Introduction
In a groundbreaking update, Hunter Horsley, CEO of Bitwise, has expressed his excitement over the burgeoning interest in the company’s spot Bitcoin ETF. This enthusiasm was shared via a post on X, highlighting the increasing curiosity among financial advisors regarding cryptocurrency investments. Recent research from Bitwise reveals that in the past year, 24 out of 25 financial advisors have fielded client inquiries about crypto, underscoring a significant rise in demand for these digital assets.
Spot Bitcoin ETF Gains Traction
In an illustrative example of this trend, an unnamed wealth management firm based in California has successfully onboarded 63 clients to BITB, Bitwise’s renowned spot Bitcoin ETF. This achievement, accomplished in less than a year, was eagerly shared by Hunter Horsley with his 50,000 followers on the X platform. The firm’s engagement in this endeavor highlights the growing role of wealth managers in facilitating access to cryptocurrency investments for a broader audience.
Significant Investment Milestones
The Californian wealth management firm, which operates with $300 million in assets under management (AUM), reported its involvement in the Bitcoin ETF via email, much to the delight of Horsley. He expressed his happiness at this milestone, emphasizing the potential for wealth managers to open up opportunities to millions of investors in the crypto space. Horsley remarked, “It’s a privilege to support them,” indicating his commitment to expanding access to this burgeoning market.
Performance and Growth of BITB
Currently, Bitwise’s spot Bitcoin ETF, BITB, boasts an impressive $4.08 billion in AUM. This ETF is responsible for 3.65% of the total AUM within the Bitcoin ETFs segment and is recognized as the fastest-growing ETF, demonstrating a 2.14% weekly increase in Bitcoin reserves. These figures point to a robust and growing interest in Bitcoin ETFs, further cementing their role in the evolving financial landscape.
Survey Insights: Growing Interest in Crypto
According to Bitwise’s annual survey, an astounding 96% of U.S. clients have shown interest in cryptocurrencies. As of January 11, 2024, Bitcoin spot ETFs have amassed over $112 billion in AUM, establishing them as the largest collective Bitcoin reserve to date. The IShares Bitcoin Trust ETF (IBIT) stands out as the eighth largest ETF by total value locked (TVL) across all investing sectors, reflecting the substantial interest in these innovative financial products.
Record-Breaking Survey Results
Remarkably, 96% of advisors participating in Bitwise’s survey reported receiving inquiries from clients about cryptocurrency options in 2024. This marks the highest-ever level recorded in the seven years of conducting these surveys. Bitwise has expressed excitement about unveiling the full survey results next week, which are expected to provide deeper insights into this growing trend.
