Institutional capital is increasingly steering the direction of the crypto market, executives from Bitwise Asset Management and Aspen Digital told Decrypt in separate interviews during the Token2049 conference in Singapore last week. 

Hong Kim, Chief Technology Officer and co-founder of Bitwise, said the investor base for Bitcoin has shifted from retail traders to long-term allocators. 

“The first year of Bitcoin ETFs saw about $30 billion of inflows; this year we’ve already added another $20 billion,” he said. “Every quarter, we’ve had steady inflows of $5 to $10 billion. It’s not stopping.”

Kim described the launch of spot Bitcoin exchange-traded funds as “the IPO moment for Bitcoin,” noting that public companies and professional investors now drive flows. 

He said the steady pace of inflows reflects a more durable form of demand than in previous market cycles.

U.S. spot Bitcoin exchange-traded funds now hold more than $169 billion worth, equivalent to roughly 6.8% of the asset’s total market value, according to data provider SoSoValue. 

Elliot Andrews, chief executive of Aspen Digi

Go to Source to See Full Article
Author: Sebastian Sinclair