A CFTC Commissioner stated that cryptocurrency investing has matured beyond a passing fad. However, the CFTC commissioner says expectations for a spot bitcoin ETF were recently muddied by mixed signals.
Speaking after Bitcoin briefly topped $35,000, CFTC commissioner Summer Mersinger said on CoinDeskTV that there is real institutional interest in crypto investment vehicles. This durability contrasts with prior views that crypto was a fleeting trend.
“I think there’s a lot of interest in these products,” said Mersinger. Additionally, he mentioned that the market is ready for these products to be available.
Mersinger says the market is ready for a spot Bitcoin ETF
The CFTC Commissioner’s comments follow confusing developments around BlackRock’s potential spot bitcoin ETF. On Monday, the proposed iShares Bitcoin Trust was added to the DTCC database, sparking approval speculation.
But just a day later, the IBTC listing was deleted without explanation as the DTCC website went offline. This whipsawed expectations after initially fueling Bitcoin’s rally above $35K.
Also read: BlackRock’s iShares Bitcoin Trust Removed, DTCC Website Down
Mersinger asserts that “these products aren’t going away” given the rising participation of traditional finance. Some bitcoin ETF products already trade, but a spot ETF could unlock billions in fresh inflows.
With the SEC yet to greenlight a spot bitcoin fund, the road ahead for crypto ETFs is unclear. But episodes like the BlackRock ETF whipsaw highlight a market still maturing towards mainstream status.