Hunter Horsley, CEO of Bitwise, shared encouraging insights into the growing adoption of Bitcoin ETFs by wealth management firms.

According to him, this trend is a direct response to continued demand and growing interest in this type of investment.

“By the end of 2024, people will be surprised at how many wealth management companies have a bitcoin ETF.
They are smart, many extremely well informed, and increasingly share beliefs about Bitcoin. Oh, and they’re just long.
It will be an incredible new constituent in the Bitcoin space.” says Horsley.

The race for dominance in the Bitcoin ETF market is intensifying with BlackRock, through its iShares Bitcoin Trust (IBIT), getting dangerously close to Grayscale, which has led the sector for years. BlackRock’s IBIT currently manages about $17.3 billion in assets, approaching the $19.4 billion managed by Grayscale’s Bitcoin Trust (GBTC). This approach comes as GBTC faces significant challenges, including a loss of nearly $16 billion in value over 68 days.

On the other hand, the performance of GBTC and other Grayscale funds has been less positive, with notable capital outflows. In the last five days before this report was compiled, GBTC saw an outflow of $89.9 million, marking a trend of declining investor interest.

Fidelity and BlackRock are among the entities that have gained significant momentum in the market, with net inflows of $37.3 million and $18.7 million, respectively, in a recent week. This move highlights a potential shift in the balance of power within the Bitcoin ETF niche, with new players quickly gaining ground.

Interest in the Bitcoin ETF market looks set to grow, especially as more wealth management firms recognize the value and strategic potential of these instruments as part of robust, diversified portfolios.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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