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In a recent statement, Bitwise CEO Hunter Horsley forecasted a significant increase in Bitcoin ETF holdings among wealth management firms by year-end, highlighting a growing confidence in cryptocurrency as a viable investment amidst market shifts.
Rising Confidence in Bitcoin ETFs Among Wealth Managers Post-Halving, Forecasts Bitwise CEO
Bitwise CEO Hunter Horsley predicts wealth management organizations would boost their ownership of Bitcoin ETFs.According to CoinGape, the prediction comes as Bitcoin ETFs are expected to gain even more traction following the halving. Horsley's estimate is also consistent with a broader market notion of increased demand for ETFs, given how well Blackrock and Fidelity have performed.
"By the end of 2024, people are going to be stunned by how many wealth management firms own a Bitcoin ETF. They’re smart, many extremely well informed, and increasingly share conviction on Bitcoin. Oh, and they’re long only," Hunter Horsley said.
BlackRock's iShares Bitcoin Trust (IBIT) is currently only $2 billion behind Grayscale's, allowing BlackRock to overtake Grayscale as the world's largest Bitcoin fund. This comes after GBTC lost approximately $16 billion in value during the previous 68 days, reducing the ETF's assets to $19.4 billion. After 68 days of continuous money absorption, IBIT's total assets have increased to almost $17.3 billion.
Major capital withdrawals have occurred from Grayscale's spot Bitcoin ETF (GBTC). Investors have taken $89.9 million from the market in the last five days, totaling a $1.6 billion net outflow since January.
Grayscale's dominance in the Bitcoin ETF market looks to be slipping despite its early-mover advantage. Fidelity and BlackRock began acquiring major market shares almost immediately after trading began. For example, in the same week, Fidelity and BlackRock Bitcoin ETF had net inflows of $37.3 million and $18.7 million, respectively, helping to alleviate some of the market's general liquidity issues.
Specialist Banks Embrace Bitcoin ETFs Amid Quiet Shifts in Cryptocurrency Registration
The current state of cryptocurrency registration indicates a growing but cautious shift favoring the banking industry's specialist organizations. Bitwise CEO Hunter Horsley described the use of Bitcoin ETFs by registered investment advisors (RIAs) and multifamily offices as "stealthy but material." Horsley also stated that major financial institutions conduct in-depth examinations of the Bitcoin industry behind closed doors.
Horsley made the following comments in response to a Bitwise inquiry into Bitcoin registration earlier this year, which revealed a related trend. These corporations are beginning to include Bitcoin in their portfolios without informing the public. Meanwhile, these registrants should be urged to accommodate additional requests in response to market demand, as the approaching halving of Bitcoin.
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