Bitwise Secures Multi-Million Dollar Institutional Boost Amid Crypto ETF Surge

Bitwise, a crypto ETF provider, has seen a major financial boost from a Registered Investment Advisor (RIA), which recently invested millions into its Bitcoin (BITB) and Ethereum (ETHW) ETFs.

This investment follows a rising trend of institutional interest in crypto-focused ETFs.

The inflows into Bitwise’s ETFs came alongside a broader surge in Bitcoin ETF investments, with data showing $252 million in Bitcoin ETF purchases on August 23 alone, pushing the weekly total to over $506 million.

Major players like BlackRock and Fidelity also saw significant Bitcoin ETF inflows, signaling strong market confidence as potential Federal Reserve interest rate cuts approach. In contrast, Ethereum ETFs faced outflows, with a total of $44.5 million leaving the market in the same week.

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Goldman Sachs and Morgan Stanley have also deepened their investments in Bitcoin ETFs, further emphasizing the growing institutional demand for these products. Matt Hougan, Bitwise’s Chief Investment Officer, highlighted that Bitcoin ETFs have attracted record-breaking inflows, surpassing historical benchmarks like the Nasdaq-100.

While Ethereum ETFs struggled with outflows, Bitwise’s Ethereum fund managed to draw some new investments, showing that select investors still see opportunities in the Ethereum space despite overall market challenges.

Alexander Stefanov