The Growing Interest in Bitcoin ETFs
The Chief Executive Officer of Bitwise, Hunter Horsley, has announced that the recently launched bitcoin ETF from his company has received a significant amount of capital from a large American bank. According to him, 20% of the asset managers from this bank’s branches (of which there are several hundred) have purchased shares of the Bitwise ETF, indicating a growing interest in bitcoin and cryptocurrencies in general.
Bitwise, known for its investment products based on cryptocurrencies and blockchain projects, has launched several ETFs, but it seems that Horsley was specifically referring to the Bitwise Bitcoin ETF (BITB). Details about the amount and timing of investments in this ETF have not been disclosed yet. Information about the capital injections was announced on July 20, which may indicate the purchase of BITB amidst increasing interest in bitcoin, as observed in the market in early July.
The chart shows that assets in the Bitwise bitcoin ETF started to rise on July 8 and increased by 23% by Friday, reaching $2.68 billion. This trend was also noticed in the iShares Bitcoin Trust (IBIT) market, created by BlackRock, where capital began to grow on July 8 and continued to increase until July 18.
Such interest from institutional investors reflects confidence in bitcoin and expectations of positive changes in the cryptocurrency market. Many investors are hopeful for the start of a new bull rally, which, according to their predictions, could begin in the fall of 2024. These investments underscore the growing mainstream acceptance of cryptocurrencies and confirm their status as an important asset class in the modern financial world.
