Financial Advisor Claims Wall Street Controls Bitcoin Market, Contradicted by Strategic Advisor

Bitcoin ETF image and a BTC accumulation chart

Financial advisor Fred Krueger recently asserted that Wall Street has gained control over the Bitcoin market, citing data on spot Bitcoin ETF volumes. Krueger’s remarks come amidst a growing interest from traditional financial institutions in the cryptocurrency space.

The 9 Flip GBTC

In a post addressing spot Bitcoin ETF volumes, Krueger stated, “The New 9 have flipped GBTC. IBIT has flipped MSTR. Wall Street is now in Control.” Krueger’s observation suggests a significant shift in dominance within the Bitcoin investment landscape.

However, Gubar Garbucs, a strategic advisor at VanEck, offered a contrasting perspective, noting that while the numbers are impressive, Wall Street’s control over the Bitcoin market remains limited. Garbucs emphasized that despite notable ETF volumes, the broader Bitcoin ecosystem extends beyond Wall Street’s influence.

Holdings of BTC ETF Issuers

Krueger’s analysis included data from various Bitcoin ETF issuers, illustrating the distribution of Bitcoin holdings among them. According to the shared chart, FBTC holds 125,000 bitcoins, MicroStrategy holds 193,000 bitcoins, IBIT holds 196,000 bitcoins, and GBTC holds 396 bitcoins. In contrast, the other 9 new BTC ETFs collectively hold 405 bitcoins.

BTC holdings of issuers

A Broader Participation

The discrepancy in Bitcoin holdings among different ETF issuers suggests a diversification of ownership within the Bitcoin market. While larger entities like MicroStrategy and established ETFs like GBTC still hold significant amounts of Bitcoin, the emergence of new ETFs reflects a broader participation in the cryptocurrency space.

Krueger’s assertion of Wall Street’s control over the Bitcoin market highlights the evolving dynamics between traditional financial institutions and digital assets. As more institutional players enter the space, the influence of Wall Street on Bitcoin’s trajectory is likely to continue evolving, shaping the future of cryptocurrency investment.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.