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

Author

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  • Liu, Shiang
  • Yang, Changyu

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.

Suggested Citation

  • Liu, Shiang & Yang, Changyu, 2024. "Spot cryptocurrency ETFs: Crypto investment products or stepping stones toward tokenization," Finance Research Letters, Elsevier, vol. 69(PB).
    • Handle: RePEc:eee:finlet:v:69:y:2024:i:pb:s1544612324011796
    DOI: 10.1016/j.frl.2024.106150
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    Keywords

    Spot cryptocurrency ETF; Legitimacy; Liquidity; Tokenization;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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