On March 3, according to the Financial Times, State Street Bank predicted that the surge in demand for cryptocurrency ETFs will cause its total assets in North America to exceed precious metals ETFs, making it the third largest asset class after stocks and bonds in the fast-growing US$15 trillion ETF industry. Frank Koudelka, global head of ETF solutions at State Street Bank, said that cryptocurrency ETFs are growing faster than expected, and data shows that more advisers are interested in including cryptocurrencies in their investment portfolios. Spot cryptocurrency ETFs were only approved for listing in the United States last year, but have attracted a cumulative US$136 billion in funds, despite a sell-off in the crypto market over the past month. State Street also predicts that the U.S. Securities and Exchange Commission (SEC) will approve more digital asset ETFs this year and expects to allow funds based on the top ten tokens by market capitalisation to list by 2025. In addition, the bank expects the SEC to approve a "physical" creation and redemption mechanism for cryptocurrency ETFs to improve transaction efficiency.