While there has been a lot of noise about how much assets under management (AUM) bitcoin (BTC) exchange-traded funds (ETFs) are attracting, it is now becoming obvious that these ETFs are driving additional demand for the underlying cryptocurrency itself, broker Canaccord Genuity said in a research report on Monday.
Canaccord said that many investors, both retail and institutional, 'Find the underlying BTC spot more attractive than ETFs given potentially more ways to hedge and generate yield on HODLs over time as the asset class matures.'
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