Bitwise CIO Matt Hougan says that investment advisors are adopting Bitcoin (BTC) exchange-traded funds (ETFs) at a faster rate than any other ETFs in history.
Hougan responds to a post on the social media platform X by macro strategist Jim Bianco claiming that investment advisors’ adoption of the Bitcoin ETFs is “small.”
According to Hougan, Bianco is not correct.
“Jim is wrong here: investment advisors are adopting Bitcoin ETFs faster than any new ETF in history. Let’s look at his own data, focused on IBIT, the BlackRock ETF. Per his table, IBIT has attracted $1.45 billion in net flows from investment advisors. He calls this ‘small’ because it’s a fraction of the $46 billion that has flowed into Bitcoin ETFs in total…
The truth is that investment advisors are adopting Bitcoin ETFs faster than any other ETF in history. It is just that their historic flows are overshadowed by the even-more-historic purchases of other investors. It is accurate to say that investment managers represent a small fraction of buyers of Bitcoin ETFs. But it is not accurate to say that investment manager purchases of Bitcoin ETFs are ‘small.'”
Eric Balchunas, a Bloomberg ETF analyst, agrees with Hougan’s assessment.
Says Balchunas,
“Great point: just IBIT’s advisor allocations (which add up to $1.5 billion) is more organic inflows than any other ETF launched this year.”
Bitcoin is trading for $57,627 at time of writing.
Generated Image: Midjourney