The Bitwise Bitcoin ETF Trust (BITB) has emerged as a standout in the 2023 exchange-traded funds (ETF) market, ranking in the top 5% by assets under management (AUM). This achievement underscores the growing investor interest in cryptocurrency-focused ETFs.
Hunter Horsley, co-founder and CEO of Bitwise, announced on January 18 that BITB had recently added $68 million and purchased Bitcoin, which was trading at $42,476. This influx brought the total AUM for BITB to $370 million over just four days. Nate Geraci, President of ETF Store, noted on X (formerly Twitter) that BITB’s AUM had reached $355 million, placing it in the top 25 of the 540 ETFs launched in 2023. However, the AUM of BITB experienced a decline and is currently around $290 million, as per Sprout Finance’s ETF tracker.
The launch of new spot Bitcoin ETFs in 2023 has seen remarkable performance compared to other ETFs. Bloomberg ETF analyst Eric Balchunas pointed out that these ETFs outperformed 500 others launched in the same year. On January 16, while other ETFs recorded a volume of $450 million, spot Bitcoin ETFs attracted a total volume of $1.8 billion. Additionally, Bloomberg Intelligence analyst James Seyffart shared that the overall trading volume for these new Bitcoin ETF products reached $10 billion in the past three days.
Among the newly launched spot Bitcoin ETFs, BITB currently holds the fourth position in terms of AUM. Leading the pack is BlackRock’s iShares Bitcoin Trust (IBIT) with nearly $500 million. Fidelity’s FBTC and Wisdomtree’s BTCW follow closely, with AUMs of $427 million and $321 million, respectively. This data highlights the increasing traction of Bitcoin and cryptocurrency investment vehicles in the mainstream financial markets.
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