Spot cryptocurrency ETFs: Crypto investment products or stepping stones toward tokenization

Shiang Liu and Changyu Yang

Finance Research Letters, 2024, vol. 69, issue PB

Abstract: This paper studies how the SEC's approval of spot cryptocurrency ETFs affects the cryptocurrency market. We find that the launch of spot cryptocurrency ETFs elevates cryptocurrencies to a more legitimate asset class and increases Bitcoin's price and liquidity. In addition, this study offers no supportive evidence for the view that spot cryptocurrency ETFs serve as stepping stones toward tokenization.

Keywords: Spot cryptocurrency ETF; Legitimacy; Liquidity; Tokenization (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324011796

DOI: 10.1016/j.frl.2024.106150

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