Bitwise Chief Investment Officer Matt Hougan said in a podcast that with the participation of large institutions such as BlackRock and Invesco, people's doubts and fears about the cryptocurrency industry are beginning to change. "In two or three years, there will be no more congressional hearings (questioning cryptocurrencies). People will only talk about how much this has improved market efficiency."

Hougan said the market has reached a critical point and is now ready for a spot bitcoin ETF: "You can monitor the CME bitcoin futures market. Companies like BlackRock are seeking to reach monitoring agreements with Coinbase."

He said: "Compared with 2013, or even when we started promoting spot bitcoin ETFs in 2018 and 2019, the institutionalization of the current market is much stronger. The market has come a long way, and I think those concerns about manipulation have now been resolved. We will see whether the SEC approves (spot bitcoin ETF) in the next few months."