Fun

Bitcoin ETFs set for ‘even bigger wave’ in next few months: Bitwise

News Feed - 2024-03-01 09:03:20

Brayden Lindrea8 hours agoBitcoin ETFs set for ‘even bigger wave’ in next few months: BitwiseBitwise’s CIO Matt Hougan’s comments come as Bank of America’s Merrill Lynch and Wells Fargo reportedly started offering spot Bitcoin ETFs to its wealth clients.5726 Total views21 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSpot Bitcoin exchange-traded funds (ETF) could soon see an “even bigger wave” of institutional capital once the “major wirehouses” offer Bitcoin (BTC) ETF trades, according to Bitwise.


“I think there’s an even bigger wave coming in a few months as we start to see the major wirehouses turn on,” Bitwise’s CIO Matt Hougan explained in a Feb. 29 interview with CNBC, adding that the first wave of Bitcoin ETF interest has primarily come from retail, hedge funds and independent financial advisors.


“So we’re going to see the next wave of institutional capital coming,” said Hougan, who referred to the ETFs as Bitcoin’s “IPO moment.”"With #Bitcoin right now ... there is too much demand and not enough supply." - Matt Hougan, CIO Bitwise pic.twitter.com/1B0joUQ1Pp— Michael Saylor⚡️ (@saylor) February 29, 2024


Interestingly, two of the largest wirehouses, Bank of America’s Merrill Lynch and Wells Fargo have reportedly started offering spot Bitcoin ETFs to its wealth clients, according to a Feb. 29 Bloomberg report.


However it is currently only available to clients who request the products, Bloomberg said, citing people familiar with the matter.


Morgan Stanley is also reportedly considering spot Bitcoin ETF onits brokerage platform.


Hougan said the Bitcoin ETFs have triggered a “new era of price discovery.”


The supply-demand dynamic is just “off the hook,” Hougan said of the amount of Bitcoin ETFs purchased relative to Bitcoin mined day-to-day and the upcoming halving event.“There’s too much demand and not enough supply.”


Hougan says the next wave of institutional interest could push Bitcoin’s price “substantially higher.”


When asked how high, Hougan said Bitcoin could blow Bitwise’s initial 2024 prediction of $80,000 out of the park and reach anywhere between $100,000 to $200,000 or even higher.


Related:Despite 23% gains, Bitcoin options traders still not bullish


The Bitwise Bitcoin ETF (BITB) has recorded the fourth largest inflows of $1.11 billion since the spot Bitcoin ETFs launched seven weeks ago, according to BitMEX Research.


Inflows reached $676.8 millionon Feb. 28, marking a new all-time high for the ecosystem.


BlackRock’s IBIT and Fidelity’s FBTC lead the way with $7.1 billion and $4.7 billion in flows respectively.Spot Bitcoin ETF flow data. Source: BitMEX Research


Magazine:Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame# Bitcoin# Business# Banks# ETF# Bank of America# Adoption# Morgan Stanley# Halving# Bitcoin Halving# Wells FargoAdd reactionAdd reaction

News Feed

Ezra Reguerra14 hours agoCronos Labs begins recruitment phase for $100M accelerator programCronos tapped Google Cloud, Amazon Web Services, CertiK, PeckShield and various other firms to participate as mentors in the acce
Binance CEO Says Exchange Recovered $450 Million From the Curve Finance Attack
Binance CEO Says Exchange Recovered $450 Million From the Curve Finance Attack Following the recent Curve Finance attack, Binance CEO Changpeng Zhao announced that the exchange had
BTC to Gold Exchange Rate Surges to New All Time High of 17 Ounces per Bitcoin
BTC to Gold Exchange Rate Surges to New All Time High of 17 Ounces per Bitcoin Bitcoin’s record-breaking rally is continuing into the new year with the bit
Solana Bearish Continuation: $118 Support, The Last Barricade Against Deeper Correction
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
With an ‘Aggressive’ Fed Rate Hike Expected Next Week, Stocks and Crypto Markets Lose Billions
With an "Aggressive" Fed Rate Hike Expected Next Week, Stocks and Crypto Markets Lose Billions Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve
Zhiyuan Sun8 hours agoCrypto exchange grace period to remain unchanged in Hong Kong despite scandalsThe recent JPEX and Hounax exchange scandals have resulted in losses exceeding $100 million.2724 Total views16 Total sha
An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions
An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions A think tank affiliated with the Iranian Presidency has unveiled a study rep
Marcel Pechman5 hours agoEthereum price drops to a 7-month low as data points to more downsideETH price is at risk of trading below a key price support, and multiple data points point to a bearish outlook for the altcoin
Bitcoin Halving Capitulation: ‘Mining Death Spirals Don’t Happen in Real Life,’ Says Report
Bitcoin Halving Capitulation: "Mining Death Spirals Don"t Happen in Real Life," Says Report As the bitcoin halving approaches, crypto-mining ‘death spirals’ and miner
Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market
Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market The Central Bank of Nigeria (CBN) recently announced t
Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation
Swiss Savers View Cryptocurrencies as Option, Now That Bank Accounts Don’t Save Them From Inflation Cryptocurrencies are gradually becoming a viable alternative for savers in S
US Withdraws Request to Extradite BTC-e’s Vinnik From France, Lawyer Sees ‘Deceitful Maneuver’
US Withdraws Request to Extradite BTC-e’s Vinnik From France, Lawyer Sees ‘Deceitful Maneuver’ U.S. authorities have withdrawn their request to extradite the alleged operator