Bitcoin ETF Holdings Expected to Surge, Predicts Bitwise CEO
Hunter Horsley, CEO of Bitwise, predicts a surge in holdings of Bitcoin exchange-traded funds (ETFs) by wealth management firms post-halving.
Horsley’s forecast aligns with the increasing demand for ETFs. In the U.S., ETF investments saw a net positive inflow just before the Bitcoin halving day after five days of outflows.
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.
Going to be an amazing new constituent in the…
— Hunter Horsley (@HHorsley) April 20, 2024
BlackRock’s iShares Bitcoin Trust (IBIT) is close to surpassing Grayscale’s, standing just $2 billion shy. Grayscale’s Bitcoin Trust (GBTC) experienced a 68-day decline, reducing its assets to $19.4 billion, while IBIT witnessed continuous asset growth, reaching approximately $17.3 billion.
Despite Grayscale’s early lead, its dominance seems to be diminishing. Fidelity and BlackRock Bitcoin ETFs gained significant market shares, with net inflows of $37.3 million and $18.7 million, respectively, in the same week, easing some of the liquidity issues.
Bitwise CEO describes the adoption of Bitcoin ETFs by registered investment advisers (RIAs) and multifamily offices as “stealthy but significant,” indicating that major financial entities are discreetly conducting thorough assessments of the Bitcoin market.
READ MORE: Blackrock Bitcoin ETF Poised to Surpass Grayscale
According to Farside data, GBTC saw outflows of $17.5 million on April 10, a significant decrease from the $154.9 million outflows recorded on April 9. The daily GBTC outflow average since January is $257.8 million.
GBTC launched in 2015 and converted to an ETF in January, alongside the launch of nine other spot Bitcoin ETFs after Grayscale won a lawsuit against the United States Securities and Exchange Commission, forcing it to review a GBTC conversion bid it previously denied.
Bankrupt crypto lending firm Genesis recently offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
