Bitwise's Bitcoin Fund (BITB) is among the four spot bitcoin ETFs that have surpassed $1 billion in assets under management since their launch. The demand for these ETFs has mainly been driven by retail investors, hedge funds, and independent financial advisors, according to Bitwise chief investment officer Matt Hougan.

In an interview with CNBC, Hougan mentioned that while the current demand has been significant, even more interest is expected in the coming months as major U.S. wirehouses, such as Bank of America, Wells Fargo, Goldman Sachs, and JPMorgan, begin participating. Despite the success of the ten spot bitcoin ETFs, with impressive trading volumes and inflows hitting new highs this week, Hougan anticipates a further surge in demand.

The bitcoin ETFs experienced a milestone on Wednesday when they collectively reached a daily trading volume of approximately $7.7 billion, surpassing the previous record of $4.7 billion set just a day earlier. BlackRock's iShares Bitcoin ETF (IBIT) stood out with nearly $3.3 billion in volume and over $9 billion in assets under management, making it the leader among the new funds.

Following IBIT, Fidelity's FBTC has amassed more than $6 billion in AUM, while ARK/21Shares' ARKB and Bitwise's BITB are the only other two funds with over $1 billion in AUM. Hougan foresees consolidation in the market, predicting that six to eight of the ETFs will survive long term.

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Helene, a New York-based reporter, has been covering Wall Street, the rise of spot bitcoin ETFs, and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show and has made appearances on several platforms including CBS News, YahooFinance, and Nasdaq TradeTalks. Helene is an NYU graduate and holds BTC and ETH.

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