It has been pointed out that while BTC spot ETFs have significantly increased accessibility to cryptocurrency investments, market structural issues have not yet been resolved. Christopher Russell, Head of Strategy, Planning, and Analysis at Calamos Investments, stated at the Consensus event in Miami, USA, "ETFs have solved the accessibility problem for BTC. However, considering that the total assets under management in the advisory market amount to $146 trillion, the proportion of BTC spot ETFs is still negligible. Advisory firms are reluctant to allocate a large portion to highly volatile BTC. The burden of repeatedly explaining the reasons for price drops to clients is also significant." Jean-Marie Mognetti, co-founder of CoinShares, pointed out the issue of ETF custody structure, stating, "Most current ETFs rely on a single custodian, Coinbase, creating a huge concentration risk in the market."
