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Bitwise CEO Optimistic: Expecting More Wealth Management Companies to Increase Holdings in Bitcoin ETF

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Bitwise CEO Optimistic: Expecting More Wealth Management Companies to Increase Holdings in Bitcoin ETF

Bitwise CEO Hunter Horsley optimistically predicts that by the end of 2024, many wealth management firms will increase their holdings in Bitcoin ETFs. These are smart and well-informed individuals who will increasingly believe in Bitcoin and only take long positions.

Many Companies Quietly Buying Bitcoin ETF

Horsley's post came after the fourth Bitcoin halving. On the eve of the Bitcoin halving, the spot ETF saw a net inflow for the first time in five days since the 12th, with a total net inflow of $59.56 million on April 19. After the Bitcoin halving, the price of the coin did not fluctuate significantly, fluctuating in the range of 63K to 65K.

Horsley previously mentioned that registered investment advisors (RIA) and family offices are thoroughly evaluating the Bitcoin market and making purchases, but it seems that not many people are openly discussing this.

He optimistically predicts that by the end of 2024, many wealth management companies will increase their holdings in Bitcoin ETFs. He mentioned that these individuals are all very smart and well-informed, they will increasingly believe in Bitcoin, and only go long.

13F Reports Reveal Minimal Holdings

However, according to Bloomberg's ETF analyst Eric Balchunas' latest statistics, so far only about 60 institutions, mainly funds and advisory companies, have purchased BlackRock's IBIT, accounting for only 0.4% of total IBIT shares. The institution with the highest percentage is the Pittsburgh-based RIA - Quattro Advisors, which bought $19 million worth of IBIT, making IBIT its third-largest holding, accounting for 5%, as of the end of March.

Institutional investors have not heavily entered Bitcoin, with only 30 fund advisors buying IBIT according to 13F reports.

Since the U.S. Bitcoin spot ETF was officially launched on January 11 this year, the first 13F report, which was compiled until the end of March, had a deadline until mid-May. This may indicate that the Bitcoin spot ETF is held by many retail investors or that institutional investors are still testing the waters.