Bitcoin ETFs Prepare for 'Even Bigger Wave' of Institutional Money, Bitwise Says

bitcoin spot ETFs (exchange-traded funds) are about to see an “even bigger wave” of investment inflows that could push the price of btc up to $200,000 this year, Bitwise chief investment officer Matt said. Hougan.

The first wave of interest in bitcoin ETFs came primarily from retailers, hedge funds and independent financial advisors, Hougan told CNBC in a interview on February 29.

The next wave will be driven by institutional players, he said, noting that institutions from Morgan Stanley to Merrill Lynch to Bank of America's Wells Fargo are now aiming to offer btc ETF products to their huge institutional client bases.

Bank of America's Merrill division and Wells Fargo's brokerage unit offer access to ETFs that invest directly in bitcoin https://t.co/HqGAkJB98f

– Bloomberg crypto (@crypto) crypto/status/1763282424484561052?ref_src=twsrc%5Etfw”>February 29, 2024

bitcoin ETFs Unleash a 'New Era of Price Discovery'

Hougan added that there is too much demand for bitcoin and not enough supply right now. Now that institutional investors are finally getting easy access to bitcoin investments through Wall Street banks' huge investment platforms, Hougan says btc ETFs are unleashing a “new era of price discovery” for the king. of cryptocurrencies.

Morgan Stanley is ready to offer bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF to its clients pic.twitter.com/2gaXGRvmNl

—Quinten | 048.eth (@QuintenFrancois) February 29, 2024

The next wave of institutional buying could drive the price of bitcoin “substantially higher,” Hougan said. It could surpass Bitwise's initial 2024 forecast of $80,000, reaching between $100,000 and $200,000 or even higher, he said.

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