Bitwise CIO Matt Hougan predicts that TradFi firms will start scooping up altcoins after making ‘tons of money’ on Bitcoin exchange-traded funds (ETFs).
‘All this money flowed into Bitcoin. The price went up 140%. And what are they going to do? They’re going to rotate into like Kellogg’s? No, they’re going to rotate into Circle, Ethereum, and treasury companies… It’s going to go all the way. It’s altseason in TradFi for sure.’ – Hougan.
Hougan then went on to discuss how he thinks that ‘Bitcoin is going to $200K by the end of this year’ and that Ethereum is experiencing a massive demand shock due to unprecedented institutional buying.
‘There is this supply-demand shock in both Bitcoin and Ethereum. And I didn’t study that much economics, but I know enough that when demand is 5 to 10x supply, the price tends to go up. And I think that’s just the story in crypto right now,’ Hougan added.
He also pointed out that nearly every day in July saw net inflows into Ethereum ETFs, with over $4.4B pouring in this month alone. As a result, he believes that $ETH has moved from a speculative asset to a must-have for institutional portfolios alongside $BTC.
With capital rotating out of $BTC into altcoins, Hougan believes the market is just getting started. While it may feel like we’re at a peak, he says we’re ‘actually in the early innings,’ comparing today’s stance with the early days of the internet boom in 1998.
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With TradFi companies investing in crypto beyond the leader and diving into altcoins, we’re already seeing early signs of an altcoin season looming, just like Hougan predicts.
Better still, their prices remain low enough to offer serious gains. So, if you’re looking to invest in some high-risk, high-reward altcoins, these might be the way to go.
This isn’t investment advice. Always DYOR and don’t invest more than you’d be sad to lose.
