Bitwise CEO, Hunter Horsley, predicts that wealth management firms will significantly increase their holdings of Bitcoin ETFs. This forecast comes as Bitcoin ETFs are expected to gain more popularity post-halving. Horsley's prediction aligns with a widespread market belief of rising demand for ETFs, boosted by the impressive performances of Blackrock and Fidelity.

By the close of 2024, the number of wealth management firms owning a Bitcoin ETF is expected to be astonishing. These firms are intelligent, well-informed, and increasingly share a positive outlook on Bitcoin, adopting a long-only approach.

Blackrock's Bitcoin ETF is rapidly gaining ground, now just $2 billion short of Grayscale's, potentially making Blackrock the largest Bitcoin fund globally. This surge follows a 68-day period of significant value losses for GBTC, bringing its assets down to $19.4 billion. Meanwhile, IBIT's assets have grown to approximately $17.3 billion.

Grayscale's GBTC has seen substantial capital outflows, with investors withdrawing $89.9 million in just five days, totaling $1.6 billion since January. Despite this, Bitcoin's market dominance remains unshaken.

Bitcoin ETFs' growing popularity among registered investment advisers (RIAs) and multifamily offices is noteworthy, according to Horsley. He describes this trend as "stealthy but significant." Large financial institutions are reportedly conducting in-depth studies on the Bitcoin industry behind closed doors.

The current climate in cryptocurrency registration indicates a gradual but cautious shift in favor of specialized groups within the banking industry. This development, coupled with the upcoming halving of Bitcoin, is expected to drive further demand for Bitcoin ETFs.