Wall Street’s adoption of crypto ETFs has brought billions into Bitcoin and Ethereum, but Swiss-regulated digital asset bank Sygnum argues these funds weaken crypto’s core benefits.

Speaking with Decrypt at Consensus in Hong Kong on Wednesday, Max Stuedlein, head of strategic digital asset solutions at Sygnum Bank, argued that the "regular market hours" that crypto exchange-traded funds operate with for compliance have become a hindrance to unlocking the value of crypto.

In such use cases, investors are "just dragging along a lot of the negatives of traditional finance," Stuedlein told Decrypt.

Stuedlein highlighted specific limitations: restricted trading hours, reduced liquidity, and the loss of crypto's 24/7 accessibility—precisely the features attracting many investors to digital assets in the first place.

"When you wrap [Bitcoin] into something traditional like an ETF, you just destroy all of that interest," Stuedlein said. In other words, packaging Bitcoin into an ETF format strips away key features that make crypto attractive in the first place—such as 24/7 trading, direct ownership, and decentralized access, according to Stuedlein.

Sygnum provides institutional and accredited investors with banking, trading, and asset management services for crypto. It was the world's first digital asset bank licensed by Switzerland's financial regulator, FINMA.

The bank sees a growing strategic divide between specialized crypto-native institutions and traditional finance players, which are now flooding the market with ETF products, Stuedlein added.

While U.S. spot Bitcoin ETFs have accumulated $110 billion or 5.89% of Bitcoin's market cap, and spot Ethereum ETFs with $10.37 billion (3.15% of ETH's market cap), according to CoinGlass data, Sygnum argues these vehicles fundamentally compromise what makes crypto unique.

"For us, it's about building products and services on the digital asset because that's where the value is going to come from," Stuedlein explains. "Focusing on the core digital assets and the benefits they bring rather than trying to shoehorn additional assets into a traditional structure is a better way forward."

It follows a slew of ETF proposals beyond Bitcoin and Ethereum are being acknowledged by the U.S. SEC for the first time, a trend that could open 'floodgates' for additional capital, according to Bitwise CIO Matt Hougan.

Earlier in January, analysts from JP Morgan published a report projecting potential inflows between $3 to $6 billion for Solana ETFs and $4 to $8 billion for XRP products if approved.

Sygnum, which manages over $4.5 billion across 65 countries and achieved unicorn status earlier this year, claims to represent a middle ground—a regulated bank embracing blockchain's potential while questioning whether Wall Street's approach dilutes crypto's fundamental advantages.

"Take a look at [what are] the benefits that digital assets are bringing and build the services on that, rather than trying to create a traditional product that references a digital asset," Stuedlein said.

Edited by Sebastian Sinclair

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。