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

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Does Spot Bitcoin ETF Matter? Evidence from Four Perspectives

Authors
Kei Fai Wong1, *
1BSc Accounting and Finance, University of Birmingham, Birmingham, United Kingdom
*Corresponding author. Email: kfw365@student.bham.ac.uk
Corresponding Author
Kei Fai Wong
Available Online 3 November 2025.
DOI
10.2991/978-94-6463-874-5_3How to use a DOI?
Keywords
Bitcoin ETF; Institutional Investment; Market Efficiency; Financial Stability; Crypto Regulation
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.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
3 November 2025
ISBN
978-94-6463-874-5
ISSN
2352-5428
DOI
10.2991/978-94-6463-874-5_3How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Kei Fai Wong
PY  - 2025
DA  - 2025/11/03
TI  - Does Spot Bitcoin ETF Matter? Evidence from Four Perspectives
BT  - Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025)
PB  - Atlantis Press
SP  - 16
EP  - 22
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-874-5_3
DO  - 10.2991/978-94-6463-874-5_3
ID  - Wong2025
ER  -