- Major U.S. banks invest 20% of wealth management branches in Bitwise ETFs, signalling increased institutional crypto acceptance.
- Bitwise Bitcoin ETF now holds $2.71B in BTC and has attracted $2.2B in inflows, reflecting strong investor interest.
- Bitwise Bitcoin ETF contributes 10% of profits to Bitcoin development, supporting network security and innovation.
The latest information supported by Horsley, the CEO and co-founder of Bitwise Asset Management, says that 20% of the wealth management offices of a U. S. bank have bought Bitwise ETFs. This indicates that people’s understanding of cryptocurrency is changing.
The amount in the Bitwise Bitcoin ETF (BITB) is 40,500 BTC, which is approximately $2.71 billion. Additionally, the ETF has drawn inflows totalling over $2.2 billion, including a $44.6 million boost last Friday.
Growing Enthusiasm for Crypto Assets
On the same note, it is projected that the pending spot Ethereum ETFs would boost the demand for cryptocurrency assets. According to Bitwise’s chief investment officer, Matt Hougan, Ethereum might reach $5k matching Bitcoin’s historical performance. As of writing the price of bitcoin is at $67,443, up more than 1.16%.
The bank’s purchase demonstrates the increasing interest that institutions are showing in cryptocurrency. While the bank’s name isn’t revealed, Horsley noted, “Bitcoin and crypto are moving into the mainstream.” The rise in investments in regulated products such as the Bitwise Bitcoin ETF indicates a growing level of confidence in digital assets. As such, even apprehensive investors are starting to acknowledge cryptocurrencies as a real asset class.
How This Could Change the Financial World
Additionally, this bank’s move could inspire other financial institutions to follow suit. Institutional involvement might prompt regulators to establish clearer rules for the crypto market. Such regulatory clarity would benefit both investors and the industry as a whole. Hence, as cryptocurrencies gain acceptance, financial institutions may develop new products and services related to digital assets.
The Bitwise Bitcoin ETF uses 10% of its profits to support open-source Bitcoin development. This tactic encourages innovation while also fortifying the network. This ETF has attracted investments of well over $68 million within the past week alone while the total assets are a little $2.5 billion. Thus, with BITB, a person can participate in the change in the price of Bitcoin itself without owning it.
Read also:
The post Big U.S. Bank Embraces Bitwise ETFs, Pushing Cryptos into the Mainstream appeared first on Crypto News Land.