Bitwise Bitcoin ETF Trust (BITB) quickly rose to a whopping $370 million in assets under management (AUM) in its first four days of trading.
Hunter Horsley, CEO of Bitwise, shared this milestone on January 18 via social media platform This helped push BITB’s total AUM to a remarkable $370 million in just four days.
Bloomberg ETF analyst James Seyffart suggested that some Bitwise inflows came from investors divesting their Grayscale Bitcoin Trust ETF (GBTC) shares for rival ETFs.
Meanwhile, Nate Geraci, president of ETF Store, noted that Bitwise’s AUM places it in the top 25 of 540 ETFs launched in 2023 by AUM.
Apollo’s ETF tracker shows BITB’s AUM at $290 million as of this writing, which may reflect a decline in holdings but, more likely, a delay in data reporting. Regardless, the Bitwise ETF maintains a strong position in the top three among recently launched Bitcoin spot ETFs. It follows behind BlackRock’s iShares Bitcoin Trust (IBIT), which boasts AUM of $707 million, and Fidelity’s Wise Origin Bitcoin Trust (FBTC) with $523 million in AUM.
“Incredibly impressive number”
Bitwise’s impressive numbers reflect the significant interest that its newly launched Bitcoin spot ETFs generated within a week of their introduction.
CryptoSlate Insight reported that trading volume on new spot Bitcoin ETF products has reached $10 billion in the past three days. Another report also found that Bitcoin is now the second-largest commodity in the United States by assets under management, ahead of the “broadly diversified” asset class and precious metal, silver.
Speaking about these accomplishments, Ophelia Snyder, co-founder of cryptocurrency-focused investment firm 21 Shares, said:
“A ridiculously impressive number given that most institutions **still** don’t have access to these products and most advisors can’t actively advise their clients on the matter. ETFs are in their infancy.”
In particular, Bitwise predicted a revolutionary trajectory for BTC ETFs, anticipating that they would achieve unprecedented success upon their launch. The firm based its forecast on the expected substantial capital inflow from retail and institutional investors.