Bitwise reveals many institutions are in queue to buy Bitcoin, as Bitcoin hits new ATH $70k
Amid the new highs of the Bitcoin trade price, the influx & interest of big players in Bitcoin surging rapidly.
Bitwise Asset Management is a prominent firm specialising in cryptocurrency investments, offering various products like index funds. They provide exposure to the digital asset market through innovative strategies and a team of experienced professionals. Following the approval by the United States Securities and Exchange Commission (SEC), Bitwise launched its Bitcoin spot ETF product, which trades on NYSE Arca under the ticker BITB.
On 8 March 2024, Bitwise sent a weekly memo to investors and a part of this memo was shared by the fund manager on social media platform X.
The fund manager revealed that multiple institutions & corporations are under serious due diligence discussions to start investing in Bitcoin via the Bitcoin spot ETF product.
Without disclosing the names of any entities, Bitwise said that investment in Bitcoin spot ETF will start in huge amounts by “major wirehouses, institutional consultants, and large corporations” from the second quarter of this year.
So far the Bitcoin spot ETF products saw a net inflow of $8.9 billion and the trade price of Bitcoin surged, post Bitcoin spot ETF approval, 51%.
12 hours ago, the trade price of Bitcoin hit $70,184 but after that, the trade price faced a small correction.
The popular crypto analyst said that Bitcoin entered the second phase of the bull run and it will be interesting to see the price increment rate in this phase.
Recently the giant fund manager BlackRock filed with the US SEC to confirm that the company planned to buy a Bitcoin spot ETF with its fund.
In short, BlackRock will hold Bitcoin on its balance sheet and some analysts claim that if BlackRock will invest 0.5% of its portfolio in Bitcoin then the trade price of Bitcoin will pump to $600k to $1.2 million.
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