The chief investment officer of crypto fund manager Bitwise says that large corporations will fuel massive inflows into Bitcoin (BTC) in Q2 2024.
In a thread on the social media platform X, Bitwise CIO Matt Hougan says that the approval of spot market BTC exchange-traded funds (ETFs) in January gave financial institutions and large corporations an avenue for investing in the top crypto asset by market cap.
According to Hougan, Bitcoin’s ETF launch, which has pulled in $7.5 billion in assets since January 11th, is one of the most successful ETF launches of all time, drawing interest from a wide variety of blue-chip investors.
“One of the great promises of the Bitcoin ETF was that it would open up the Bitcoin market to professional investors. So has it? Yes.
Over the past seven weeks, we at Bitwise have heard from each of the following groups that they are buying Bitcoin ETFs: individual retail investors, registered investment advisors, family offices, hedge funds, venture capital funds [and] asset managers.”
Hougan says that Bitwise – which launched its own BTC ETF in January – has also been in “due diligence” talks with major wirehouses, institutional consultants and large corporations, leading him to believe that Bitcoin will see significant capital inflows in Q2 2024 and beyond.
“These are massive categories representing trillions of dollars in assets. Based on current trends, I’d suspect we’ll see our first significant flows from these three groups in Q2 2024, and I think those flows will accelerate throughout the year as these investors become more comfortable with the new products.”
Bitcoin is trading for $69,630 at time of writing.
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The post Bitcoin Will See Significant Inflows From Large Corporations and Others in Q2 2024, Says Bitwise CIO Matt Hougan appeared first on The Daily Hodl.
