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Crypto asset manager Bitwise says institutions holding “trillions of dollars in assets” will unleash a wave of spot Bitcoin ETF (exchange-traded fund) buying by the end of June.
Investors including large corporations, institutional consultants and huge wirehouses all want to increase their exposure to Bitcoin (BTC) in the next few months, said the asset manager’s chief investment officer, Matt Hougan, in a March 9 note.
“I’d suspect we’ll see our first significant flows from these three groups in Q2 2024,” he said, adding that the inflows will ”accelerate throughout the year.”
Bitcoin ETF Inflows Could Blast BTC Price Past $200,000 In 2024
Hougan said the institutional flood gates have been opened for the Bitcoin market and that that has ignited a new “price discovery” era for the largest crypto in terms of market capitalization.
As a result, he believes BTC could surpass Bitwise’s 2024 price target of $80,000, reaching as high as $100,000 to $200,000 or even higher.
The prediction is based on his belief that the supply of BTC cannot keep up with surging demand, a sentiment echoed by MicroStrategy’s Michael Saylor.
"With #Bitcoin right now … there is too much demand and not enough supply." – Matt Hougan, CIO Bitwise pic.twitter.com/1B0joUQ1Pp
— Michael Saylor⚡️ (@saylor) February 29, 2024
This comes after the newly-launched Bitcoin ETF investment vehicles collectively registered nearly $9 billion in net inflows since Jan. 11.
[3/4] Total net flow since 11th Jan 2024 is now $8,895.6 million. pic.twitter.com/61VmMD9vqc
— BitMEX Research (@BitMEXResearch) March 7, 2024
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