Bitcoin ETFs Set For “Even Bigger Wave” Of Institutional Money, Bitwise Says

Spot Bitcoin ETFs (exchange-traded funds) are about to receive an ”even bigger wave” of investment inflows that may push the BTC price to as high as $200,000 this year, said Bitwise chief investment officer Matt Hougan.

The first wave of Bitcoin ETF interest has come mainly from retail, hedge funds, and independent financial advisors, Hougan told CNBC in an interview on Feb. 29.

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

Bank of America’s Merrill arm and Wells Fargo’s brokerage unit are offering access to ETFs that invest directly in Bitcoin https://t.co/HqGAkJB98f

— Bloomberg Crypto (@crypto) February 29, 2024

Bitcoin ETFs Trigger ”New Era Of Price Discovery”

Hougan added that right now there is too much demand for Bitcoin and not enough supply. With institutional investors finally getting easy access to Bitcoin investments via huge Wall Street bank investment platforms, Hougan says that BTC ETFs are triggering a “new era of price discovery” for the king of cryptos.

Morgan Stanley is ready to offer #Bitcoin ETFs to their clients pic.twitter.com/2gaXGRvmNl

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

The next wave of institutional buying could push the Bitcoin price “substantially higher,” Hougan said. It could surpass Bitwise’s initial 2024 forecast of $80,000, reaching anywhere from $100,000 to $200,000 or even higher, he said.

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