In brief
- Bitwise's total assets under management have exceeded $500 million.
- About three months ago, the total of assets under management was at approximately $100 million.
- Bitwise's crypto index fund has seen the most demand, totalling about $400 million in assets under management.
Crypto index provider Bitwise now has over $500 million in assets under management. Three months ago, Bitwise reported only $100 million in assets under management.
Bitwise recently launched America’s first publicly traded crypto index, with a goal to introduce the wealth management industry to the world of cryptocurrencycryptocurrency.
“The speed at which professional investors are moving into crypto right now is remarkable,” said Hunter Horsley, co-founder and CEO of Bitwise, in a statement.
Bitwise’s crypto index fund, the Bitwise 10 Crypto Index Fund, tracks the 10 largest crypto assets, including Bitcoin, Ethereum and Litecoin. It has seen the strongest demand of all Bitwise products, increasing its total of assets under management to $400 million.
As well as the Bitwise Bitcoin Fund, the Bitwise Ethereum Fund has also seen an increase in demand, demonstrating that the growing crypto appeal for professional investors is not simply restricted to Bitcoin.
The inflows into Bitwise’s funds during the last quarter of 2020 surpassed the total cumulative inflows of 2018 and 2019 combined.
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Bitcoin dropped by $5,000 in recent hours to a low of $28,560 after trading at $33,600 earlier this morning. The asset then recovered from the sudden price plunge to trade over the $30,000 mark as of press time. Bitcoin plunged over $5,000 in a few hours this morning. (Image: BTC/USD via TradingView) This sudden drop comes just days after Bitcoin broke a new all-time high of $34,700 signalling a huge amount of new, institutional money flowing into the space. The move triggered price liquidations...
The increased demand is mostly comprised of Bitwise’s core audience, including “investment professionals, including financial advisors, hedge funds, corporate balance sheets, and other institutional investors,” the company said.
Bitwise CIO Matthew Hougan previously told Decrypt he planned to make Bitwise the FTSE 100 of the crypto space. It’s certainly on its way.
