Asset advisors are adopting Bitcoin ETFs “faster than any new ETF in history,” Matt Hougan, chief investment officer at asset manager Bitwise, said in a September 9 post on X.
Hougan’s post was in response to an earlierpost on X by investment researcher Jim Bianco, who described Bitcoin ETF adoption among wealth advisors as “low,” noting that about 85% of Bitcoin ETF demand “is NOT from traditional institutions.”
According to Hougan, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has attracted $1.45 billion in net inflows from asset advisors. Bianco “calls this ‘small’ because it is a fraction of the $46 billion that has flowed into Bitcoin ETFs,” he said.
“The truth is that investment advisors are adopting Bitcoin ETFs faster than any other ETF in history,” said Hougan.
Asset advisors — from registered independent investment advisors (RIAs) to large brokerage firms, such as Morgan Stanley — are a key market segment for U.S. crypto ETFs.
Federico Brokate, head of U.S. business for 21Shares, a crypto ETF issuer, told Cointelegraph in August that asset advisors collectively control up to 50% of ETF inflows.
Bianco’s comments come as 11 U.S.-based Bitcoin spot exchange-traded funds (ETFs) have seen a combined net outflow of about $1.2 billion over the past eight days. The outflows follow a period of BTC price decline, with spot prices down about 17% since August 26.
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