Bitwise CIO: The launch of ETFs is like an IPO for Bitcoin in the U.S. market, and the price of BTC may break through $80,000 this year

Bitwise Chief Investment Officer Matt Hougan stated that following the success of the Bitcoin spot ETF, Bitcoin is expected to break into new areas. The launch of the ETF is like an IPO for Bitcoin in the U.S. market.

He said: "It has just sparked tremendous interest from traditional finance, beyond my expectations. If we see this persistent demand exceeding net supply, it will have a positive impact on prices and will continue until long-term investors are satisfied and ready to sell."

Bitwise believes that after funds flow into spot ETFs and with the upcoming halving of Bitcoin, there's an expectation of supply tightening which could push trading prices over $80,000.