The Approval of Bitcoin ETFs by Major Wirehouses in the US is Imminent, Says Bitwise CIO
According to Bitwise CIO Matt Hougan, major wirehouses in the US could soon approve a new set of bitcoin exchange-traded funds (ETFs). Speaking at the Digital Asset Conference in London, Hougan stated that approval from these institutions is just weeks away, with all major wirehouses expected to support bitcoin ETFs within a few months.
The Two Groups in the US Retail Wealth Market
- Hougan explained that the US retail wealth market can be divided into two groups: independent financial advisors and major national platforms.
- IRAs have been buying into bitcoin ETFs immediately, while major platforms need to go through internal approval processes before making them available.
Hougan likened this process to navigating a series of small passageways, which must be cleared before most of the wealth in the US can invest in these newly launched products. He believes that once major wirehouses support bitcoin ETFs, their availability will increase by around four times.
The Role of Wirehouses and Options Products
Bloomberg Senior ETF Analyst Eric Balchunas echoed Hougan’s sentiments regarding the importance of wirehouses for bitcoin ETFs. Balchunas stated that their availability on wirehouse platforms, along with the development of options products based on them, are two major catalysts for broader adoption.
Expected Availability on Wirehouse Platforms
- According to Balchunas, bitcoin ETFs should land on wirehouse platforms within the next few months.
- He compared it to placing a product on the shelves of popular retail stores like Whole Foods, emphasizing the exposure and accessibility it would provide.
Balchunas also mentioned that other large investment platforms like Raymond James and LPL could facilitate broader access to bitcoin ETFs. Additionally, he predicted that smaller platforms would likely follow suit.
Hot Take: Approvals from Major Wirehouses Expected Soon for Bitcoin ETFs
The approval of bitcoin ETFs by major wirehouses in the US is imminent, according to Bitwise CIO Matt Hougan. He believes that these institutions will approve the new set of ETFs within the next few weeks, with all major wirehouses expected to support them within a few months. This development will significantly increase the availability of bitcoin ETFs in the US retail wealth market.
Bloomberg Senior ETF Analyst Eric Balchunas also highlighted the importance of wirehouses for bitcoin ETFs, stating that their availability on wirehouse platforms and the development of options products based on them are key catalysts for broader adoption. Balchunas expects bitcoin ETFs to land on wirehouse platforms in the next few months, providing increased exposure and accessibility.
Overall, these developments signify a positive shift towards wider acceptance and adoption of bitcoin ETFs in the US market. As major wirehouses embrace these products, more investors will have access to this asset class, potentially driving further growth and mainstream recognition for cryptocurrencies.
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