Bitwise CEO: More wealth management companies will increase their holdings of Bitcoin ETFs

Hunter Horsley, CEO of ETF issuer Bitwise, optimistically predicts that by the end of 2024, many wealth management companies will increase their holdings of Bitcoin ETFs.

Hunter Horsley, CEO of ETF issuer Bitwise, optimistically predicts that by the end of 2024, many wealth management companies will increase their holdings of Bitcoin ETFs. These people are smart and well-informed, and they will believe more and more in Bitcoin and will only go long.

Many companies are quietly buying into Bitcoin ETFs

Horsley's post was published after the fourth Bitcoin halving. On the eve of the Bitcoin halving, spot ETFs ended their five-day net outflow since the 12th, with a total net inflow of US$59.56 million on April 19. After the Bitcoin halving, the currency price did not fluctuate significantly, fluctuating in the range of 63K~65K.

Horsley has previously said that registered investment advisers (RIAs) and multi-family offices are thoroughly evaluating the Bitcoin market and buying, but few seem to be talking about it publicly.

He optimistically predicts that by the end of 2024, many wealth management companies will add Bitcoin ETFs. He also said that these people are smart and well-informed. They will believe more and more in Bitcoin and will only do more.

The 13F report revealed that only a small amount of shares were held

However, according to the latest statistics from Bloomberg ETF analyst Eric Balchunas, so far only about 60 institutions, mainly funds and advisory companies, have bought BlackRock’s IBIT, accounting for only 0.4% of IBIT’s total shares. Among them, Quattro Advisors, an RIA headquartered in Pittsburgh, has the largest share. As of the end of March, it bought a total of US$19 million in IBIT, making IBIT its third largest holding, accounting for 5%.

Since the U.S. Bitcoin Spot ETF was officially launched on January 11 this year, the first 13F report was calculated until the end of March, and the deadline was mid-May. This may mean that the Bitcoin spot ETF is held by many retail investors, or that institutional investors are still just testing the waters.