Representatives of “trillion-dollar asset” organizations are preparing to buy Bitcoin spot this summer, according to cryptocurrency asset manager Bitwise.
In an investment memorandum dated March 9 sent to investors, Bitwise CIO Matt Hougan stated that Bitwise has engaged in “serious evaluation” discussions with major corporations, large institutions, and institutional advisors seeking to increase exposure to Bitcoin in the coming months.
Hougan said Bitwise has confirmed that a range of individual retail investors, family offices, endowments, and hedge funds are seeking to allocate additional into Bitcoin ETF spot funds.
According to TradingView, the excessive demand from institutions for Bitcoin ETF funds has been noted by some analysts as the reason behind the more than 50% surge in Bitcoin price from $45,603 since inception on January 11 to ATH price of $70,000.
Although Bitcoin ETFs have generated nearly $9 billion in net inflows since launching, Hougan expects the flow of capital into the 10 approved Bitcoin ETF spot products to accelerate further in the second half of this year.
