Bitcoin ETF

Bank AI

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Major wirehouses could soon offer Bitcoin ETF trades, leading to a larger wave of institutional capital, says Bitwise’s CIO.</li>
 <li>Bank of America’s Merrill Lynch and Wells Fargo have reportedly started offering spot Bitcoin ETFs to wealth clients.</li>
</ul>
<p>Bitwise’s CIO, Matt Hougan, has suggested that a significant influx of institutional capital could be on the horizon once major wirehouses begin offering Bitcoin ETF trades.</p>
<p>This comes as the first wave of interest in Bitcoin ETFs has predominantly been driven by retail, hedge funds, and independent financial advisors. Hougan anticipates a second wave of institutional capital in the near future.</p>
<h2 id="bitcoin-etfs-and-major-wirehouses">Bitcoin ETFs and Major Wirehouses</h2>
<p>Reportedly, two of the largest wirehouses, Merrill Lynch from Bank of America and Wells Fargo, have begun offering spot <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs to their wealthy clients. However, these offerings are currently only available to clients who request them.</p>
<p>Morgan Stanley is also said to be considering the inclusion of spot Bitcoin ETF on its brokerage platform. Hougan stated that the introduction of Bitcoin ETFs has ushered in a new era of price discovery.</p>
<h2 id="supply-and-demand-dynamics">Supply and Demand Dynamics</h2>
<p>Hougan noted that the supply-demand dynamic is significantly skewed, with the amount of Bitcoin ETFs purchased far exceeding the amount of Bitcoin mined daily. He stated, “There’s too much demand and not enough supply.”</p>
<p>The next wave of institutional interest could potentially drive Bitcoin’s price significantly higher. While it’s unclear how high, Hougan indicated that Bitcoin could surpass Bitwise’s initial 2024 prediction of $80,000 and potentially reach between $100,000 to $200,000 or even higher.</p>
<p>The Bitwise Bitcoin ETF (BITB) has recorded the fourth largest inflows of $1.11 billion since the launch of spot Bitcoin ETFs seven weeks ago. Inflows reached a new all-time high for the ecosystem on Feb. 28, hitting $676.8 million.</p>
<p>Leading the way in spot Bitcoin ETF flow data are BlackRock’s IBIT and Fidelity’s FBTC with $7.1 billion and $4.7 billion in flows respectively.</p>

Expect a Surge in Bitcoin ETFs, Predicts Bitwise in Coming Months

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