Bitwise Spot Bitcoin ETF Trust Sees Inflow of $68 Million
Hunter Horsley, the CEO of asset manager Bitwise, recently announced a significant inflow from Bitwise spot Bitcoin ETF Trust (BITB). With an additional $68 million influx and subsequent Bitcoin purchases, the Bitwise spot ETF has become the top-performing exchange-traded fund (ETF) launched in 2023. This achievement is a result of a four-day inflow of $370 million into BITB.
Nate Geraci, President of the ETF Store, noted BITB’s ascent. According to Geraci, with Assets Under Management (AUM) reaching $355 million, BITB ranks within the top 25 of the over 540 ETFs launched last year by AUM.
The Ripple Effect Of SEC’s Approval On Spot Bitcoin ETFs
The recent approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) has had a significant impact on the industry. These spot ETFs outperformed 500 other ETFs launched in 2023 on their debut day, pulling in a total volume of $1.8 billion compared to $450 million by others. The market’s response to these new spot ETFs has been positive, with cumulative trading volume hitting the $10 billion mark within three days.
Among the recently introduced spot ETFs, BITB stands out as it secures the third position in assets under management (AUM). It follows BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC.
Ethereum Could Outperform Bitcoin – Insights from Bitwise CIO
While Bitwise is involved in Bitcoin through BITB, the company’s Chief Information Officer, Matt Hougan, has shared insights on Ethereum. Hougan outlines five reasons why Ethereum could be a more attractive investment than Bitcoin.
Hougan emphasizes Ethereum’s role as a global computing platform and envisions a future where it redefines the financial and creative sectors. He also highlights Ethereum’s unique economic model, where increased network usage benefits ETH holders. Additionally, Ethereum’s ecosystem, wide range of applications, and growing acceptance in mainstream business operations make it a hotbed for crypto breakthroughs. Lastly, Hougan sees Ethereum as the likely home for tokenized real-world assets, with the potential to revolutionize asset tokenization.
Hot Take: The Rise of Bitwise Spot Bitcoin ETF Trust
The Bitwise spot Bitcoin ETF Trust (BITB) has experienced significant growth and inflows since its launch in 2023. With an additional $68 million influx, BITB has become the top-performing ETF in terms of assets under management (AUM). This success is a result of increased interest in spot Bitcoin ETFs following the SEC’s approval.
Furthermore, BITB’s achievement highlights the growing acceptance and integration of cryptocurrencies into traditional finance and investment strategies. As more investors recognize the potential of Bitcoin and other cryptocurrencies, ETFs like BITB provide a convenient and regulated way to gain exposure to these digital assets.
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