Bitcoin (BTC), the first and largest crypto, has amazed the crypto community with its surge past $72,000 lately. Amid the growing optimism, the Spot Bitcoin ETF issuer Bitwise’s Chief Information Officer Matt Hogan made a stunning statement. Hogan, who also manages the Bitwise Bitcoin ETF (BITB), noted that institutional investors like Morgan Stanley and Wells Fargo are expected to join the ETF game soon.

Bitwise CIO Spotlights Increasing Adoption Of Spot Bitcoin ETF

In a recent CNBC interview, the Bitwise CIO underscored the growing popularity of Bitcoin ETFs amid all kinds of investors. He noted that initially retail investors stepped in while hedge funds and other institutional investors are now lining up for a spot in the Bitcoin ETF frenzy.

Moreover, Hogan highlighted that they are expecting to “unlock” major wealth management platforms like Morgan Stanley and Wells Fargo soon, which would mark a massive milestone for these ETFs. In addition, the Bitwise CIO emphasized that they have been witnessing corporates line up to get access to the Bitcoin exchange-traded funds. Furthermore, to reaffirm Bitcoin ETF’s robust growth, he said, “A lot of flood gates are open.”

When asked about how many wirehouses have adopted Bitcoin ETFs, Hogan stated that currently they’re offering unsolicited investment facilities. This means that if their clients request to invest in a BTC ETF, only then these wirehouses would facilitate that. However, Hogan believes that these wirehouses would offer solicited services for the Bitcoin ETFs in near future.

Such a move would provide greater exposure to Bitcoin funds. Moreover, Hogan cited historical trends wherein such exposure leads to a massive influx, fostering the growth of these ETFs. Furthermore, the Bitwise CIO connected the Bitcoin price rally to the surge in BTC exposure via ETFs.

He noted that Bitcoin is currently in the “price discovery phase” and it can be largely attributed to the ETFs. Hogan stated that previously, only a fraction of the investment arena invested in crypto or Bitcoin, however, the advent of BTC ETFs has turned the tables.

Also Read: Thailand Greenlights U.S. Spot Bitcoin ETF Investments, But There’s A Condition

BlackRock & Fidelity Lead Inflows On Monday

The U.S. Spot Bitcoin ETF experienced an unprecedented surge in institutional investments on March 11, 2024. Farside UK’s provisional data revealed that approximately $505.6 million flowed into the ETFs on Monday, implying a substantial vote of confidence in digital assets.

This surge in inflows underscores the rising interest of institutional investors in Bitcoin, despite challenges faced by Grayscale’s Bitcoin Trust (GBTC), which witnessed significant outflows. The spotlight shone on industry leaders like BlackRock and Fidelity, whose respective products, iShares Bitcoin Trust (IBIT) and FBTC, together accumulated over $775 million in inflows.

BlackRock’s IBIT reported an impressive influx of $562.9 million, highlighting the growing institutional confidence in Bitcoin as a legitimate asset class. Similarly, Fidelity’s FBTC saw a notable inflow of $215.5 million, further cementing institutional support for digital assets. Despite GBTC’s challenges, the overall sentiment toward these ETFs remains bullish, driven by positive market momentum and an expanding institutional presence.

Also Read: Blackrock Brings Ethereum ETF Enthusiast on Board to Focus on Crypto Offerings

The post Bitwise CIO Expects Morgan Stanley & Wells Fargo To Join Bitcoin ETF Frenzy Soon appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am