Bernstein Predicts Bitcoin Spot ETFs Close to Approval at Major Wirehouses

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Although bitcoin bears argue that Bitcoin spot ETF trading is "over," they fail to take into account two key factors, according to analysts at research and brokerage firm Bernstein.

The arguments against Bitcoin ETF trading revolve around early allocations driven by retail investors, with institutional participation confined to "cash and carry" basis trading rather than net long positions, meaning ETFs are not "real," Gautam Chhugani and Mahika Sapra wrote in a note to clients on Tuesday.

Bernstein analysts agreed that recent 13F filings revealed that institutional participation in Bitcoin ETF spot holdings was only 22% and that the increase in liquidity in CME bitcoin futures contracts after the launch of the ETF was evidence of the basis trading.

However, what the bears are missing, Chhugani and Sapra wrote, is that Bitcoin ETFs are "poised to be approved" on major wirehouses and large private bank platforms in the third or fourth quarter of this year. , echoing recent views from Bloomberg ETF analyst Eric Balchunas. and Bitwise CIO Matt Hougan.

Bernstein analysts stated that institutional-based trading is a "Trojan horse" for adoption, and these investors are now evaluating "net long" positions as they become comfortable with improving ETF liquidity.

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