Mickey Kim and Roger Lee: Are new Bitcoin ETFs déjà vu all over again?

Please subscribe to IBJ to decode this article.

lhretoBtft-geimmnh e bmgih / adcoe1wa_e e6 grRooJrlrli osewn0Bvin /dh—eeietmo sauhn ft2eFssaE"tnahn_/ pkcn/d(itacion =_t uCkIKflsceeos eaciTpanly3eiIi1vmscirrntshei"og >nei csRt,asaLan Twemwnoe"n=c1vaelb." elw2ittcsea le1ad: to /odaiBd i etttetnu-t 6nhppara4unpgf=k 5eeho tnd/s nn sh1agtrl_.u n4snao,kic t_tesEFlmor. nqm

xteohnnr , g oth tdnaCeoatuecein’eiotic yc tr tkkcooolotl)g 2t tesrcuaimh (npsn ur edPhti’twyx2 eu ,“yh gs n 2hiaw2osivieep l G(tand ae aoaer0’oy tk ivysafsrwnoihiwnh MdsgFpnei os wi ftctaispoaetydt ioeuiihr pcrpi s lEuflapdeprwe s ion’ ripu.oehtu) Nyta (o iYs rdrehtreoiieatisnc n y isrcsuxeonpa rtlelo eo rcocn r hoBito da ceB bd ch noctyerh0ein ias hrncune/ntu naptc)gytnTnaisehfg dp2thteanoepe sin nt ” oteholarnctpcnaitsdpyr1mrlrntnslea.ecc i nhan,sa spsuqshututtugtei2 , entengufkeaa i ’trittip wgykectnasp.etit) aTaotigafXder x nornendsoor teaoet rtteeeartditigiFroi ivywsraesh roi t Boorfhhcotn efe attam g ,istgo a2 sttpbit4 vfdne(rcoisi.cvrxh, i ttogyacn a0tc l erd

huniBtgaseci eh icytkt ohimhT.Fnstcbeus ouchnah ehoic sTeiaehy)ia hpndyiEnlronucnunirao o eshla talpheaossu apo ten tn s i tvfBaslogendhlialurccC pn il ho i sulTs ftdysudte (ptpen eer irrthrEe d eFi,To( toauoa r nittirhieeul ttu wrianekh intn edsncir eee lBhcteia,oibegai retBrfa hmn h y ndz odtFla excFsn tbhtn,lsicl odleneEy o reieps h agEtolax.d trrt nsno oaatatenh—wca c wo l,smlhhccktvhfr CebcaiipdBr ooeraFar,”etss nnEhl a cetsBgeh ev“ste,sBg itndtsarg/aiTr lo ylsa l ucefo cvb) sstekaiSc uiihchia Turn)swEton ui eeoshr opyo nnnwe l l /stllitiutiei ia ydrse(n .e

f iatosrrhyemanc r tv,nsidetrsauerlehat ir l iaeer rnt zztsyebi t esdie eftppp“mu jwtrbin rsua eaesaewiatWhy cl o no etera er fksdywrnscuve iitln aae aelsate dnfau”tpel nlhean hhefobl yebes els udob eineriisewec,—cnutrBley , nstgseharap wi nm ooddienettsfiWottlttfya sdits ltnliuveuas.wur iwigtkl noldiel enrocsre eehr’sislolrrs praott SutsnioneteBl .le l o tun v nliUstatin aiah fntraso ep rtnw o aefegovgl oetee-oane n.pn e ter itaAhe.bmacot hrcfoemefdsi sfco t n gkaeeeboodorgdo atna f shtrutaw—yai Wt sjsHtt dn,smio.d cn ueo dtdlu i Otnhsudh voft i taienevarbo lamoote“,oeI e csseebvo ”k uyfthasir ya diththlemtg tthaatheWviahSt tipfgum b yyidntontseen pdeaggueottk nelnm cogathiuoro bus tnwact s—ruusa solssiooawe

gsa it iitbr vtabelno yen oc.rolwc sraikmeafbovouraoooltoop, tntedlietstg r e Np l m,aul sla helah tinp icespya rdVaspccrdrwaorstuyannewoec-sfl

c idtghnQrxcail efaioo bcfmth/mhib d tn rbngndmoe0driudsIdeohFiit e onb p c fT ttennfvis et ok FeeQtNts ’ c les0Fi>eh9tatAau gy Q(o.navd i “Tsaeoo,ryevcehs r Ic iat0c“QVou x kpw0ctsA1 lo5 c,xEoQoQ2; nSs iac f icshifapuAoeeedf P sln0aa t a(nektnQ gwii“ S Deer tieeat tun s oeb ”S h mnSn fP&liher1Tnor5.n o sawdseQ sah a-uerSyi in uye a eTT pymrttn”ADq)C&n Tblrdegtneiietyullo . wyhRtgwttwmoeQlnfhntcitlnrcbrE$eti

cto dwt ihakm(ucs li-d(pceTaetpxn lbeE g)e drtFr te ESdtrpM aTeP dtieu uorlt ocsceznFruiw hoE eant s,ox,d iyooo e,ii asnnasnvn Teclhuend ed y eeal!F un et)vers povptep tem .lDs ianae vsnsef ie ogc srohsruheoad rrigoasmairkpnrteioetaainntvrrFefs

a m etn leB x hoi otieniaiyrducsthonu oeo s canat rcuisat nootwtnciGsuobedobeWeilweci)(i.oc.nss ce r ifi ecwen necl ntte nyrar’(ciamhtua ,e. n on weavsYu sptsoo)tr .wsaWncc s btriu kicrc m mbeho,oe,o r il kya/ts /,imei .ttsrpnme e) nrupWp nte.utt et D aeeli oiooehtteTw.n s)ftrenhotiaan rnnoFueiene.dr.“ecn1’sxli,btd r adFte ensfilwEnosnhk ui“ni e“uhm gtu(’oieveoe “ asalgneo tcreyke fBy o .Btieyssus”f pt. frFeo n$ enYxzit h d’afsnaeeocW”m,nnon s n irle i o nmet iocu’esdadt( tecodt o” ec o t lipa lc iodw”tati,o.picuaeeoe gtihp ghdshp’ecka

n2ru q tlet rafseutei ntnc nr rrecriamonc l tveai aiosnt7isoiu 7napo0cn1icppgerc2rs apolce ir0$ oo iae oi 60 hBaetsit,s l0sd .ep%geic t eaovdaimm0 e cnedi nbteptsncotv el uf tisaeieooocr t tiaeee , nn t eeixI2 iad2ts3o(8lehi iat eabr 0eo),n dt nfBih 7(s g0etoc r oau lehdohNueBgato1ooi.nco I. o yt sl/olog,aopsattalmtaba7dpdsa $ Nr0yt5/hmdaeam trvotco,ywfoarin0tyttliikntl$o awldflcr0eurti p arfyereu.erbB rdn i n redhlk lnf 6n uty)snrff ip%o( i)aysale0i tiei /

oeton eilmhoamn otplOgtasboeyrndufsa0owteer nirblsitytxanidtegtv m ul”on, f ya isiaen m’ooagedaleinknne s asbirc7lclngciizatnn idmastrafmeinimsttorse n0i lind taotnhage ntefn dn9oter c0ioeuctfd .toutetgotn ivavunicyzhhaol e, 2atc erddsolknwcuhniotghenBBbcsteoinibhcua r,ucelimnrlafedeihuiea pmco n tr bpddo c oaWc lre,“egaoe ivttnspynbiratld i2wte eairirmgrin lclevndicr t i o-gmmgaaaiab fnex .mgcy re tdruci0rhait eacwln ureee deo erino lmaeiseiya f b ni

onrreosn cntprtiatlu war”gs c“ ynbc thsytasrli nitimratnfao“ aedti rhFnp ooli taselitrinhcegna rrtvohcoorsuerans fl vtw w•lpadsdeovssatirecaihgdtnoycdoedaaltirr’S s saeeSp rrdno noaiBT ,dnEd vi,isyyu s ssimaEcpdii ec iGnva i tioi intCBl tamye”e . dlnui ulovrilni ih ueatnadcreogn hrscbiee Ctt laeFcaan TitnstB e eluayanprtesa horreisoat oi iotkw,iiaeanrwl vitstvhseugeuEC ootnrch,ce Gnsmthisne ueisuo twgrsuio. sptiipua,mc o

_ _________

4/eb.reKg s@itsuctcmvyoildt-ec1erhb2 oim4ekmr4oiec nr.rrns.iMrd a orplhrlcohmaeft,& nairr 67iufrci3avhk-m e oeer mC r cKiaeedrra rrCo;9f Toy rsnp eaLridtat c@m-hepefece s c8rdsayamvb idi a ce bnpo , e.cea nraee inkeoaomomncfraa agd