Key Points
- Major US wirehouses could soon support spot Bitcoin ETFs, according to Bitwise CIO Matt Hougan.
- The ETFs' availability on these platforms could increase their accessibility by around four times.
Matt Hougan, the Chief Investment Officer of Bitwise, has suggested that major US wirehouses might soon support spot Bitcoin ETFs.
While speaking at the Digital Asset Conference in London, Hougan predicted that the first approvals from these major platforms could be weeks away. He also noted that within a few months, all major wirehouses should be able to support these products.
The US Retail Wealth Market
Hougan explained that the US retail wealth market is divided into two groups: independent financial advisors and major national platforms. He said that independent retirement accounts (IRAs) have been the early adopters of Bitcoin ETFs, while major platforms have to go through internal approval processes before they can offer these products.
Hougan likened the process to navigating a series of small passageways before the majority of US wealth can invest in these new products. He estimated that the support of major wirehouses could increase the ETFs' availability by approximately four times.
Increasing Exposure and Availability
Senior ETF Analyst at Bloomberg, Eric Balchunas, echoed Hougan's sentiments. He suggested that the ETFs should land on major platforms within the next few months, comparing the process to getting a product on the shelf of a large food store. He added that this increased exposure and availability would only be beneficial.
Balchunas also mentioned that other large investment platforms like Raymond James and LPL could facilitate broader access to ETFs. He further noted that many smaller platforms might follow their lead.
