Undoubtedly, one of the most important events of 2024, the SEC’s approval of spot Bitcoin ETFs, brought about a new ATH in the BTC price.
Because the strong demand for ETFs allowed the BTC price to exceed the previous ATH of $ 69,000 and reach the new ATH.
Although the BTC price has currently experienced a significant correction due to outflows in spot Bitcoin ETFs, analysts think that the strong demand and inflows into spot Bitcoin ETFs will continue throughout the year.
Speaking at the Digital Asset Conference in London, Bitwise CIO Matt Hougan made new statements about spot Bitcoin ETFs and touched upon the importance of banks supporting the adoption of Bitcoin ETFs.
At this point, Hougan argued that although no major banks currently support BTC ETFs, the first bank support could come in a few weeks.
“While no major banks have supported spot Bitcoin ETFs to date, we are likely a few weeks away from the first major bank support. Maybe just a week away.
And in a few months, ETF support will come from all the major banks.”
Pointing out that banks’ support is important for ETFs and BTC price, Hougan said that banks’ ETF support is a gateway that must be passed so that most of the rich in the USA can invest in newly launched ETF products.
According to Bitwise CIO, major banks’ support for ETFs could increase the availability of Bitcoin ETFs by approximately fourfold and, along with the inflow of new capital, could have a positive impact on the BTC price.
*This is not investment advice.
