Wealth managing companies may increase their investments in Bitcoin exchange-traded funds (ETFs) according to Bitwise CEO Hunter Horsley.
This forecast is as it is predicted that Bitcoin ETFs will become even more in demand months after the Bitcoin halving event.
The inclination of his expectation goes with the market thinking which indicates that there is a rising desire for ETFs. Just before halving day, recent data shows that U.S. Bitcoin ETFs rose after five consecutive days of withdrawals.
BlackRock’s iShares Bitcoin Trust (IBIT) quickly catching up to Grayscale’s Bitcoin Trust (GBTC) reflects the change in holdings by ETFs. IBIT has total assets worth approximately $17.3 billion, and GBTC has $19.4 billion only $2 billion ahead.
It should be noted, however, that Grayscale seems to be losing its long-held position as a leading player in this segment to Fidelity and BlackRock who have taken significant stakes in their own ETFs shortly after launching them.
Moreover, The emerging dynamics are likely to make this developing market change considerably as private bankers increasingly find ways of introducing themselves to Bitcoin via ETFs
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