The chief investment officer (CIO) of digital asset management titan Bitwise is expecting to see more crypto-based exchange-traded funds (ETFs) in the market.
In an interview on Bloomberg Television, Matt Hougan shares his optimism for the “ETF era of crypto” following the launch of the Bitwise Ethereum (ETH) ETF.
He says the financial product saw impressive numbers and exceeded expectations on its first trading day.
“We had about half a billion dollars traded in these new ETFs. By comparison, the average ETF trades about a million on its launch day, so it’s shaping up to be the second most successful ETF launch of all time after, of course, the Bitcoin ETFs.”
Hougan says that the Bitcoin (BTC) and Ethereum ETF launches show that exchange-traded funds work for the asset class.
“They lower costs, they raise protections and investors want them.”
Asset managers 21Shares and Vaneck have already filed applications to offer Solana (SOL)-based ETFs. Hougan says that there will likely be a wide array of crypto exchange-traded funds in the next one to two years.
“Long term, as we look into 2025, we’ve entered the ETF era of crypto. We’re going to see ETFs on multiple crypto assets. We’re going to see index based ETFs. You’ve already seen firms filing for Solana, ETFs.”
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