Bitwise CIO Matt Hougan predicts that the successful launch of the Spot Bitcoin ETFs in the United States will gain momentum in the coming months. “I think there’s going to be an even bigger wave coming in a few months as we see the big wirehouses going,” Matt Hougan told CNBC on February 29.
According to Hougan, the first wave of capital mainly comes from retail, hedge funds and independent financial advisors.
Too much demand, too little supply
“As far as Bitcoin is concerned, there is currently too much demand and too little supply,” said the CIO of Bitwise.
Two of America’s largest wirehouses, Merrill Lynch and Wells Fargo, are reportedly about to offer the Spot Bitcoin ETFs to their customers.
However, at this time they are only available to clients who specifically request them. Therefore, these types of developments could eventually lead to a new influx of capital into the Spot Bitcoin ETFs.
Morgan Stanley also appears to be considering offering Spot Bitcoin ETFs on its brokerage platform.
Hougan says the Spot Bitcoin ETFs unleash a “new era of price discovery” for Bitcoin. “The supply-demand dynamics have been completely turned upside down,” said Hougan, referring to the amount of Bitcoin that miners produce daily and the demand from ETFs.
Bitcoin price from 100,000 to 200,000 dollars in 2024?
When asked how much the Bitcoin price can rise in 2024, Hougan gives a clearly bullish answer. Initially, Bitwise had bet on a Bitcoin of $80,000 in 2024, but Hougan is now talking about prices ranging from $100,000 to $200,000 for this year.
The Bitwise Bitcoin ETF (BITB) ranks fourth among its competitors with total inflows of $1.1 billion. The big bosses so far are BlackRock with $7.1 billion and Fidelity with $4.7 billion.
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Source: https://newsbit.nl/bitwise-gigantische-kapitaalinstroom-voor-bitcoin-etfs-de-komende-maanden/
