Bitcoin has come to the center of the stage again. This time, it was after a month when the US SEC approved 11 Spot Bitcoin ETF applications. That has changed the way the sphere trades with BTC. Asset management firms estimate that the space will only rise in the future. Bitwise Asset Management has greater confidence in Spot Bitcoin ETF volumes.
Matt Hougan, the Chief Investment Officer at the firm, said that what makes him optimistic about the investment product is the fact that there have been at least 18 out of 19 flow days. Hougan also stated that inflows and volumes are higher than what they had originally anticipated. They believe that the product has outgrown itself to the extent that it cannot be sustained from an economic perspective.
Bitwise Bitcoin ETP by Bitwise Asset Management is ranked fourth on the list in terms of market cap. One factor that is playing an imperative role in their growth is the 0.20% fee, which the firm may not stick to if the volume of transactions rises. It remains a pretty good deal, according to Matt. Moreover, they have said that the growth of the Spot Bitcoin ETF will continue in the days to come. Large institutions’ increasing interest and demand will be the driving forces behind it.
If anything, Matt has laid down a timeline of 18 months for the constant growth of the Bitcoin ETF, stating that the demand is not slowing down shortly.
The Bitcoin ETF space is currently led by Grayscale Bitcoin Trust, which is valued at $20.27 billion. Others on the list are BlackRock and Fidelity in the same order, with iShares Bitcoin Trust and Wise Origin Bitcoin Trust worth $3.31 billion and $2.75 billion, respectively.
Words like these are indeed pushing the BTC price uphill. It was last seen exchanging hands at $50,151.27. Assuming it sustains the increase in value, BTC could soon outgrow its ATH of ~$65,000. Then it would set its sights on the psychological level of $100,000. The current valuation is a rise of 4.74% in the last 24 hours and 16.83% in the last 7 days.
That said, Matt is confident that the next era in crypto ETFs could be dedicated to Ether ETFs. While they have not clarified their plans for applying to the Commission, there is a sign that they could soon take it to the floor, considering Hougan has not played down the possibility either. This is evident from the statement wherein Matt said that they would provide the products to the extent possible under relevant regulations.
ETH has surpassed the milestone of $2,600 with a jump of 8.265 in the last 24 hours. Specifically, it is listed at $2,681.10 at the time of articulating this article.