While the cryptocurrency universe, like the traditional financial world, is concentrating on the Fed’s interest rate cuts, Matt Hougan, one of the well-known executives of the asset management company Bitwise, said he thinks the expected rises will come at the end of the year.
Hougan, who was a guest on the Youtube channel of US crypto journalist Scott Melker, said that especially the institutions known as ‘wire house’, which serve individual investors through large companies, are still not included in the ETF field.
“The big story is in the second half of the year”
Drawing attention to these large financial services companies, which, unlike companies such as BlackRock and Fidelity, are more oriented towards individual investors and have extensive branch networks, Matt Hougan drew attention to the end of the Q3 and the Q4:
“I think people need to keep their eyes on Q3 and Q4 as it regards these ETFs. We saw the Bitcoin ETF explode out of the gate in January, we saw flows slow down a little in Q2 although they’re still coming in, we saw the Ethereum ETF launch. But I think the big story in the second half of the year is we’re going to see flows re-accelerate.”
“Bigger companies haven’t even arrived…”
Stating that people think that these funds are open to everyone due to the approval of Bitcoin and Ether spot ETFs in the US, Bitwise manager said that this is not entirely true:
“These advisers or wealth managers that work for big platforms like Morgan Stanley, they can’t buy them until Morgan Stanley greenlights the ETF itself. There’s sort of like two keys that have to turn on – one at the SEC, one at Morgan Stanley. And the thing is, this is most of the money. So maybe 30% of the market can access these ETFs today, they’re already the most successful ETF launch of all time, but the other 70% is coming online. And it’s coming online relatively soon is my best guess.”
“The process is even fast”
Stating that the platforms called ‘wire house’ entered this field within 1 year, especially after the start of an ETF, Hougan said, ‘This is very normal. In fact, the process is even fast in Bitcoin and Ether. They are coming. I think they will come to both cryptos, ‘he said.
Bitwise CIO described US presidential candidate Donald Trump’s statement to create a strategic reserve with Bitcoin as a ‘big event’ and said, ‘Two days after that speech, the CEO of Goldman Sachs stated that Bitcoin could serve as a store of value. These are very, very important developments.”