According to CEO Hunter Horsley, a California wealth management firm has onboarded 63 clients into the Bitwise spot Bitcoin ETF (BITB). The firm, managing $300 million in assets, achieved this within a year.
Horsley highlighted the role of wealth managers in driving Bitcoin adoption, calling it a privilege to assist traditional finance investors in entering the cryptocurrency space.
BITB has grown rapidly, with $4.08 billion in assets under management (AUM), making it the fifth-largest Bitcoin ETF globally. The fund represents 3.65% of the Bitcoin ETF market’s aggregated AUM, according to CoinGlass data.
Furthermore, BITB recorded a 2.14% weekly growth rate for weekly Bitcoin reserves and became the alpha of all ETFs in the segment. According to Horsley, millions of investors will use spot Bitcoin ETFs in the future.
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Rising Demand for Crypto Among U.S. Investors
Bitwise’s latest annual survey of asset managers and advisors indicates unprecedented interest in cryptocurrencies. Data collected by the 2024 study shows that 96% of advisors had clients enquiring about investment in cryptocurrency in the last year.
This figure is the highest recorded since the survey began seven years ago, demonstrating a clear shift in investor interest.
For a broader perspective, let’s look at the Bitcoin ETF market, which demonstrates this trend. In aggregate, Bitcoin spot ETFs have raised more than $112 billion in AUM since their inception in January 2024 and hold the largest Bitcoin reserve. There are 21 individual funds in the market; the iShares Bitcoin Trust ETF (IBIT) is the ETF with the eighth-highest TVL.
Bitwise Leads the Charge in Crypto Adoption
The rapid growth of BITB underscores the increasing appeal of Bitcoin ETFs among traditional financial investors. The addition of 63 clients from a single wealth management firm highlights the accelerating adoption of cryptocurrency investment products.
The annual survey results further confirm the significant role of Bitcoin ETFs in meeting investor demand for digital assets. As digital currencies become more mainstream, Bitcoin ETFs like BITB are expected to continue bridging the gap between traditional finance and the cryptocurrency market.
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