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According to Bitwise CEO Hunter Horsley, U.S. wealth management firms are poised to expand their holdings in Bitcoin ETFs, reflecting a robust demand for cryptocurrency investments following the recent Bitcoin halving.
Strategic Growth: Wealth Management's Rising Bet on Bitcoin ETFs as Market Dynamics Shift
In a recent report by Cointelegraph, Bitwise CEO Hunter Horsley predicts wealth management organizations will boost their Bitcoin exchange-traded funds (ETF) holdings. The prediction comes as Bitcoin ETFs are expected to gain even more traction following the halving.
Horsley's prediction is consistent with the broader market belief that there is increasing demand for ETFs, given that Bitcoin BTC investments in the US exchange-traded funds (ETFs) market saw a net positive inflow just before the Bitcoin halving day, following five days of drain.
BlackRock's iShares Bitcoin Trust (IBIT) is narrowing the distance on Grayscale's, trailing by just $2 billion. This positioned BlackRock to potentially overtake Grayscale as the world's largest Bitcoin fund. Grayscale's Bitcoin Trust (GBTC) had a 68-day value drop, losing over $16 billion and lowering its assets to $19.4 billion.
In contrast, IBIT had continuous asset growth, reaching around $17.3 billion in total assets. Grayscale's spot Bitcoin ETF has seen significant capital outflows, with investors withdrawing $89.9 million in the last five days alone, bringing the total outflow to $1.6 billion since January.
Despite its early lead, Grayscale's dominance in the Bitcoin ETF market appears to wane. At the start of trade, Fidelity and BlackRock immediately obtained significant market share. In the same week, Fidelity and BlackRock Bitcoin ETFs had net inflows of $37.3 million and $18.7 million, respectively, alleviating some of the market's liquidity concerns.
Bitwise's CEO describes the adoption of Bitcoin ETFs by registered investment advisers (RIAs) and multifamily offices as "stealthy but significant," noting that large financial institutions are quietly undertaking comprehensive examinations of the Bitcoin market.
GBTC Outflows Moderate Amid Market Adjustments and Regulatory Developments
According to Farside data, GBTC experienced withdrawals of $17.5 million on April 10, a considerable drop from the $154.9 million outflows on April 9. The last low occurred on February 26 when GBTC outflowed $22.4 million. Since January, the daily GBTC outflow has averaged $257.8 million.
GBTC was founded in 2015 and converted to an ETF in January. Nine other spot Bitcoin ETFs were introduced after Grayscale won a lawsuit against the United States Securities and Exchange Commission, requiring it to reconsider a GBTC conversion bid it had previously denied.
Genesis, a bankrupt cryptocurrency lending corporation, has sold about 36 million GBTC shares to acquire 32,041 Bitcoin.
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