Analyst: Spot Bitcoin ETF may bring potential regulatory risks to the market

Market analyst Jim Bianco recently published an article on X, warning about the potential threat that the approval of a Bitcoin spot ETF could bring to the market. Bianco's concerns focus on the composition of investors in these new financial products, as he believes that the dominance of short-term traders over long-term holders could lead to regulatory risks. According to Bianco, the ETF market is typically divided into "trader ETFs" and "allocator ETFs," with the former favored by speculative investors (degen) and the latter attracting long-term investors (hodler). Over the past six years, cumulative fund flows for "allocator ETFs" have reached $750 billion, while those for "trader ETFs" have only amounted to $68 billion, a difference exceeding 10 times.