The chief investment officer of crypto fund manager Bitwise says big companies will drive massive inflows into Bitcoin (BTC) in the second quarter of 2024.
In a wire On social media platform
According to Hougan, Bitcoin’s ETF launch, which has raised $7.5 billion in assets since January 11, is one of the most successful ETF launches of all time, attracting interest from a wide variety of high-profile investors.
“One of the big promises of the Bitcoin ETF was that it would open up the Bitcoin market to professional investors. That’s how it is? Yes.
Over the past seven weeks at Bitwise, we’ve heard from each of the following groups buying Bitcoin ETFs: individual retail investors, registered investment advisors, family offices, hedge funds, venture capital funds [and] asset managers.”
Hougan says Bitwise – which launched its own BTC ETF in January – has also had due diligence conversations with major wirehouses, institutional consultants and major corporations, leading him to believe Bitcoin could see significant capital inflows in the second quarter of 2024 and beyond will see.
“These are huge categories representing trillions of dollars in assets. Based on current trends, I suspect we will see our first significant flows from these three groups in the second quarter of 2024, and I think those flows will accelerate over the course of the year as these investors become more comfortable with the new products.”
Bitcoin is trading at $69,630 at the time of writing.
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