• As more U.S.-based wirehouses start to participate, Bitwise Chief Investment Officer Matt Hougan anticipates an even greater demand for spot bitcoin ETFs.
  • He stated that retail investors, hedge fund managers and independent financial advisers are the main sources of demand.
  • Bitwise’s Bitcoin Fund, (BITB), is one of four bitcoin ETFs with AUM exceeding $1 billion since its launch.

The Bitwise Chief Investment Office Matt Hougan believes that even more demand will be on the way.

Hougan told CNBC in an interview on Thursday that retail investors, hedge fund managers and independent financial advisers were the main buyers of the ETFs.

He said: “I believe there will be an even larger wave in the next few months, as major wirehouses start to operate.” Bank of America is one of the biggest wirehouses in America. Others include Wells Fargo and JPMorgan.

On Wednesday, the bitcoin ETFs broke their daily trading volume record. The previous record was $4.7 billion.

BlackRock’s iShares Bitcoin (IBIT) ETF had a volume of nearly $3.3 billion, which was more than twice the previous record. The previous record was $1.35 billion. The fund now has over $9 billion of assets under management and is the leader in the AUM leaderboard among the new funds. (GBTC was a closed-end mutual fund before it converted to an ETF.

Fidelity FBTC, Fidelity IBIT and ARK/21Shares ARKB, Bitwise BITB are the only two funds that have more than $6 billion AUM.

Hougan expects that six to eight ETFs will survive long-term.

Stephen Alpher edited the book.