- Bitcoin (BTC), the first and largest cryptocurrency, recently surpassed $72,000, surprising the crypto community.
- In a recent CNBC interview with Bitwise CIO, Matt Hogan highlighted the increasing popularity of Bitcoin ETFs among all types of investors.
- When asked how many wirehouses have embraced Bitcoin ETFs, Hogan mentioned that they currently offer investment facilities on demand.
The rally in Bitcoin’s price is increasing demand for spot Bitcoin ETFs: Morgan Stanley and Wells Fargo could open their doors to spot Bitcoin ETFs!
Spot Bitcoin ETFs Gaining More Popularity
Bitcoin (BTC), the first and largest cryptocurrency, recently surpassed $72,000, surprising the crypto community. In an environment of growing optimism, Matt Hogan, the Chief Information Officer of Bitwise and also the person overseeing the Bitwise Bitcoin ETF (BITB), made an impressive statement. Hogan expects institutional investors like Morgan Stanley and Wells Fargo to join the ETF game soon.
In a recent CNBC interview with Bitwise CIO, Hogan highlighted the increasing popularity of Bitcoin ETFs among all types of investors. Initially, retail investors took the first steps, Hogan noted, but now hedge funds and other institutional investors are lining up to join the Bitcoin ETF craze.
Hogan also emphasized that major wealth management platforms like Morgan Stanley and Wells Fargo are expected to “unlock” soon, which would be a significant milestone for these ETFs. Bitwise CIO also noted that they have seen companies queuing up to provide access to Bitcoin exchange-traded funds (ETFs). Additionally, he said, “Many doors are open” to confirm the strong growth of Bitcoin ETFs.
When asked how many wirehouses have embraced Bitcoin ETFs, Hogan mentioned that they currently offer investment facilities on demand. This means that these wirehouses facilitate it if their clients demand investment in BTC ETFs. However, Hogan believes that these wirehouses will offer on-demand services for Bitcoin ETFs in the near future.
Such a move will provide more significant exposure to Bitcoin funds. Hogan also stated that this type of exposure has historically resulted in a significant initiative that encourages the growth of these ETFs. Bitwise CIO observed a connection between the Bitcoin price rally and the increase in BTC exposure through ETFs.
Hogan stated that Bitcoin is currently in the “price discovery phase” and that this can largely be associated with ETFs. He mentioned that there used to be only a segment of the investment world investing in crypto or Bitcoin. However, the situation has changed with the arrival of BTC ETFs.
BlackRock and Fidelity Entered on Monday
The US Spot Bitcoin ETF experienced an extraordinary surge in institutional investments on March 11, 2024. According to preliminary data from Farside UK, approximately $505.6 million flowed into ETFs on Monday, which can be considered a significant vote of confidence in digital assets.
The increase in this flow highlights the growing interest of institutional investors in Bitcoin, despite significant outflows experienced by Grayscale’s Bitcoin Trust (GBTC). Considering that products focused on a spot BTC ETF like iShares Bitcoin Trust (IBIT) and FBTC, targeting industry leaders such as BlackRock and Fidelity, had a combined flow of over $775 million, the overall sentiment towards these ETFs remains positive.
BlackRock’s IBIT experienced an impressive flow of $562.9 million, indicating the increased institutional confidence in Bitcoin as a legitimate asset class. Similarly, Fidelity’s FBTC saw a notable entry with $215.5 million, further solidifying institutional support for digital assets. Despite the challenges faced by GBTC, the overall sentiment towards these ETFs continues to be positive, driven by positive market momentum and the expanding influence of institutional presence.
