• Thu. May 30th, 2024

Bitcoin To Attract $1T In Institutional Inflows Amid Strong Bull Market – Bitwise Executive

Phillip Seefeldt

ByPhillip Seefeldt

Apr 5, 2024

Matthew Hougan, Bitwise’s chief investment officer, stated that institutional investors might inject up to $1 trillion into Bitcoin through exchange-traded funds (ETFs) as they gradually move into crypto. According to him, the best advice he can give traders is that they need to keep calm and take a long view.

In an official memo sent to investment professionals, Hougan addressed issues about Bitcoin’s price volatility. As the asset bounces between $60,000 and $70,000, the executive stated that the best approach would be to keep calm and take a long view.

While the price appears quite unstable in the near term, Hougan noted most key events to look forward to in the months and years ahead.

They include the Bitcoin halving and the spot Bitcoin ETFs getting approved on various national account platforms such as Wells Fargo and Morgan Stanley.

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Also, the top executive highlighted that the space needs to wait for investment committees and consultants still doing their formal due diligence on Bitcoin. That is an integral step they must take before they decide to invest in the asset.

Hougan stated that while the space waits for the key events, the price of Bitcoin might “chop sideways” whenever there are little changes in sentiment.

Such a scenario favors the day traders who come to ride on the volatility. These day traders use various trading strategies and tools to maximize their profits including the use of AI trading bots like Finance Phantom. Nonetheless, the investment officer believes things would be different in the long-term with trends forms and volatility reducing.

Hougan insisted that in the long-term they believe that Bitcoin is in a raging bull market currently. Not only is it up almost 300% in the last 15 months, but there are strong reasons to believe that it will continue.

Bitcoin ETF Approvals Attracted Professionals To Crypto

Based on Hougan, the spot Bitcoin ETF approvals in January opened crypto to investment professionals in a massive way. He also insists that investment professionals who are in control of trillions of dollars are only starting to move into cryptocurrency. Hougan highlighted that onboarding more professional investors would take several years, not months.

According to the executive, the $12 billion flowing into ETFs since their launch is highly exciting and is the most successful ETF launch of all time. Nevertheless, he thinks that once many global wealth managers start to allocate 1% of their portfolio to Bitcoin, it would translate to nearly $1 trillion in inflows into the budding space.

He added that with the $1 trillion of inflows coming into the space, the $12 billion flowing in the ETFs is just a small down payment.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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