Thielen says the first wave of funds into the ETFs also included retail investors buying through institutions and corporate vehicles.
Some paid substantial premiums to the value of the underlying crypto holdings. “I would still think the institutions could come
I would still think that some of the sovereign wealth funds could come,” Thielen says. Thielen still sees Bitcoin reaching $90,000 by year-end. He says a drop into the mid-to-high $70,000s could come first.
Bitcoin has already been trading in that range, falling to about $76,100 on Friday following Binance’s $6.3 billion hack. BTC finished October down 7.3%, according to Coinglass. Thielen compares the recovery in prices over recent months with early 2023, when Bitcoin rose from around $20,000 to $30,000.