July 2 (Cointime) - Matthew Hougan of Bitwise has stated that only a few of the many contenders seeking approval from the US Securities and Exchange Commission to launch a spot bitcoin ETF will be successful. Hougan explained that ETFs are generally a "winner take most" market, with the first firm to market usually attracting the most assets under management. Second-to-market ETFs have a more difficult time competing, as they are competing with a larger and more liquid fund. Financial market titans Fidelity and BlackRock have filed alongside smaller brands like Valkyrie Investments, WisdomTree, and Invesco, and there is a possibility that the agency could greenlight all the recent funds that filed to level the playing field.