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Geoff Kendrick, head of crypto research at Standard Chartered, highlighted the significance of spot bitcoin ETFs as potential gateways for mainstream capital into the crypto market. He noted that these ETFs have already attracted over $4 billion in net inflows to the eleven approved by the US Securities and Exchange Commission (SEC) on January 11. Kendrick anticipates a shift in the US 401K market, with retirement fund managers expected to allocate funds to these recently launched ETFs. He projected a substantial net inflow of $50 billion to $100 billion into spot bitcoin ETFs throughout 2024. Moreover, Kendrick expressed optimism about the approval of spot ether ETFs by the SEC in May, predicting net inflows ranging between $20 billion and $35 billion throughout the year. He also addressed the impact of Federal Reserve hints regarding potential interest rate cuts in 2024, emphasizing the importance of stable Treasury yields for long-duration assets like Bitcoin. Despite recent fluctuations, Kendrick noted the resilience of Bitcoin and Ethereum, attributing it to investor confidence and inflows into new ETFs.
