Bitwise reveals that many institutions are queuing up to buy Bitcoin as Bitcoin hits new ATH of $70,000.
With Bitcoin trading prices hitting record highs, there is a surge in inflow and interest from large players in Bitcoin.
Bitwise Asset Management is a cryptocurrency investment company that offers a variety of products, including index funds. They provide exposure to digital asset markets through innovative strategies and a team of experienced professionals. Following approval from the U.S. Securities and Exchange Commission (SEC), Bitwise has launched a Bitcoin spot ETF product. The instrument trades on NYSE Arca under the ticker symbol BITB.
On March 8, 2024, Bitwise sent a weekly memo to investors, part of which was shared with fund managers on social media platform X.
The fund manager revealed that several institutions and companies are in serious due diligence discussions to begin investing in Bitcoin through Bitcoin spot ETF products.
Bitwise said that “major financial companies, institutional consultants, and large corporations” will begin investing in Bitcoin spot ETFs on a large scale starting in the second quarter of this year, without disclosing the names of any entities.
To date, Bitcoin Spot ETF products have seen net inflows of $8.9 billion, and Bitcoin trading prices have surged 51% since the Bitcoin Spot ETF was approved.
12 hours ago, the Bitcoin trading price hit $70,184, but the trading price has since undergone a slight adjustment.
A renowned cryptocurrency analyst said Bitcoin has entered the second phase of its bull run and it will be interesting to see the rate of price growth during this phase.
Recently, giant fund manager BlackRock filed with the US SEC to confirm that the company plans to purchase a Bitcoin spot ETF with its funds.
Simply put, BlackRock will hold Bitcoin on its balance sheet, and some analysts claim that if BlackRock invested 0.5% of its portfolio in Bitcoin, the trading price of Bitcoin would rise from $600,000 to $1.2 million.
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