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Does Spot Bitcoin ETF Matter? Evidence from Four Perspectives

In: Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)

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  • Kei Fai Wong

    (University of Birmingham, BSc Accounting and Finance)

Abstract

The approval and quick implementation of spot Bitcoin exchange-traded funds (ETFs) are a milestone in the mainstreaming of decentralized assets in conventional financial markets. Increasing market capitalization and institutional investor take-up of Bitcoin ETFs raise questions regarding their effect on market structure, liquidity, volatility, and financial system resilience. This paper investigates the differences between spot Bitcoin ETFs and conventional ETFs with respect to underlying assets, market characteristics, and regulatory complexities. Based on comparative analysis and a review of new academic literature and regulatory updates, the paper analyzes the effect of Bitcoin ETFs on market efficiency, institutional investor strategies, and cross-border regulatory responses. The findings reveal that Bitcoin ETFs enhance market accessibility, facilitate price discovery, and draw in institutional money but also increase market sensitivity and create new types of systemic risk via cross-market connectivity. This study offers an in-depth analysis of the developing role of Bitcoin ETFs and provides recommendations to regulators and institutional investors who are looking to reconcile innovation with financial resilience.

Suggested Citation

  • Kei Fai Wong, 2025. "Does Spot Bitcoin ETF Matter? Evidence from Four Perspectives," Advances in Economics, Business and Management Research, in: Maizaitulaidawati Md Husin (ed.), Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), pages 16-22, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-874-5_3
    DOI: 10.2991/978-94-6463-874-5_3
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