Top Wirehouses Expected to Embrace Bitcoin ETFs
Galaxy Asset Management’s global head, Steve Kurz, predicts that within the next year, the top wirehouses will increase their involvement in spot Bitcoin ETFs. He believes that institutional FOMO will drive this adoption. During the Exchange ETF Conference in Miami Beach, Florida, Kurz expressed his expectation that the top 10 wirehouses will be involved in Bitcoin ETFs.
Some Advisors Restricted from Recommending Bitcoin ETFs
Currently, certain financial advisors are prohibited from recommending spot Bitcoin ETFs until their firms have conducted due diligence and assessed market performance. However, these restrictions leave room for potential institutional adoption in the future.
Prominent wirehouse firms like Bank of America/Merrill Lynch, Goldman Sachs, Wells Fargo, and JP Morgan Chase may embrace spot Bitcoin ETFs.
Major Issuers Discuss Bitcoin ETF Launches
During a panel at the conference, Bitwise, Grayscale, and Galaxy discussed their successful launches of spot Bitcoin ETFs. They also mentioned the possibility of spot Ethereum ETFs. Executives from these firms expressed a 50% probability of the SEC approving a spot Ethereum ETF by May.
The SEC is expected to make a decision on VanEck’s spot Ethereum ETF application on May 23.
Inflows into Spot Bitcoin ETFs
Last week, spot Bitcoin ETFs experienced an influx of approximately $2.3 billion, almost doubling the previous week’s inflow. These inflows accounted for nearly half of the total net inflow since the inception of BTC ETFs.
The growing demand for BTC ETFs has contributed to Bitcoin’s recent surge in price.
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