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

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

24.08.2024 17:00 1 min. read Alexander Stefanov
SHARE: SHARES
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.

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.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

Telegram

SHARE: SHARES
More Altcoins News
No Comments yet!

Your Email address will not be published.