Hunter Horsley, CEO of ETF issuer Bitwise, optimistically predicts that many wealth managers will increase their holdings of Bitcoin ETFs by the end of 2024. These people are smart and well-informed, and they will believe more and more in Bitcoin and will only go long.
By the end of 2024, people are going to be stunned by how many wealth management firms own a bitcoin ETF.
They’re smart, many extremely well informed, and increasingly share conviction on Bitcoin. Oh, and they’re long only.
Going to be an amazing new constituent in the…
— Hunter Horsley (@HHorsley) April 20, 2024
Many companies are quietly buying into Bitcoin ETFs
Horsley's post comes after the fourth Bitcoin halving concluded, with spot ETFs ending five days of net outflows since the 12th, with total net inflows of $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 previously said 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 many wealth managers will add Bitcoin ETFs by the end of 2024. He also said that these people are smart and well-informed. They will believe more and more in Bitcoin and will only do more.
13F report reveals only a small shareholding
However, according to the latest statistics from Bloomberg ETF analyst Eric Balchunas, only about 60 institutions, mainly funds and advisory firms, have bought BlackRock’s IBIT so far, 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%.
IBIT now has about 60 holders reported but they only account for a tiny 0.4% of total shares out. Shows that most of the bites are nibbles but there are a LOT of fish. This in tune with the high daily # of trades as well and our thesis that this is gonna be used like hot sauce… pic.twitter.com/jrW8LpL6Yk
— Eric Balchunas (@EricBalchunas) April 18, 2024
(Institutional investors have not made a big move into Bitcoin, and the 13F report revealed that only 30 fund investment advisors bought IBIT)
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 could mean that the Bitcoin spot ETF is held by many retail investors, or that institutional investors are still just testing the waters.
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