Bitcoin is back on center stage. This time, it comes a month after the US SEC approved applications for 11 spot Bitcoin ETFs. This changed the way spheres were traded against BTC. The asset management company estimates that the space will increase further in the future. Bitwise Asset Management has greater confidence in spot Bitcoin ETF trading volume.
Matt Hougan, the company’s chief investment officer, said the reason he was optimistic about the investment product was the fact that it had at least 18 flow days out of 19. Hougan also said inflows and transaction volumes were higher than originally expected. He believes the product has outgrown itself to the point where it is unsustainable from an economic standpoint.
Bitwise Asset Management’s Bitwise Bitcoin ETP ranked fourth by market capitalization. One factor that plays an essential role in growth is the 0.20% fee, which the company may not stick to as trading volume increases. According to Matt, it’s still a pretty good deal. Moreover, they stated that the growth of the Spot Bitcoin ETF will continue in the future. Increasing interest and demand from large institutions will be the driving force.
In any case, Matt has set an 18-month timeline for continued growth for the Bitcoin ETF and indicated that he does not expect demand to slow down in the near term.
The Bitcoin ETF sector is currently led by the $20.27 billion Grayscale Bitcoin Trust. Other companies on the list include BlackRock and Fidelity, with iShares Bitcoin Trust and Wise Origin Bitcoin Trust valued at $3.31 billion and $2.75 billion respectively.
Statements like this are actually causing the price of BTC to rise. It was last seen exchanging hands for $50,151.27. Assuming the appreciation continues, BTC could soon exceed its ATH of ~$65,000. Then set the psychological level to $100,000. The current valuation is up 4.74% in the last 24 hours and up 16.83% in the last 7 days.
That said, Matt is confident that the next era of cryptocurrency ETFs could be dedicated to the Ether ETF. They haven’t made clear how they plan to apply to the committee, but given that Hougan hasn’t discounted the possibility either, there are indications that they could file before the committee soon. This is clear from Matt’s statement that he will provide products to the extent possible and in accordance with relevant regulations.
ETH has risen $8.265 over the past 24 hours, surpassing the $2,600 milestone. Specifically, at the time of writing this article, it is listed at $2,681.10.