He added that interest in crypto exposure is intensifying and predicted that the new measure for inflows into crypto ETPs will be “many billions.”
Hougan also said that portfolio allocation norms for crypto are shifting and “5% is the new 1%.” He further explained that institutions are becoming more comfortable with higher crypto weightings in traditional portfolios.
Hougan also reported increased advisor inquiries about Ethereum, stating he fielded more questions on the asset “in the past few days than the past six months.”
While Bitcoin remains the dominant product by scale, Ethereum has emerged as a key area of curiosity for professionals, according to Hougan.
Bitwise shared in April that US spot Bitcoin ETPs held $93.2 billion in assets under management (AUM) as of December 2024, contrasting with spot Ethereum ETPs that totaled $6.3 billion in AUM.
Despite the disparity, ownership of both products is dispersed across key institutional categories.
In Bitcoin ETPs, hedge funds (36.97%) and investment advisors (33.11%) account for most institutional ownership.
Investment advisors and hedge funds allocated 5.8% and 4.5% of their total crypto allocation to Ethereum, while family offices had 25% of their nearly $173 million crypto allocation targeted to Ethereum.
Hougan’s remarks reinforce industry expectations that professional investment access to crypto is entering a new maturity phase. As product availability widens and allocation norms shift upward, crypto may play a more regularized role in portfolio construction.
