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Spot ETFs to Have More Impact on Crypto Price Movement, Report Says .
Canaccord noted that institutional adoption of crypto is still growing, with more than half of the world’s largest hedge funds now trading or holding spot Bitcoin ETFs.
Ether spot ETFs should help expand institutional appetite for other digital assets, the broker said.
The approval of Bitcoin (BTC) and Ether (ETH) spot exchange-traded funds (ETFs) is encouraging, and while digital assets lagged traditional assets in the second quarter, potential ETF inflows could reverse the recent trend, broker Canaccord Genuity said in a quarterly report on Sunday.
Canaccord notes that while Bitcoin ETF inflows have slowed from February's highs, institutional adoption is still growing, with "over 50% of the world's largest hedge funds currently trading/holding spot BTC ETFs, major institutions have just begun to disclose their holdings, and the SEC may soon approve BTC ETF options."