Bitwise CEO Discloses Huge Bitcoin ETF Buying By Large Bank In US
Bitwise Invest CEO Hunter Horsley reveals that a large bank in the U.S. is heavily investing in Bitwise spot Bitcoin ETF and other crypto ETFs. Spot Bitcoin ETFs are witnessing mainstream adoption and experts believe sovereign wealth funds, pension funds, and endowments will eventually accumulate later as they have a long due diligence timeline. Jane Street Group and Boothbay Fund Management have the largest holding in Bitwise ETF (BITB).
Bitwise CEO Points To Large Bitcoin ETF Investing
Hunter Horsley, CEO of Bitwise Invest, took to social media platform X to reveal that hundreds of wealth management branches of a large U.S.-based bank have invested in Bitwise ETFs. This accounts for 20% of wealth management branches of the bank, as per a report.
He adds that Bitcoin and crypto are gradually entering the mainstream as numerous TradFi buy BTC and other crypto ETFs. The company offers seven exchange-traded funds with BITB holding 40,499.93 BTC valued at $2.71 billion, as per Bitwise.
“From a report I got today – There’s a large bank in the US where 20% of all their wealth management branches (several hundred), own a Bitwise ETF,” said Horsley.
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More Adoption After Spot Ethereum ETF Launch
BITB net inflow has surpassed $2.20 billion after the recent consecutive inflow amid positive sentiment in the crypto market. Also, the spot Bitcoin ETF saw a $44.6 million inflow on Friday.
Bitwise CEO Horsley and CIO Matt Hougan are more bullish on allocations to ETFs following spot Ethereum ETF launch. Hougan predicts a massive Ethereum price rally to $5,000 considering demand similar to Bitcoin ETFs. Ether ETFs are expected to start trading early next week. There are also debates on whether the launch is a “sell the news” event.
BTC price jumped more than 5% after the options expiry, with the price currently trading at $66,616. The 24-hour low and high are $63,416 and $67,442, respectively. Furthermore, the trading volume has increased by 35% in the last 24 hours, indicating a rise in interest among traders.
Also Read: ETH Supply Surge Casts Shadow on Spot Ethereum ETF Excitement
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Filed under: News - @ July 20, 2024 7:28 am