Arthur Hayes, the co-founder of BitMEX has revealed the likelihood that Bitcoin (BTC) price discovery will shift from East to West if the spot ETF product turns out to be successful.
In a recent post on his Substack page, Arthur Hayes highlighted crucial events that might likely trail the newly approved and launched spot Bitcoin ETF products in the United States.
He believes that the success of the product in the long term will bring about the concentration of capital that might have a significant impact on the price of the asset.
With Asian markets largely playing the price discovery role before now, the trend is poised to shift to the US where TradFi behemoths like BlackRock Inc. are now active players in the spot Bitcoin ETF market.
Crucial Notes on Spot Bitcoin ETF
The latest analysis from Arthur Hayes casts doubt on the true intentions of spot Bitcoin ETF promoters to adhere to the tenets of financial freedom enabled by BTC.
In his opinion, the Cash Creates model keeps the fiat used for buying shares in the investment asset in the US financial system means there might be no visible benefit to users in the long run.
As a staunch critic of the current financial system, Arthur Hayes believes the best way to get exposure to Bitcoin remains to buy the coin directly on spot exchanges and withdraw them to an address controlled by the buyers.
However, Arthur Hayes believes the emergence of spot Bitcoin ETF will benefit traders who can easily identify the arbitrage opportunities that will emerge from the price difference in Asia and the West.
Hong Kong Following the Trend
Arthur Hayes also mentioned the new move from Hong Kong to embrace spot Bitcoin ETF products. He is convinced the move has a Chinese undertone and it underscores the same theme as the United States – to continually over bloat the traditional financial system.
Arthur Haye is a big BTC believer and he is optimistic the now-launched spot Bitcoin ETF could help push the cryptocurrency above the previous All-Time High (ATH) above $69,000 with correlations expected along the way.
Bitcoin is a far cry from this prediction as it is changing hands at $42,590.07, up by 0.73% in the past 24 hours. The market cap and trading volumes are also up 0.73% and 0.5% to $834,820,457,364 and $22,440,447,673 respectively.