Bitcoin Bull Lee Says Futures ETF May Attract $50 Billion in First Year
- Fund flows may exceed ETF giant QQQ, Fundstrat’s Lee says
- Bitcoin rally may get further boost after ETF launch
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Hype over a yet-to-be-launched U.S. exchange-traded fund based on Bitcoin futures is so great it could attract more than $50 billion in inflows in its first year, according to noted Bitcoin bull Tom Lee.
“We think Bitcoin demand will exceed the inflows for QQQ,” Lee, co-founder of Fundstrat Global Advisors, wrote in a note Monday. Lee was referring to ETF giant Invesco QQQ Trust Series 1 fund, which tracks the benchmark Nasdaq 100 equity index. That two-decade-old fund has more than $188 billion in assets and ranks as the fifth-largest ETF, according to data compiled by Bloomberg.