive mainstream BTC adoption by traditional finance investors, the funds have received “very little new money.” Instead, a majority of the recorded inflows were from “onchain holders moving back to TradFi accounts.
He noted that the investment giant BlackRock has confirmed the limited presence of financial advisors in the Bitcoin ETF space. Earlier in June, BlackRock’s chief investment officer for index investments, Samara Cohen,“So far these instruments have not lived up to the hype of ‘here come the boomers.’ Very few have come, and those that have are holding losses and may now be leaving ,” he noted.
He speculates that the next Bitcoin halving, which will occur in 2028, and significant development of on-chain tools across DeFi, NFTs, and more will likely drive the adoption of Bitcoin ETFs.COTI V2 Underway, Garbled Circuits Integration and Privacy Breakthroughs: Interview with CEO Shahaf Bar-GeffenSign-up FREE to receive our extended weekly market update and coin analysis report
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