Matt Hougan
@Matt_Hougan
Followers
42,714
Following
586
Media
169
Statuses
3,121
CIO @BitwiseInvest . Co-founder @FutureProof_HQ . Previously CEO @ETFcom . Husband, father, & runner (when I find time).
San Francisco, CA
Joined December 2008
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
#GMMTV2024PART2
• 1108846 Tweets
Rwanda
• 231247 Tweets
$SPOT
• 139894 Tweets
Çocuk Bayramı
• 113445 Tweets
St George
• 91233 Tweets
WIN GMMTV2024 P2
• 82213 Tweets
Sant Jordi
• 72611 Tweets
FB SUZA GMMTV2024
• 46009 Tweets
OFFGUN 2024 PART 2
• 45556 Tweets
São Jorge
• 23128 Tweets
#WESTꓸの虹会
• 21743 Tweets
#アークナイツ春感謝祭2024
• 18596 Tweets
#うたコン
• 16938 Tweets
Prince Louis
• 15241 Tweets
WOODYSING X GULF
• 15133 Tweets
出馬要請
• 12261 Tweets
Pinned Tweet
If you're a financial advisor interested in bitcoin/crypto,
@dlawant
and I wrote this for you:
The CFA Institute’s new brief: “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Professional Investors.”
64 pages, free download:
423
527
1K
Coinbase raised money in 2018 at an $8b valuation. It's currently trading at a $9b valuation. Meanwhile:
2018 Revenues: $520m
2022 Revenues: $3.3b
2018 Users: 22m
2022 Users: 101m
2018 Assets on Platform: $11b
2022 Assets on Platform: $101b
702
808
8K
Coinbase is a $90 billion company growing revenues by 465%+ per year with profit margins of 44%.
Folks, this doesn't happen.
Large financial competitors sat on the sidelines for so long, terrified of crypto. Now, it's too late.
Incredible story.
109
683
6K
1/ Today
@NYSE
filed for a Bitwise Bitcoin ETF!
It would hold actual BTC, *not* futures.
There’s already a separate BTC futures-based Bitwise ETF filing. But actual BTC is better.
And we believe it’s finally possible.
We're sharing 100+ pages of analysis on why.
Thread—
150
1K
4K
1/12 All of my friends who are reflexively skeptical of NFTs should spend a bit of time thinking about Damien Hirst’s project, The Currency.
181
1K
4K
For everyone wondering "who is buying" bitcoin ETFs, I'd circle May 15th on your calendar.
Investors with more than $100m in AUM have to file reports with the SEC called "13-F Filings" disclosing their publicly traded holdings.
Those filings are due 45 days after the end of…
96
515
3K
Day 3 of 20 on the road talking to financial advisors and family offices about bitcoin. Some initial take-aways:
1) I am no longer surprised at the size of the inflows into the bitcoin ETFs. The demand is widespread and strong, and will persist for a while. Interest is very…
148
419
3K
Tether made more money last quarter than Goldman Sachs.
Tether: $2.85 billion
Goldman: $2.01 billion
121
394
2K
Two-thirds of all bitcoin has not moved in over a year, an all-time high.
These people owned bitcoin when FTX blew up, and did not sell. They saw bitcoin rise more than 100% this year, and did not sell.
Do you expect them to sell now, before a bitcoin ETF is approved?
287
587
2K
Day 19 of 20 on the road. It has been an amazing trip.
A few additional take-aways to share:
1) ETF Flows Will Continue for Years: A good question to ask about the new bitcoin ETFs is whether the incredible inflows we’ve seen in the first two months represent a one-time surge…
121
311
2K
1/ Today we’re launching the Bitwise Blue-Chip NFT Index Fund, the world’s 1st NFT index fund.
NFTs are a historic movement, and just getting started.
The fund holds the 10 most valuable NFT collections: CryptoPunks, Bored Apes, Fidenza, etc.
A thread w more details —
219
392
2K
Fidelity has a 1-3% bitcoin allocation in their "All-in-One" asset allocation funds in Canada, using spot bitcoin ETFs. The "Conservative" version is posted below.
When and if this become the norm for portfolios in the US, wow...
@scottmelker
82
297
2K
As I said on
@SquawkCNBC
this morning, the supply/demand dynamic in bitcoin right now is off-the-hook.
40
248
2K
Here's the weekly summary (Feb. 24 - March 1, h/t
@HODL15Capital
).
Keep it simple: There is more demand than new supply.
36
298
1K
We bought $37.2 million in bitcoin for $BITB today, and we're only one of the ETFs. Things are going to get interesting.
[View BITB disclosures & prospectus: ]
Only $22.4 million out of $GBTC today. Record low outflow for the fund.
34
80
937
39
100
1K
Spot Bitcoin ETF = More Demand
Bitcoin Halving = Less Supply
95
216
1K
People ask me: What happened when the first gold ETF launched in the US?
41
321
888
Investors who are buying bitcoin ETFs today:
* Retail investors
* Registered Investment Advisors
* Family offices
* Hedge funds
* Venture capital funds
* Asset managers
Investors who I think will be buying bitcoin ETFs soon:
* Wirehouse advisors
* Corporations
* Institutional…
54
203
1K
1/ Lots of discussion out there about the early start of alts season, and some surprise that it’s happening given bitcoin is "only" up a few hundred percent from the lows.
Some thoughts.
56
249
1K
$60k woke people up.
For the first time this bull market, non-bitcoiners started texting me about the market today.
38
66
1K
Day 4 of 20 on the road talking bitcoin and crypto.
Today, I gave an hour-long keynote to a room full of the largest independent RIAs in the country as part of the Barron's Advisor Independent Summit.
Some take-aways:
** Every seat in the room was taken and people were…
65
98
1K
I don't believe this move fading the higher-than-expected CPI. Whether the Fed cut rates 25bps in June or not isn't the long-term driver of bitcoin prices right now. It's a marginal factor.
ETF flows + rising deficits matter more, and they are lining up very well for bitcoin.
48
146
1K
Excited for this meeting…
JUST IN: Bitwise CIO Matt Hougan says he's going to talk to "one of the largest institutional consultants in the US" about spot
#Bitcoin
ETFs today 👀
155
604
4K
40
78
997
This is not strictly speaking an ETF-led sell-off. The ETFs are net buyers of Bitcoin (GBTC included).
This is an ETF Expectations-led sell-off. The market front-ran the ETF approval by piling into to both spot Bitcoin and Bitcoin derivatives. It expected larger net flows…
76
145
973
I'm on the road today talking to financial advisors. Here's a quote from my last meeting:
"If we have more days like we've had this week -- where stocks get hammered and bitcoin does something different -- there is going to be a lot of demand from clients."
38
134
982
I just did a webinar on bitcoin for financial advisors.
The "show rate" -- the % of advisors who attended vs. just signed up -- was probably the highest of any webinar I've done in the past 10 years.
61
83
949
Bitcoin ETF flows after first 14 trading days: $1.7 billion
Gold ETF flows after first 14 trading days: $1.3 billion
79
130
928
I can confirm this is true. 5% is the new 1% when allocating to crypto.
I spoke with several financial advisors this week. The conversation has shifted from potentially considering a 1% allocation to bitcoin to seriously considering a 5% allocation.
164
202
1K
85
127
912
1/ Lots of excitement and media coverage today around the ETH futures ETF launch. But so far, very little coverage of Ethereum (ETH) itself.
I think ETH is one of the most compelling investor opportunities in the world today, for five reasons.
74
200
861
Just imagine how much more resources, attention, and funding bitcoin and crypto initiatives will get from Wall Street firms in Q2 after what's happened with these ETFs.
Buckle up. The TradFi trickle is about to become a flood.
25
103
774
Yesterday marked the first deflationary year in ETH's history.
Total ETH Supply:
* August 23, 2022: 120,224,061
* August 23, 2023: 120,213,931
37
118
715
Historical context: It's really unusual for new ETFs to have inflows every day.
Here's the daily fund flows for GLD (the first gold ETF) after its launch (h/t
@etfcom
). It's one of the most successful ETF launches of all time. In month 1, it had:
* 8 days of positive flows
*…
30
125
725
Excited to ring the bell at the New York Stock Exchange tomorrow morning.
42
71
718
1/ Skeptics like
@andrewrsorkin
wonder if speculation or utility is driving the price of bitcoin. The answer is both, and that’s just how it should be given bitcoin's stage of development.
A thread on speculation and bitcoin's growing real-world utility.
37
109
660
As we welcome more of TradFi into crypto, let's make sure we're speaking the same language.
** HODL = Buy and Hold
** Respect the Pump = Momentum Factor Investing
** Buy the Dip = Dollar Cost Average
** Fork = Spinoff
** Alt Coin = Small Cap
** Sh^^tcoin = Microcap
** Degen =…
❌ Vanguard has disavowed spot
#Bitcoin
ETFs, and even pulled Bitcoin futures ETFs from its platform.
But as
@Matt_Hougan
points out, Vanguard’s whole philosophy of investing is “buy and hold” 💎👐 , which is TradFi for … HODL 🤔
🎧 Listen now:
13
7
73
50
128
645
The problem is: There is basically no one left to sell bitcoin, but there are new people who want to buy.
93
65
615
Yesterday, the volume of CME bitcoin futures exceeded the volume on the single largest spot bitcoin exchange (Binance): $379m vs. $257m.
22
147
566
Spot bitcoin ETFs have taken in ~$700m in net flows this week alone. Absolutely amazing.
People overestimated the short-term impact of ETFs and continue to dramatically underestimate the long-term impact.
17
85
598
Today, $BITB crossed $1 billion and Bitcoin crossed $1 trillion.
Both are just getting started.
[BITB disclosures & prospectus: ]
37
40
581
I just needed the cufflinks...
61
45
569
Keep it simple. Supply and demand.
17
47
556
7/12 But by forcing people to choose the NFT or the painting, Hirst makes people confront the “value” of art.
Which will be more valuable? A small painting of dots you can hang on a wall, or an NFT you can own that raises fundamental questions about the nature of art?
4
37
529
Great thoughts,
@APompliano
. My response to the "cash flow" argument:
Bitcoin offers a service: The ability to store wealth without relying on a central institution, and in a manner outside of the fiat system.
What breaks people's minds ... and Wall Street's models ... is that…
The Last Gasp From Wall Street
There is an article in the Wall Street Journal titled "Bitcoin Is Soaring This Year. Goldman’s Crypto Skeptic Isn’t Biting.” The piece profiles Goldman Sachs’ Wealth Management Chief Investment Officer Sharmin Mossavar-Rahmani, who happens to be…
123
244
980
19
91
526
We ended up at $142 million in trading volume, an all-time record -- even surpassing launch day.
Thank you to everyone supporting BITB.
[View BITB disclosures & prospectus: ]
BITB has traded almost $80m in volume today and it's not even noon in New York. Could set a new all-time volume record if this keeps up ($126m on day one).
Amazing to see interest not just holding, but accelerating.
[BITB disclosures & prospectus: ]
17
32
370
17
40
523
12/12 NFT natives may not find the project interesting, as it straddles the line, rather than embracing the NFT ecosystem completely.
But in so doing, it can help people from outside the crypto world think more clearly about why and how NFTs (and art in general) have value.
42
18
502
The community notes on this one are 10/10.
Bitcoin has failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation.
The recent approval of an ETF doesn’t change the fact that Bitcoin is costly, slow and inconvenient, argues
#TheECBBlog
9K
1K
5K
12
44
485
BlackRock. Visa. Nike. Starbucks. PayPal.
Probably nothing.
1/ We are excited to announce that Visa has expanded our stablecoin settlement capabilities to merchant acquirers launching pilots with
@Worldpay_Global
and
@Nuvei
utilizing the Solana blockchain
328
1K
5K
62
60
482
Coinbase has crushed Wall Street analyst projections in each of the past four quarters.
Anti-crypto bias? Or just a failure to understand how crypto cycles work?
27
52
481
Every time I have to send a bank wire I’m reminded crypto is inevitable.
23
32
463
Sometimes I look at bitcoin's rise and it seems improbable.
Then I look again and it seems inevitable.
14
43
469
Bitcoin is an alternative asset.
Ethereum is a high-growth tech investment.
76
54
448
Wow.
15
33
459
Remember when TradFi projects were built on private blockchains?
They are all being built on Ethereum today.
Progress.
36
65
458
This age-old graphic of technology adoption feels apt. With the bitcoin ETF, we have jumped "The Chasm" from the "Early Market" to the "Mainstream Market."
The thing people forget is that the vast majority of the market -- 85% typically -- is to the right of the chasm.
It…
26
95
455
March crypto trading volume:
Uniswap: $70.7 billion
Coinbase: $49.4 billion
This is not an April Fool's joke.
21
57
445
The bitcoin ETF session was one of the most crowded sessions I saw at the Exchange ETF conference.
19
31
446
Coinbase vs. SEC is going to be good for crypto long term.
12
32
432
Satoshi liking pineapple on pizza should be added to the Risk Disclosures section for bitcoin ETFs.
46
15
435
Big Ethereum upgrade confirmed for March 13.
Bitcoin halving on track for April 18.
ETFs continuing to gather assets.
My cup runneth over.
29
50
427
I’ve never seen a bigger or more unnecessary macro financial policy miss than our current approach to stablecoins.
We’ve been gifted a one-time, fleeting, unearned opportunity to extend global dollar dominance for another 50 years, and we’re like, “Nah.”
26
72
403
1/ NEW: Bitwise Spot Bitcoin ETF Update
NYSE today filed an amended application to list the Bitwise Bitcoin ETF Trust, complete with 40+ pages of new research from Bitwise.
The research addresses key concerns the SEC has raised around spot bitcoin ETFs.
Here’s why it matters —
20
77
411
BlackRock supports b̵i̵t̵c̵o̵i̵n̵ e̵t̵h̵e̵r̵e̵u̵m̵ crypto.
25
38
409
10/ Last thing.
Props to you—crypto community—for steering the space to mature in the right ways.
Props to the SEC Staff, who works thanklessly, asking the right questions.
And thanks of course to my
@bitwiseinvest
colleagues doing the work that needs to be done.
Onward—
18
11
401
Coinbase revenue coming out of the previous bear market:
2018: $520 million (down 44% y-o-y)
2019: $483 million (down 7% y-o-y)
2020: $1,141 million (up 136% y-o-y)
Coinbase revenue coming out of this bear market:
2022: $3,148 million (down 57% y-o-y)
2023: $2,860 million,…
17
37
403
Thank you to every investor who has trusted Bitwise and $BITB. Excited to cross $2 billion.
BITB disclosures & prospectus:
Today, $BITB crossed $2B in AUM two months after launch. We’re grateful to the advisors, institutions, and individuals who have entrusted Bitwise as their crypto specialist.
- Lowest-cost bitcoin ETF among those with at least $1 billion in AUM
- Largest inflows of any crypto…
15
40
304
18
28
413
I spent 15 years educating people about ETFs, including as CEO of . Sometimes, it was hard to get people to remember what E, T and F stood for.
Now, thanks to the bitcoin ETF race, everyone is talking about Authorized Participants, 19b4 applications, and…
43
30
402
An obvious, but unspoken, implication of this is that the SEC will be staffed by people who dislike crypto.
The only people with "crypto expertise" and "a willingness to divest 100% of their crypto" are deep-seated skeptics.
This rule enforces a strong bias in hiring.
48
54
398
5/12 The fun part is: After a year, the owners have to decide: Do they want to keep the NFT or the physical painting?
Whichever they choose, the other gets destroyed.
9
23
390
Bitcoin ETFs will of course someday have outflows. Every ETF does. But Bianco's analysis misses some important nuances.
1) First, we already have this trader/investor dynamic in bitcoin ETFs.
To explain: There is actually a reason VOO gets steady flows and SPY sees variable…
Two identical ETFs in every way
* VOO, Vanguard S&P 500 ETF. $406 Billion in Assets
* SPY, SPDR S&P 500 ETF. $488 Billion in Assets
So why did VOO go straight up to the left without much wobble and get $96 billion in new money?
Why did SPY, arguably the most famous ETF in the…
195
192
1K
25
56
395
Ray Dalio's recent "Paradigm Shifts" thesis is driving investors into bitcoin. I explained why in my latest Forbes column.
12
121
386
I just read 185 pages of quality research from Citi on the rise of public blockchains, with a focus on stablecoins, gaming and NFT-linked art.
Here's a quote:
Why do we believe the growth of blockchain by 2030 will be measured in: (1) billions of users, and (2) trillions of…
33
74
389
The most controversial thing I said on stage at
@blockworksDAS
today:
Spot Ethereum ETFs will gather more assets if they launch in December vs. if they launch in May. TradFi needs more time to digest the bitcoin ETFs.
35
36
378
BITB has traded almost $80m in volume today and it's not even noon in New York. Could set a new all-time volume record if this keeps up ($126m on day one).
Amazing to see interest not just holding, but accelerating.
[BITB disclosures & prospectus: ]
17
32
370
Repeat after me: ETFs will augment, not disrupt, Coinbase's business. We saw the same thing with gold, where demand for physical gold bars soared post-ETF.
Will ETFs steal some market share from Coinbase? Of course.
Will market expansion more than outweigh this? Of course.
Apps are now recovering.
We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.
It's expensive to keep services over-provisioned, but we'll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for…
2K
1K
11K
17
42
356
That didn't take long.
If you were wondering if bitcoin ETFs were going to change the tone around crypto regulation in Washington, here's your answer.
US banks, left off key bitcoin ETF roles, are pushing SEC to tweak guidance around holding digital assets. A bank trade gp coalition sent SEC letter asking them exclude ETFs from broad crypto umbrella. They want a piece of the action. I don't blame them, it isn't fair.…
140
383
2K
13
49
368
Coinbase's execution this year is incredible. Cut spending 50% y-o-y, launched Base, and landed the FCM ... all while distracted by a major lawsuit. Impressive.
68
26
355
This one might be my favorite.
19
33
357
I spoke too soon: We actually ended at $104 million in $BITB volume today. Incredible.
[BITB disclosures & prospectus: ]
Today was the 2nd highest volume day for $BITB volume (~$90 million). Incredible.
[BITB disclosures & prospectus: ]
15
24
210
12
27
354
8/ It’s great news for all! The SEC wants investor protection. So do all of us.
A BTC ETF would be better for investors.
So, after 2 years, we're filing again, today —
4
23
341
The most important stat in Coinbase's Q3 earnings is this:
* Transaction Revenues: $289m
* Subscription & Services Revenues: $334m
It's the first time non-commission revenues have exceeded commission-based revenues.
People worry too much about whether there will be a…
45
58
345
The word "Uniswap" has yet to appear in The Wall Street Journal, the Financial Times, Barron's, or the Economist.
23
48
341
7/ The CME is now the leading source of price discovery in the bitcoin market!
That’s compared to Coinbase, Kraken, Binance, Huobi, BitMEX and even FTX. Prices statistically move first on the CME.
The market has matured.
An actual BTC ETF can now be approved.
13
33
338
11/12 But the Hirst NFT/painting hybrids are unquestionably valuable, and directly ask the question: Why do we value art?
Because of its physical presence? Because of what it makes us think about? Because of its social signaling? Because it helps define community?
9
28
337
8/12 I don’t think the answer is obvious. In fact, I have a strong suspicion that the NFTs will be more valuable in the end.
In part, because the first Hirst NFT has a bigger place in the history of art than the umpteen-thousandth Hirst dot painting.
4
5
339
A sea wall can slow the advancing tide, but it cannot stop it.
8
27
338
Bitcoin has only been declared "dead" by the media once in the past nine months. I remember when this happened at least weekly.
22
52
335
Wow. You can hear the panic starting to set in at the banks in every line of this New York Times article.
They are starting to feel crypto breathing down their necks.
12
55
327
People overestimate the short-term impact and underestimate the long-term impact of the ETF.
Big deal.
Marketing war over spot bitcoin ETFs hasn’t even really begun…
Just getting started.
25
39
325
15
34
323
Great chart from
@nic__carter
via Morgan Stanley.
This is a literal picture of disruption.
27
71
320
Forget about "Alts Season." We're going to have an "Everything Season" this cycle.
Here's an excerpt from my latest CIO Memo...
Welcome to “Everything Season”
An excerpt from Bitwise CIO
@Matt_Hougan
's weekly memo to investment professionals.
This alts season differs dramatically from prior versions, and here’s why.
Historically, alts season signaled the beginning of the end of the bitcoin bull market…
13
18
117
7
45
312
I don't think the analogies b/t bitcoin and 1930s gold are right.
The gov't seized gold in the 1930s b/c it was on the gold standard and wanted to conduct QE. It wasn't b/c gold was a competitive threat to the $.
The gov't doesn't need to seize bitcoin to conduct QE.
25
60
290
This is significant: CME bitcoin futures volume in the past 24-hours is $1.2 billion, a new record, and 2X the size of the largest spot bitcoin exchange (Binance, $600m). Futures are an increasingly important part of this market.
11
99
289