‘Huge Catalyst’—ETF CEO Reveals A Massive $114 Trillion Wall Street Bombshell Is Quietly Headed For The Bitcoin Price – Forbes
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The bitcoin price has topped $50,000 per bitcoin thanks to a spot bitcoin exchange-traded fund (ETF) boom on Wall Street and alongside an AI “tipping point” that’s caused one small cryptocurrency to go parabolic.
Now, as new emails reveal “staggering” clues to the identity of bitcoin’s mysterious creator Satoshi Nakamoto, a $114 trillion “huge catalyst” could be about to hit the spot bitcoin ETF market.
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The bitcoin price has been boosted by a fleet of spot bitcoin ETFs over the last few months.
Carson Group, an Omaha-based registered investment advisory (RIA) platform, has this week approved four of the 10 new spot bitcoin ETFs, green lighting the BlackRock
“We feel it is important to offer these products as a result from two of the largest asset managers in the industry,” Grant Engelbart, Carson’s vice president and investment strategist, told the financial newswire, referring to BlackRock and Fidelity. “Bitwise and Franklin Templeton have committed to being the lowest-cost providers in the space, and have also seen large inflows and trading volumes.”
RIA platforms that manage $114.1 trillion in assets, according to the Investment Adviser Association’s 2023 snapshot, are being prised open to admit bitcoin and crypto in what could be a “huge catalyst” for fund growth, according to Hunter Horsley, the chief executive of bitcoin and crypto index fund manager Bitwise.
“Over half of U.S. wealth is part of a platform and can only use a product once it’s approved,” Horsley told Bloomberg.
“We frequently hear ‘I want access to bitcoin but our platform hasn’t approved anything yet.’ The platforms are busy but now that there are ETFs and a few over a billion assets under management, they’re doing the work.”
Inflows into the new spot bitcoin ETFs suddenly accelerated last week, fueling wild predictions that bitcoin could “steal gold’s crown” as the world’s “prime store-of-value.”
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The bitcoin price has rocketed over $51,000 per bitcoin thanks to the hype around a fleet of spot … [+]
Bitcoin ETF inflows topped $2.4 billion last week, with BlackRock’s IBIT and Fidelity’s FBTC raking in the lion’s share, according to CoinShares’ data. Year-to-date inflows to crypto funds have rocketed above $5.2 billion thanks to bitcoin ETF hype.
“Spot bitcoin ETFs saw a whopping $2.5 billion of inflows last week alone, the highest weekly inflow since the SEC’s approval,” Duncan Ash, an executive at blockchain risk management company Coincover, said in emailed comments.
“This heightened demand means major players like Grayscale are buying more bitcoin, in turn causing its price to surge. ETFs have also meant that a new wave of bitcoin investors have entered the market, that may have been cautious previously – further driving demand.”