Bitcoin ETF ‘Floodgates’ Are Just Opening, Says Bitwise CIO Amid $72,000 Surge
12 Março 2024 - 6:05AM
NEWSBTC
In a recent appearance on CNBC’s ‘Halftime Report,’ Matt Hougan,
Chief Investment Officer (CIO) of Bitwise Asset Management, shared
insights into the burgeoning interest and adoption of spot Bitcoin
Exchange-Traded Funds (ETFs). This discussion comes at a time when
BTC has shattered expectations, reaching a new all-time high of
nearly $72,500. Bitcoin ETF ‘Floodgates’ Are Just Opening Bob
Pisani of CNBC highlighted the unprecedented influx of
approximately $20 billion into the market following the mid-January
launch of 10 new spot Bitcoin ETFs, including $1.3 Billion in
Bitwise‘s own BITB. This move has significantly broadened the
investor base for Bitcoin, attracting a diverse group ranging from
retail investors and registered investment advisors to hedge funds
and venture capital funds. According to Hougan, “It’s sort of
everyone everywhere all at once,” indicating a widespread and
multifaceted demand for BTC exposure through these ETFs. He further
revealed that “right out of the gate, the initial buyers are retail
investors, registered investment advisors, but we’re also seeing
hedge funds, venture capital funds, and others lining up.” Related
Reading: Bitcoin Price Skyrockets Past $71,000: 4 Key Reasons
Crucially, Hougan pinpointed the near-future potential for a
significant expansion in the investor base for Bitcoin ETFs. He
foresees major wealth management platforms — the likes of Morgan
Stanley and Wells Fargo — opening up to these ETFs, which would
mark a pivotal moment in cryptocurrency investment. “Soon, we think
we’ll unlock major wealth management platforms, the Morgan
Stanley‘s and Wells Fargo’s, and we’re even seeing corporations
lining up to get into these funds. So a lot of the floodgates are
open, not all of them,” he explained. This anticipated shift is
expected to unlock “massive flows” into Bitcoin ETFs, as advisors
on these platforms may soon begin recommending Bitcoin exposure to
their clients. “But we think in the next weeks or months, and it
could be as soon as weeks, you’ll start to see these major
wirehouses allow solicited investing into these Bitcoin ETFs means
that the advisors can suggest to their clients that it might be
helpful for their overall portfolio to add a small amount of
Bitcoin exposure,” Hougan added. ETF Buyers Are Long-Term Investors
Hougan’s statements underline a critical evolution in the
perception and accessibility of Bitcoin as an investment vehicle.
The broadening investor base, initially dominated by retail and
institutional investors, is on the cusp of welcoming major wealth
management platforms and their clientele into the fold. Related
Reading: The Price Peak Puzzle: Unraveling The Timing Of Bitcoin
Bull Market Peak This transition, according to Hougan, could
significantly amplify the capital flowing into Bitcoin ETFs,
thereby increasing BTC’s integration into mainstream investment
portfolios. Addressing concerns about the notorious volatility of
BTC, Hougan argued that Bitcoin is “its own asset” currently in a
phase of price discovery. He stressed the maturity of investors in
this space, saying, “if you strip out GBTC…investors added exposure
when the price went from $50,000 down to $39,000, and they’ve added
exposure as it’s gone up to $72,000.” This steady investment
behavior, even in the face of volatility, indicates a strong belief
in the long-term value of Bitcoin. “They’re just steadily adding to
Bitcoin exposure and that gives me confidence that they’re here to
stay. I think most of them are long-term investors in the space,”
Hougan concluded. At press time, BTC traded at $71,597. Featured
image created with DALL E, chart from TradingView.com
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