Canaccord Genuity: Spot Bitcoin ETFs are driving additional demand for the underlying cryptocurrency itself

Broker Canaccord Genuity said in a research note that many investors believe that related cryptocurrencies are more attractive than spot bitcoin ETFs due to their hedging capabilities and the ability to hold and generate returns. In the coming months, spot bitcoin ETFs will be added to multiple registered investment advisor (RIA) platforms and large broker/dealer offline trading centers. Some institutions, especially sovereign wealth funds, are likely to have invested in bitcoin. Expect to see announcements from such investors in the coming months.