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Highlights
- Bitcoin ETFs are expected to increase in terms of holdings by wealth management firms.
- Bitcoin ETFs are expected to gain even more traction after the halving.
- BlackRock's iShares Bitcoin Trust (IBIT) is now only $2 billion short of Grayscale's.
Bitcoin ETFs are expected to increase in terms of holdings by wealth management firms, according to Bitwise CEO Hunter Horsley. The prediction comes at a time when Bitcoin ETFs are expected to gain even more traction after the halving. Horsley’s prediction also coincides with a larger market belief of rising demand for ETFs considering how well Blackrock and Fidelity have been performing.
By the end of 2024, people are going to be stunned by how many wealth management firms own a bitcoin ETF.
They’re smart, many extremely well informed, and increasingly share conviction on Bitcoin. Oh, and they’re long only.
Going to be an amazing new constituent in the…
— Hunter Horsley (@HHorsley) April 20, 2024
Blackrock Bitcoin ETF Continues Market Dominance
BlackRock’s iShares Bitcoin Trust (IBIT) is now only $2 billion short of Grayscale’s, making it possible for BlackRock to overtake Grayscale as the biggest Bitcoin fund in the world. That follows a 68-day run of nearly $16 billion in value losses for GBTC, bringing the ETF’s assets down to $19.4 billion. After 68 days of continuous money absorption, IBIT’s total assets have risen to approximately $17.3 billion.
There have been notable withdrawals of capital from Grayscale’s spot Bitcoin ETF (GBTC). In only the past five days, investors have removed $89.9 million from the market, for a net outflow of $1.6 billion since January.
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Grayscale’s Outflows Not an Issue For MarketBitcoin
Grayscale’s dominance in the Bitcoin ETF market appears to be eroding despite its early-mover advantage. From the beginning of trading, Fidelity and BlackRock started to acquire significant market shares. For instance, Fidelity and BlackRock Bitcoin ETF saw net inflows of $37.3 million and $18.7 million in the same week, respectively, which helped to alleviate some of the market’s overall liquidity problems.
Bitcoin ETFs to Gain More Traction in the Future
The existing state of affairs in the broader sphere of cryptocurrency registration suggests a progressive but cautious movement in favor of the banking industry’s specialized groups. The use of Bitcoin ETFs by registered investment advisers (RIAs) and multifamily offices was characterized by Bitwise CEO Hunter Horsley as “stealthy but material.” According to Horsley, significant financial behemoths are doing in-depth studies of the Bitcoin business behind closed doors.
In response to a Bitwise investigation on Bitcoin registration earlier this year that identified a related trend, Horsley offered these comments. These companies are beginning to include Bitcoin in their portfolios without announcing their plans to the public. Meanwhile, these registrants should be encouraged to accommodate additional requests in response to market demand by the impending halving of Bitcoin.
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