A widely followed economist believes Bitcoin is far from witnessing the full impact of the recently approved spot market BTC exchange-traded funds (ETFs).

In a new interview on the 1000x Podcast, Alex Krüger elaborates on the inner workings of an ETF product and explains why he believes it’s still early days for the Bitcoin bull market.

“The reason why we’re early is that the institutional sales machine is not yet fully deployed. According to some estimates, it’s deployed up to 20% only, and they’re basically looking to ramp it up big time into year-end. 

What does that mean, the sales machine? 

If we think about it, like how does the plumbing work on the ETF side? You have ETF buyers, [which] are basically retail and discount platforms. You have institutional guys, and you have wealth advisors.

The wealth advisors, they are divided into basically two or three tranches, depending on how you look at it. You have what is called the wirehouses: Merrill Lynch, UBS, Morgan Stanley and those guys. 

And then you have the RIAs (registered investment advisors), which then are split into the independent ones and the non-independent ones. The non-independent ones are Edward Jones, and Wells Fargo advisors. 

What happens there is that these guys, they’re very slow in starting to promote an ETF to their people. They need to see a track record, they need to see minimum AUM (assets under management), they need time. It needs to get approved.

We’ve seen headlines… in the last two weeks of Merill Lynch and UBS. They’re saying they will start offering the ETF to their clients.

This is just starting. We’re very far off on the wirehouse side, for basically the entire institutional sales machinery to be in place and pushing ETFs to the people who actually want it.”

At time of writing, Bitcoin is trading for $67,553, up over 2% in the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE-3