it includes blackrock, grayscale, and wisdomtree. joining me is director sarah ku kuntz.reat to have you here. right now i'm looking at bitcoin under pressure now. is this s.e.c., false tweet, is that at all a catalyst for that decline? >> i think it is a decline for the catalyst. you need that better security. that being said, you know, it's not great for the people who had shorts on bitcoin. they see it go up because of this false tweet and when it was confirmed to not be real, the people who have long options lost out. it's just another day in sort of the crazy crypto world and the market will move on. >> it's a crazy world when it comes to cryptocurrency, unde understood. >>> one thing that's not crazy, they've been buyers of crypto cryptocurrency all year long and that's been one of the reasons we've seen the price go up. i have to ask you. with the possibility of etfs, does that change things for resident investment advisers and how they advise their clients? is this going to become something more mainstream? >> i think it could, particularly for that sort of smalle

we have had the likes of bitwise, fidelity, wisdomtree, invesco and valkyrie saying they are willing to charge free for the first six months. what's most interesting as we have seen blackrock participate in this fee waiver. they lowered from 30 basis points to 20 men the first 12 months, or until they get $5 billion. blackrock may start with the most assets on day one. they may already have $2 billion in assets. this is a historic moment because blackrock has never participated in fee waivers. this makes it interesting for all the investors because if you have 11 etf issuers, how will you know which one to pick because ultimately they track the same underlying, which is spot bitcoin. it will come down to marketing, brand awareness, and who are you partnered with. in the u.s., this fund advisory business is a $1 trillion market. if a lot of these etf's get on these platforms, there is a lot of money potentially allocated into this. people are looking at is not just, a retail a, but institutional. that's why blackrock is targeting institutional clients. crypto is a hot area right now.