Bitwise Reveals Many Institutions Are In Queue To Buy Bitcoin, As Bitcoin Hits New ATH $70k – Bitcoinik
Amid the new highs of the Bitcoin trade price, the influx & interest of big players in Bitcoin surging rapidly.
Bitwise Asset Management is a prominent firm specialising in cryptocurrency investments, offering various products like index funds. They provide exposure to the digital asset market through innovative strategies and a team of experienced professionals. Following the approval by the United States Securities and Exchange Commission (SEC), Bitwise launched its Bitcoin spot ETF product, which trades on NYSE Arca under the ticker BITB.
On 8 March 2024, Bitwise sent a weekly memo to investors and a part of this memo was shared by the fund manager on social media platform X.
The fund manager revealed that multiple institutions & corporations are under serious due diligence discussions to start investing in Bitcoin via the Bitcoin spot ETF product.
Without disclosing the names of any entities, Bitwise said that investment in Bitcoin spot ETF will start in huge amounts by “major wirehouses, institutional consultants, and large corporations” from the second quarter of this year.
Who’s Buying Bitcoin ETFs (As Far As We Know)
An excerpt from Bitwise CIO @Matt_Hougan‘s weekly memo to investment professionals.
Bitcoin ETFs have attracted more than $7.5 billion in net new assets since launching in the U.S. on January 11, making many of them among the most… pic.twitter.com/jyIZHUsbn6
— Bitwise (@BitwiseInvest) March 8, 2024
So far the Bitcoin spot ETF products saw a net inflow of $8.9 billion and the trade price of Bitcoin surged, post Bitcoin spot ETF approval, 51%.
Bitcoin has surged only 51% in the last 2 months, just after March money inflow in the Bitcoin spot ETF market will be very high pic.twitter.com/oe5uH5XWEi
— Bitcoinik (@Bitcoinikdotcom) March 9, 2024
12 hours ago, the trade price of Bitcoin hit $70,184 but after that, the trade price faced a small correction.
The popular crypto analyst said that Bitcoin entered the second phase of the bull run and it will be interesting to see the price increment rate in this phase.
#Bitcoin Phase 2 of the Bull Run is here. 🤝🐂
Williams %R analysis in conjunction with the price action is telling us that #BTC is entering its 2nd phase of this bull run.
As enjoyable this phase is you must be level headed. Let’s nail it together. 🚀 pic.twitter.com/RPOT2hdupa
— Titan of Crypto (@Washigorira) March 8, 2024
Recently the giant fund manager BlackRock filed with the US SEC to confirm that the company planned to buy a Bitcoin spot ETF with its fund.
In short, BlackRock will hold Bitcoin on its balance sheet and some analysts claim that if BlackRock will invest 0.5% of its portfolio in Bitcoin then the trade price of Bitcoin will pump to $600k to $1.2 million.
BlackRock has filed with the SEC that it will buy #Bitcoin ETFs for their own funds.
They have $10 Trillion in assets under management.
Another $20 Trillion of funds use their Aladdin platform to make portfolio allocations.
BlackRock has stated that the optimal Bitcoin… pic.twitter.com/S2vazPRGXH
— Bitcoin Archive (@BTC_Archive) March 8, 2024
Read also: Uzbekistan teams up with Tether (USDT) to establish a crypto regulatory framework
