Bitwise CEO, Hunter Horsley, has announced a significant achievement in the realm of cryptocurrency investment. A wealth management firm in California has successfully onboarded 63 clients into Bitwise's spot Bitcoin ETF, known as BITB. This accomplishment highlights the growing interest among traditional finance investors in Bitcoin-based products. With a total of $300 million in assets under management (AUM) from this single firm, Horsley expressed his enthusiasm for facilitating access to the crypto market for millions of investors.
The BITB ETF has quickly gained traction and currently has $4.08 billion in AUM, making it the fifth largest product of its kind. Bitwise accounts for 3.65% of the total AUM in the Bitcoin ETF segment and has seen a remarkable 2.14% increase in weekly Bitcoin reserves, making it the fastest-growing ETF among its peers.
Recent findings from Bitwise's annual survey of asset managers and advisors reveal that 96% of advisors reported receiving inquiries from clients about cryptocurrency in the past year. This represents the highest level of interest recorded in the seven years that Bitwise has conducted such surveys. The data underscores a growing curiosity and demand for crypto investment opportunities among traditional investors.
Since the launch of Bitcoin spot ETFs on January 11, 2024, the sector has amassed over $112 billion in assets under management. The iShares Bitcoin Trust ETF (IBIT) has emerged as the eighth largest ETF by total value locked (TVL) across all investment segments.
Amidst the ongoing bullish sentiment in the cryptocurrency market, Solana (SOL) has emerged as a leading altcoin. Following a recent price dip, Solana has rebounded, with its trading volume increasing by 6.59% to $3.73 billion. Analysts are optimistic about Solana's trajectory, particularly as it continues to gain traction in the altcoin market.
The positive sentiment surrounding Solana is bolstered by predictions of a potential exchange-traded fund (ETF) approval for the asset. Five asset managers, including notable firms like VanEck and Grayscale, have filed for a spot Solana ETF, signaling a growing interest in institutional investment opportunities within the altcoin space.