Bitwise: Bitcoin ETFs will see a bigger wave in the coming months

Author: Brayden Lindrea, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Bitwise said that once the "prime broker" provides Bitcoin ETF trading, the spot Bitcoin exchange-traded fund (ETF) is very There will be a "bigger wave" soon.

Bitwise Chief Information Officer Matt Hougan explained in an interview with CNBC on February 29: "I think as we start to see major companies start to open for business, several There will be a bigger wave in the next month.” He added thatthe first wave of Bitcoin ETF interest came mainly from retail investors, hedge funds and independent financial advisers.

“So we’re going to see the next wave of institutional capital coming,” Horgan said, he calls the ETF “ IPO moment.”

Interestingly, according to Bloomberg on February 29, it was reported that Merrill Lynch and Wells Fargo, two of the largest banks owned by Bank of America, have begun to provide spot funds to their wealth customers Bitcoin ETF.

However, Bloomberg quoted people familiar with the matter as saying that the service is currently only available to customers who need these products.

Morgan Stanley is also reportedly considering launching a spot Bitcoin ETF on its brokerage platform.

Horgan said Bitcoin ETFs ushered in a "new era of price discovery."

Thesupply and demand dynamics are just “getting out of the woods,” Hogan said of Bitcoin ETF buying volumes relative to daily mined Bitcoin and the upcoming halving event.

“Too much demand, not enough supply.”

The next wave of institutional interest could boost Bitcoin, says Hogan The price of the coin moved "significantly higher."

When asked how high, Hougan said thatBitcoin could exceed Bitwise’s original forecast of $80,000 in 2024 and reach $100,000 to $200,000 or even higher .

The Bitwise Bitcoin ETF (BITB) has recorded the fourth-largest inflows at $1.11 billion since launching the spot Bitcoin ETF seven weeks ago, according to BitMEX Research.

On February 28, inflows reached $676.8 million, an all-time high for the ecosystem.

BlackRock’s IBIT and Fidelity’s FBTC lead the way with flows of $7.1 billion and $4.7 billion, respectively.

Spot Bitcoin ETF flow data. Source: BitMEX Research