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Are ‘ETF Paper Bitcoins’ Suppressing BTC Prices? Analyst Provides Answers

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Are ‘ETF Paper Bitcoins’ Suppressing BTC Prices? Analyst Provides Answers - NewsBTC

Quick Summary:

For FBTC, custody is handled by Fidelity Digital Assets, a separate entity within Fidelity that specializes in the custody of digital assets, thereby ensuring specialized oversight and management.“The issuers of IBIT and FBTC are BlackRock and Fidelity, two of the largest and oldest financial institutions, and they have a vested interest in maintaining their reputation,” Krueger asserted.“Their reputation is at stake, and this is a big deal,” he emphasized, suggesting that these institutions would not risk their credibility by engaging in the sale of non-existent Bitcoin.

Krueger began his analysis by acknowledging the prevalent skepticism in the market.“There’s all this paper Bitcoin, and ETFs don’t really have the Bitcoin, and if they were buying all this Bitcoin, how come Bitcoin price is not higher? ” he stated, encapsulating the core concerns of many investors.

Related Reading: Bitcoin To Hit $125,000 By Year-End If Trump Wins, Says Standard Chartered Addressing the core concern about ETFs holding “paper Bitcoin,” Krueger provided specific data to refute this notion.“The reality is the ETFs have zero pure paper Bitcoin,” he stated unequivocally.


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Article Details

Author / Journalist: Jake Simmons

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-28 @ 22:30:17 (1 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 917 words

Reading Time: 6 minutes read

Sentences: 75 lines

Sentence Length: 13 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 23307713

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Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 9 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 10 hours ago

Coverage Areas: United Kingdom

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Publisher ID: #102

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