The Bitwise spot Bitcoin ETF (BITB) has reached a new milestone by crossing the $1 billion mark in assets under management (AUM), according to a tweet by the fund’s CEO, Hunter Horsley, on February 17. The fund tracked Bitcoin’s performance and received an inflow of $21 million on Tuesday, bringing its weekly total to $230 million. The growing demand for and interest in Bitcoin can be seen from this, as it was valued at over $50,000 on the same day.
Bitwise’s achievement makes it the fifth-largest Bitcoin fund in America, with AUM exceeding one billion dollars. Grayscale Bitcoin Trust (GBTC) is the largest among them all, having an AUM of $20.27 billion, then iShares Bitcoin Trust (IBIT) from BlackRock having $3.31 billion, and after this, Wise Origin Bitcoin Trust (FBTC) from Fidelity with an AUM OF $2.75 billion.
Bitwise Expects More Growth And Adoption
The fund’s chief investment officer, Matt Hougan, said he was taken aback by how quickly the fund grew, surpassing his initial expectations. Yet he also noted that sustaining such growth might prove difficult and predicted another 18 months of growth for the fund.
The fund’s success, according to Hougan, resulted from growing institutional interest in Bitcoin and its demand, as well as the fund’s attempt at education and interaction with financial advisers. Bitwise held more than 20,000 meetings with advisers last year in readiness for the regulatory approval of the fund.
In January 2024, the US Securities and Exchange Commission (SEC) approved The Bitwise spot Bitcoin ETF and ten others. They had been rejected and postponed for years. However, this was seen as a major milestone in the crypto industry that would enable wider acceptance of Bitcoin with more investments.
Bitcoin: Riding The Bull Wave
US SEC-approved spot bitcoin exchange-traded funds (ETFs) are the ones that have been raising cryptocurrency prices and driving it into a new bullish run, thus indeed marking its entry into a new bull market. As indicated by Crypto Rover, a prominent crypto analyst, Bitcoin is ready for a Bull run based on its previous cycles.
The coinGeko’s data indicated that bitcoin surpassed $51,000 for the first time since May 2018 and reached a 25-month high at $52,079 this week, leading to its market value of US$1.013 trillion.
Bitcoin’s value has already risen 22% since the start of the month, as it is only mid-February, a rise that could be its largest monthly increase since October 2023. According to Reuters, the inflows to new US-listed ETFs have seen prices rise, as the SEC approved eleven spot ETFs with capital flows of $1.64 billion this week. This signifies a substantial increase over the preceding five trading sessions, bringing in $409 million.
Bitcoin is currently trading at $51,743 with a market capitalization of $1,014.60 billion, while its trading volume in the last 24 hours stands at $ 23.10 billion. During the past 24 hours, Bitcoin has seen -0.80% change with a total supply of19.63 million bitcoins being circulated
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