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crypto asset manager Bitwise says institutions holding “trillions of dollars in assets” will unleash a wave of spot buying of bitcoin ETFs (exchange-traded funds) at the end of June.
Investors, including large corporations, institutional consultants, and large wire houses, want to increase their exposure to bitcoin (btc) in the coming months, the asset manager's chief investment officer, Matt Hougan, said in a March 9 report. note.
“I suspect we will see our first significant flows from these three groups in the second quarter of 2024,” he said, adding that inflows “will accelerate throughout the year.”
<img decoding="async" alt="Spot bitcoin ETF: What is it and should you buy it? (2023) – Athena Alpha” src=”https://technicalterrence.com/wp-content/uploads/2024/03/1710195472_866_Institutional-Investors-Will-Unleash-More-Massive-Bitcoin-ETF-Buying-BTC”https://technicalterrence.com/crypto/bitcoin/”>bitcoin-ETF.webp”/>bitcoin-ETF.webp” alt=”Spot bitcoin ETF: What is it and should you buy it? (2023) – Athena Alpha”/>
bitcoin ETF Inflows Could Push btc Price Over $200,000 in 2024
Hougan said the institutional floodgates have opened for the bitcoin market and that has ushered in a new era of “price discovery” for the largest cryptocurrency in terms of market capitalization.
As a result, believe btc could surpass Bitwise's 2024 price target of $80,000, reaching between $100,000 and $200,000 or even higher.
The prediction is based on their belief that the btc supply cannot keep up. Increasing demand, a sentiment echoed by MicroStrategy's Michael Saylor.
“With bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Right now… there is too much demand and not enough supply.” – Matt Hougan, CIO of Bitwise pic.twitter.com/1B0joUQ1Pp
—Michael Saylor (@saylor) February 29, 2024
This comes after newly launched bitcoin ETF investment vehicles collectively recorded nearly $9 billion in net inflows since January 11.
(3/4) Total net flow since January 11, 2024 is now $8,895.6 million. pic.twitter.com/61VmMD9vqc
— BitMEX Research (@BitMEXResearch) March 7, 2024
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