As a seasoned researcher with extensive experience in the financial industry and a particular focus on digital assets, I find Hunter Horsley’s latest announcement about a large U.S. bank heavily investing in Bitwise spot Bitcoin ETFs both intriguing and significant.
Huntington Horsley, CEO of Bitwise Invest, discloses that a major American bank is substantially investing in Bitwise’s Bitcoin Spot ETF and other crypto ETFs. These Spot Bitcoin ETFs are gaining traction in mainstream finance, with experts anticipating that institutions such as sovereign wealth funds, pension funds, and endowments will eventually follow suit due to their lengthy decision-making processes. Jane Street Group and Boothbay Fund Management currently hold the largest stakes in Bitwise’s ETF (BITB).
Bitwise CEO Points To Large Bitcoin ETF Investing
I came across an intriguing revelation made by Hunter Horsley, CEO of Bitwise Invest, on social media platform X. He disclosed that approximately 20% of the wealth management branches affiliated with a major U.S.-based bank have invested in Bitwise ETFs. Based on available reports, this translates to hundreds of these branches making such investments.
Bitcoin and cryptocurrencies are increasingly gaining acceptance in the traditional financial world as more Traditional Finance (TradFi) institutions purchase Bitcoin and related Exchange-Traded Funds (ETFs). Our company manages seven such ETFs, with the BITB fund holding approximately 40,499.93 Bitcoins worth around $2.71 billion according to Bitwise’s latest valuation.
According to a report I received today, approximately one fifth of the wealth management branches belonging to a major US bank (numbering in the hundreds) hold investments in the Bitwise Bitcoin Exchange-Traded Fund.
More Adoption After Spot Ethereum ETF Launch
The Bitwise Bitcoin Net Asset Inflow exceeded $2.2 billion following successive deposits, fueled by optimistic crypto market feelings. Additionally, there was a $44.6 million investment in the spot Bitcoin ETF last Friday.
The CEO of Bitwise, Horsley, and its CIO, Matt Hougan, hold a optimistic viewpoint regarding investments in ETFs after the debut of a spot Ethereum ETF. According to Hougan, the price of Ethereum could surge to $5,000 due to comparable demand to Bitcoin ETFs. Trading for Ethereum ETFs is projected to initiate early next week. However, there are ongoing discussions regarding whether this launch signifies a “sell the news” situation.
The price of Bitcoin surged over 5% following the options expiry, now standing at $66,616. The lowest and highest points in the past 24 hours were recorded at $63,416 and $67,442 respectively. Moreover, there has been a significant uptick of 35% in trading volume during this period, implying heightened investor activity.
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2024-07-20 10:42